Assume That Demand Increases by 1 Percent, the Absolute Value

question 71

Multiple Choice

Assume that demand increases by 1 percent, the absolute value of price elasticity of demand is 1.0, and price elasticity of supply is 1.0. What is the percentage price change in this case?

• A) -1.5
• B) -0.5
• C) 0.5
• D) 1.5

Understand and apply measures of linear relationship between two variables.

Interpret the shape of a data distribution using graphical representations.

Analyze a data distribution for symmetry, skewness, and modality.

Understand the concept of set-point theory and its relevance to long-term regulation of body weight.

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