At a Price of $1

question 44

Multiple Choice

At a price of $1.20,a local coffee shop is willing to supply 100 cinnamon rolls per day.At a price of $1.40,the coffee shop would be willing to supply 150 cinnamon rolls per day.Using the midpoint method,the price elasticity of supply is about

• A)0.15
• B)0.375
• C)2.5
• D)2.60

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Definitions:

Market-Pay-Rate Data

Information regarding the average compensation paid for a specific job or skill in the labor market, used by organizations to ensure competitive and fair wage practices.

Compa-Ratio

A metric comparing an individual's salary to the average for their job or level within the organization, indicating relative pay position.

Broadband Pay Structure

A compensation system that consolidates a large number of pay grades into fewer broad bands, offering flexibility in managing employee salaries.

Fixed Interval Promotion

A promotional strategy where employees are moved up to a higher position or salary grade after a specific, preset period.