Suppose That Quantity Demand Rises by 10% as a Result

question 1

Multiple Choice

Suppose that quantity demand rises by 10% as a result of a 15% decrease in price.The price elasticity of demand for this good is

• A)inelastic and equal to 0.67.
• B)elastic and equal to 0.67.
• C)inelastic and equal to 1.50.
• D)elastic and equal to 1.50.

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Definitions:

Disjunctures

Occurrences of disconnection or division between elements, ideas, or systems that were previously or conventionally linked.

Appadurai's Landscapes

Arjun Appadurai's concept of fluid, global cultural flows affecting identity, economy, and politics, categorized into ethnoscapes, mediascapes, technoscapes, financescapes, and ideoscapes.

Nation-States

Political entities consisting of a clearly defined territory and a government that has sovereignty over its internal and foreign affairs.

Disjunctures

Points of disruption or disconnection within societal systems or between personal expectations and reality.