Suppose That When the Price of a Good Rises from $12

question 42

Multiple Choice

Suppose that when the price of a good rises from $12 to $14, the quantity demanded of that good falls from 220 units to 180 units. What is the approximate price elasticity of demand between these two prices?

• A)1.30
• B)0.77
• C)1.73
• D)0.27

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Definitions:

Defence Mechanisms

Tactics employed by the subconscious to alter or deny reality, aiming to protect against anxiety and undesirable tendencies by manipulating perceptions.

Constructive Coping

Strategies used to deal with stressful situations by reducing the negative emotional outcomes associated with stress through proactive and positive ways.

Self-consciousness

A heightened state of awareness of oneself, often marked by feelings of self-scrutiny and concern about how one is perceived by others.

Impaired Performance

A reduction in the efficacy or efficiency of an individual's ability to carry out tasks, often due to physical or psychological factors.