Suppose That in a Month the Price of Oranges Increases

question 3

Multiple Choice

Suppose that in a month the price of oranges increases from $.75 to $1. At the same time, the quantity of oranges demanded decreases from 100 to 80. The price elasticity of demand for oranges (calculated using the initial value formula) is

• A) 0.75.
• B) 0.6.
• C) 0.25.
• D) 20.

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Definitions:

Political Arenas

Platforms or spheres where political activities, debates, and decision-making processes occur.

Social Arenas

Refers to various platforms or spaces where social interactions and dynamics take place.

Industrial Relations

The study and practice of managing the relationships between employers and employees, including collective bargaining, workers' rights, and labor laws.

Efficiency

The ability to accomplish a task with minimal waste of resources, including time, energy, and materials, optimizing performance and output.