Using the Average Price and Average Quantity, What Is the Elasticity

question 89

Multiple Choice

Using the average price and average quantity, what is the elasticity of demand for oranges when the price of oranges changes from $200 to $160 per tonne and as a result the quantity demanded changes from 1000 to 1400 tonnes?

• A) 0.1
• B) 0.67
• C) 1.5
• D) 10.0

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Definitions:

Customer Segments

Specific groups of people or organizations targeted by a business's marketing efforts based on shared characteristics or needs.

Customer Demands

The needs or requirements that consumers express for products or services, which can influence market trends and business strategies.

Customer Insights

Deep understanding or findings about customers that allow for better strategic decisions in marketing, product development, and customer experience improvement.

Customer Assessment

The process of evaluating customer needs, satisfaction, and feedback to improve products or services and enhance customer relations.