If the Price of a DVD Decreases by 50 Percent

question 111

Multiple Choice

If the price of a DVD decreases by 50 percent and the quantity of DVDs demanded increases by 75 percent, the price elasticity of demand is _____ and is _____.

• A) −1.5; inelastic
• B) −1.5; elastic
• C) −0.67; elastic
• D) −0.67; inelastic

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Definitions:

Expertise

A high level of knowledge or skill in a particular domain acquired through experience or training.

Emotional Intelligence

The ability to understand and manage your own emotions, as well as recognize and influence the emotions of those around you.

Understand One's Emotions

The capability to identify, assess, and acknowledge one's own emotional state, which is essential for emotional intelligence.

Disruptive Impulses

Behaviours or thoughts that challenge the status quo or disrupt traditional processes in potentially innovative ways.