Suppose the Price of a Can of Tuna Is $1

question 9

Multiple Choice

Suppose the price of a can of tuna is $1.30 and the quantity demanded is 9. When the price increases to $1.50, the quantity demanded drops to 7. Using the mid-point method, what is the price elasticity of demand?

• A) −1.75
• B) −0.57
• C) 0.57
• D) 1.75

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Definitions:

Decision Making

The cognitive process of selecting a course of action from among multiple alternatives, often involving considerations of risk, benefit, and personal values.

Emotional Intelligence

The ability to understand, use, and manage your own emotions in positive ways to relieve stress, communicate effectively, empathize with others, overcome challenges, and defuse conflict.

Sleep-Waking Cycles

The biological rhythm of sleep and wakefulness, typically operating on a 24-hour cycle.

Startle Reflex

An automatic response to sudden, unexpected stimuli, such as loud noises, that is designed to protect the body from potential threats.