The Price of Notebooks Is $5, and at That Price

question 100

Multiple Choice

The price of notebooks is $5, and at that price consumers demand 12 notebooks.If the price rises to $7, consumers will decrease consumption to 4 notebooks.Using the midpoint formula, what is the price elasticity of demand for notebooks?

• A)1/3
• B)3
• C)1/6
• D)6

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Definitions:

Open Education

Refers to educational practices that employ openly licensed materials and platforms to facilitate learning in an accessible, flexible manner.

Back-To-Basics

An educational movement focusing on traditional teaching methods and fundamental subjects such as reading, writing, and arithmetic.

Middle School

An educational stage which bridges elementary education with high school, typically for students aged around 11 to 14.

Elementary School

A primary educational institution where children receive the first stage of compulsory education known as elementary or primary education.