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:

Sartre

Jean-Paul Sartre, a French existentialist philosopher, playwright, novelist, and political activist known for his explorations of freedom and existentialism.

Extreme Circumstances

Situations that are highly unusual or exceptional, often involving severe stress or urgency.

Negatively Free

A condition where freedom is defined by the absence of external constraints or limitations on one's actions, as opposed to being enabled to pursue certain goals (positive freedom).

Kant

Immanuel Kant was an 18th-century German philosopher who made significant contributions to metaphysics, epistemology, ethics, and aesthetics, notably known for his work "Critique of Pure Reason."