-The Figure Illustrates the Demand for Hamburgers

question 142

Multiple Choice

-The figure illustrates the demand for hamburgers. When the price is $1.00 a hamburger, the elasticity of demand is ________ and a 1 percent increase in the price will ________ the quantity of hamburgers demanded by ________ percent.

• A) 1.00; decrease; 0.40
• B) 0.40; decrease; 0.40
• C) 2.50; increase; 2.50
• D) 5.00; decrease; 5.00

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Definitions:

Range

The positive difference between the highest and lowest score in a distribution. It is a gross measure of variability. Exclusive range is the highest score minus the lowest score. Inclusive range is the highest score minus the lowest score plus 1.

Scores

Numerical values assigned to individual items or responses, representing the magnitude of some measured attribute or characteristic.

Range

The difference between the largest and smallest values in a set of data, representing the spread or dispersion of the data set.

Inclusive Range

The difference between the highest and lowest values in a data set, taking into account both extreme values.