When the Price of a CD Is $13 Per CD

question 483

Multiple Choice

When the price of a CD is $13 per CD, 39,000,000 CDs per year are supplied. When the price is $15 per CD, 41,000,000 CDs per year are supplied. What is the elasticity of supply for CDs?

• A) 2.86
• B) 0.35
• C) 0.14
• D) 0.05

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Definitions:

Spectroscopic Technique

A method used to measure the interaction of electromagnetic radiation with matter, often to identify or quantify components within a sample.

Alcohol

A chemical compound that is organic in nature, identified by the presence of at least one hydroxyl group (-OH) linked to a carbon atom.

Splitting Tree

A graphical representation used in mathematics and computer science to describe the structure of an algorithm or a process that divides a problem into smaller parts recursively.

Trans

A descriptor in chemistry used to denote molecules where two substituents are on opposite sides of a double bond or a cycloalkane ring.