The Price of Cigars Is $10, with a Quantity Demanded

question 218

Multiple Choice

The price of cigars is $10, with a quantity demanded of 1,000 per day. If the price increases to $12, the quantity demanded declines to 800 per day. What is the absolute value of elasticity of demand?

• A) 1.00
• B) 0.82
• C) 1.22
• D) 12.2

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Definitions:

Insanity

A legal term used to describe a person's inability to understand the nature of their actions or distinguish right from wrong due to mental illness.

Legal Term

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Patterns of behavior and beliefs that are prevalent in specific cultural groups and can influence mental health and illness.

Taijin Kyofusho

A Japanese culture-specific syndrome that involves intense fear of offending or harming others through one's social awkwardness or bodily functions.