If the Price Elasticity of Demand for Tuna Is 0

question 307

Multiple Choice

If the price elasticity of demand for tuna is 0.7,then a 1.5% increase in the price of tuna will decrease the quantity demanded of tuna by

• A) 1.05%, and tuna sellers' total revenue will increase as a result.
• B) 1.05%, and tuna sellers' total revenue will decrease as a result.
• C) 2.14%, and tuna sellers' total revenue will increase as a result.
• D) 2.14%, and tuna sellers' total revenue will decrease as a result.

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Definitions:

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The consumption of an excessive amount of alcohol in a short period, usually defined as five or more drinks for men and four or more for women in about two hours.

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A formal explanation or interpretation of a term, concept, or policy by governmental authorities.

Null Hypothesis

The null hypothesis is a default statement assumed to be true in statistical hypothesis testing, proposing no significant difference or effect, to be tested against the research hypothesis.

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A statement proposing a potential outcome or relationship, to be tested through scientific inquiry and experimentation.