Suppose That When the Price of a Good Falls from $12

question 62

Multiple Choice

Suppose that when the price of a good falls from $12 to $9, the quantity demanded of that good rises from 310 units to 350 units. What is the approximate price elasticity of demand between these two prices?

• A)0.42
• B)2.36
• C)0.68
• D)3.80
• E)1.12

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Definitions:

Utilitarianism

A moral philosophy in which actions are evaluated based on their consequences.

Universal Moral Truths

Ethical principles that are believed to be applicable to all individuals regardless of culture, time, or situation.

Moral Argument

A reasoning process that bases its conclusions on ethical principles, often discussing what is right or wrong behavior.

Prescriptive Premise

A statement of value contained within an argument's premise.