One Practical Reason That Economists Use Percentages to Measure Elasticity

question 212

Multiple Choice

One practical reason that economists use percentages to measure elasticity is to

• A) predict consumer preferences.
• B) compare characteristics of unrelated products.
• C) convert units to the metric system.
• D) convert elasticities into dollars.

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Definitions:

Discovery of Gold

The finding of gold deposits, often leading to gold rushes and mass migrations of people seeking wealth, significantly impacting local economies and societies.

Transcontinental Railroad

A continuous network of railway trackage that crosses a continental land mass with terminals at different oceans or continental borders.

Mexican War

A conflict between the United States and Mexico from 1846 to 1848, resulting in the U.S. acquisition of territories that include present-day California, Arizona, and New Mexico.