Members of Alpha Fraternity Have Developed a Strong Liking for Coca-Cola

question 21

Multiple Choice

Members of Alpha fraternity have developed a strong liking for Coca-Cola. Beta fraternity members buy the same amount of Coke but believe Pepsi is just about as good. From this, we can infer that

• A) Alpha members will not care what the price of Coke is.
• B) compared to Alpha members, Betas will have a smaller price elasticity of demand for Coke.
• C) compared to Alpha members, Betas will have a larger price elasticity of demand for Coke.
• D) Alpha members will increase their purchases by a larger amount of Pepsi than Beta members in response to a "50 cents off" sale on a case of Pepsi.

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Definitions:

Variable

In scripting, the name of a storage location in the computer’s internal memory. The value of the variable is the contents at that memory location. It is called a variable because the value can change (vary) as the program runs.

Script

A set of commands or instructions written to be executed by a program or scripting engine to automate tasks.

Memory Location

A specific address in memory storage where data is kept, identifiable within a system for the purpose of storing and retrieving information.

Scripts

Scripts are a sequence of instructions written in a scripting language executed by another program rather than the computer processor directly.