If the Price Elasticity of Demand for a Good Is

question 84

Multiple Choice

If the price elasticity of demand for a good is 3.0,what would result from a 10 percent increase in price

• A)a 3 percent decrease in the quantity demanded
• B)a 10 percent decrease in the quantity demanded
• C)a 30 percent decrease in the quantity demanded
• D)a 300 percent decrease in the quantity demanded

---

Definitions:

Range

The difference between the highest and lowest values in a set of numbers, representing the spread or dispersion.

Extreme Scores

Statistical outliers in a data set often significantly higher or lower than most of the data.

Standard Deviation

A metric indicating the extent of spread or deviation among values in a collection.

Standard Deviation

A measure that quantifies the amount of variation or dispersion of a set of data values.