Suppose the University of Oklahoma Increases the Price of Student

question 26

Multiple Choice

Suppose the University of Oklahoma increases the price of student football tickets for the 2012 season by 30 percent.If the price elasticity of demand for student tickets is 1.22,the price increase leads to

• A)a 36.6 percent decrease in the quantity demanded.
• B)a 30 percent decrease in the quantity demanded.
• C)a 1.22 percent decrease in the quantity demanded.
• D)a 28.78 percent decrease in the quantity demanded.
• E)no change in the quantity demanded.

---

Definitions:

Computer Mediation

The use of computers as an intermediary or facilitator in communication and information exchange processes.

Cost Effectiveness

An evaluation of the relative expenses involved in achieving a specific outcome, aiming for optimal results with minimal costs.

Employee Involvement Team

A group of employees tasked with collaborating on projects or challenges to improve workplace operations or culture.

Workplace Issues

Problems or concerns that arise in the work environment, affecting employees' performance, satisfaction, and overall company function.