Since It Is Always a Negative Number, Economists Use the Convention

question 120

Multiple Choice

Since it is always a negative number, economists use the convention of taking the absolute value of:

• A) income elasticity of demand.
• B) cross price elasticity of demand.
• C) price elasticity of supply.
• D) price elasticity of demand.
• E) any elasticity calculation.

---

Definitions:

Ordered Pairs

A pair of elements arranged in a specific order, typically (x, y), representing coordinates on a Cartesian plane.

Function

A mathematical relation between a set of inputs and a set of possible outputs, where each input is related to exactly one output.

Evaluate

The process of determining the value of an algebraic expression by substituting numbers into the variables and performing the operations.

Function

A link between a group of inputs and a set of possible outputs, ensuring that every input matches precisely one output.