The Price of Apples Increases from $1 to $1

question 157

Multiple Choice

The price of apples increases from $1 to $1.10. At the same time, the quantity of apples demanded decreases from 100 to 90. The price elasticity of demand for apples (calculated using the initial value formula) is

• A) 0.02.
• B) 0.9.
• C) 1.
• D) 1.1.

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Definitions:

Molecular Shape

The three-dimensional arrangement of atoms within a molecule, determined by the chemical bonds and electron pairs surrounding the central atom.

Carbon Monoxide

A colorless, odorless, and toxic gas, consisting of one carbon atom and one oxygen atom.

Geometry

The branch of mathematics concerned with the properties and relations of points, lines, surfaces, and solids.

Ammonia Molecule

A compound consisting of one nitrogen atom and three hydrogen atoms (NH3), often used in cleaning products and as a fertilizer.