The Quantity of Pencils Sold Is 1000 at the Unit

question 232

Multiple Choice

The quantity of pencils sold is 1000 at the unit price $0.5. Suppose the price elasticity of demand for pencils by the initial value method is 2, and you would like to increase the quantity sold to 1200. Then the new price for pencils must be

• A) $0.05.
• B) $0.25.
• C) $0.30.
• D) $0.45.

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Definitions:

Broadcast Media

Platforms such as television and radio that disseminate information, news, and entertainment to a wide audience through electromagnetic waves.

Regulations

Rules and guidelines issued by governmental agencies for the purpose of controlling or governing certain practices or activities within society.

Ownership

The legal right to possess, use, and dispose of something, such as property or intellectual property.

Fairness Doctrine

A former policy of the United States Federal Communications Commission that required the holders of broadcast licenses to present controversial issues of public importance in a manner that was, in the FCC's view, honest, equitable, and balanced.