If the Price Elasticity of Demand for Tuna Is 0

question 307

Multiple Choice

If the price elasticity of demand for tuna is 0.7,then a 1.5% increase in the price of tuna will decrease the quantity demanded of tuna by

• A) 1.05%, and tuna sellers' total revenue will increase as a result.
• B) 1.05%, and tuna sellers' total revenue will decrease as a result.
• C) 2.14%, and tuna sellers' total revenue will increase as a result.
• D) 2.14%, and tuna sellers' total revenue will decrease as a result.

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Definitions:

ΔG°

The change in standard Gibbs free energy during a chemical reaction, indicating spontaneity at standard conditions.

Enthalpy

A thermodynamic quantity equivalent to the total heat content of a system. It is equal to the internal energy of the system plus the product of pressure and volume.

Endothermic

Refers to a process or reaction that takes in energy from the environment, usually as heat.

Exothermic

A chemical process that releases energy to its surroundings, usually in the form of heat.