Using the Average Price and Average Quantity, What Is the Elasticity

question 133

Multiple Choice

Using the average price and average quantity, what is the elasticity of demand for oranges when the price of oranges changes from $200 to $160 per bushel and so the quantity demanded changes from 1000 to 1400 bushels?

• A) 1.5
• B) 0.1
• C) 10.0
• D) 0.67

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Definitions:

Auto Class

Auto Class in programming specifies that the storage duration and scope of the variable are automatically determined based on its context within a function.

Local Variable

A variable that is declared within a function or block, accessible only to that function or block, and has its scope limited to that context.

Calling Function

The process by which a function is invoked or executed in a program.