Consider the Following Data: Price of a Quantity Demanded of a

question 79

Multiple Choice

Consider the following data: Price of A Quantity Demanded of A
$5 6
$4 10
The absolute value of the price elasticity of demand for product A is

• A) 0.44.
• B) 1.80.
• C) 0.56.
• D) 2.25.

---

Definitions:

Factory System

A method of manufacturing using machinery and division of labor, characteristic of the Industrial Revolution, which replaced the traditional artisan workshops.

Textiles

Materials that are woven or knitted, typically used for making clothes and other objects.

Ironworks

A place where iron is smelted, forged, or processed into finished products.

Cotton Gin

Invented by Eli Whitney in 1793, the machine that separated cotton seed from cotton fiber, speeding cotton processing and making profitable the cultivation of the more hardy, but difficult to clean, short-staple cotton; led directly to the dramatic nineteenth-century expansion of slavery in the South.