In Problem 1, If Demand in the United States Is

question 4

Multiple Choice

In Problem 1, if demand in the United States is given by Q₁ = 11,200 - 800p₁, where p₁ is the price in the United States, and if the demand in England is given by 1,600 - 200p₂, where p₂ is the price in England, then the difference between the price charged in England and the price charged in the United States will be

• A) $8.
• B) $3.
• C) $6.
• D) $0.
• E) $9.

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Definitions:

Percentage Calculation

The mathematical process of finding a part of a number in terms of 100.

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The percentage or fixed fee that is charged as commission for performing a service or transaction.

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The initial rate of compensation that an employee receives, not including overtime, bonuses, or other extra pay.

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The mathematical process of determining the proportionate amount of a whole as a percentage.