Assume That the Price Elasticity of Demand for Petrol Is

question 17

Multiple Choice

Assume that the price elasticity of demand for petrol is -0.06.If the government tax causes the price of petrol to increase by 50 per cent, what will be the decrease in the quantity of petrol demanded?

• A)0)5 per cent
• B)3)0 per cent
• C)8)33 per cent
• D)50 per cent

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Definitions:

Empathy

The ability to understand and share the feelings of another, putting oneself in their shoes emotionally.

Altruistic Behavior

Actions intended to benefit others without expectation of reward for oneself.

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Assistance and support provided to victims affected by hurricanes, usually involving aid in the form of supplies, financial help, and rebuilding efforts.

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The act of giving something voluntarily without the expectation of compensation, often for charity or to benefit another person or group.