Suppose When the Price of Mascara Is $12,the Quantity Demanded

question 24

Multiple Choice

Suppose when the price of mascara is $12,the quantity demanded is 450,and when the price is $8,the quantity demanded is 550.Using the mid-point method,the price elasticity of demand is:

• A) -0.5
• B) -2.0
• C) -55
• D) -180

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Definitions:

Impulsiveness

The inclination to behave impulsively, demonstrating actions that show minimal to no planning, contemplation, or regard for potential outcomes.

Social Psychology

A branch of psychology that deals with understanding how individual behavior, feelings, and thoughts are influenced by the actual, imagined, or implied presence of others.

Conform

To adjust one's behavior or thinking to coincide with a group standard.

Behaviors

How an individual or system responds or acts when subjected to outside or inside stimuli.