Figure 5-14 -Refer to Figure 5-14.Using the Midpoint Method,what Is the Price

question 455

Multiple Choice

Figure 5-14

-Refer to Figure 5-14.Using the midpoint method,what is the price elasticity of supply between points A and B?

• A) 2.33
• B) 1.0
• C) 0.43
• D) 0.1

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Definitions:

Marginal Utility

The additional satisfaction or benefit a consumer receives from consuming one more unit of a good or service.

Newspaper

A publication, generally made of paper and ink, that is distributed on a regular or daily basis and contains news, articles, advertisements, and other information of public interest.

Marginal Utility

The supplementary contentment or value a shopper obtains by buying an extra unit of a certain item or service.

Total Utility

The overall satisfaction or value a consumer receives from consuming a given quantity of goods or services.