If Price Elasticity of Demand for Good X Is Equal

question 67

Multiple Choice

If price elasticity of demand for good X is equal to 0.4,then an increase in price will cause total expenditure on good X to

• A)increase.
• B)remain constant.
• C)decrease.
• D)fall to zero.
• E)be negative.

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Definitions:

Shopping Outlet

A retail store or set of stores where products are sold directly to the public, often at reduced prices.

Covariance

A measure of the degree to which two variables change together, indicating the direction of their linear relationship.

Coefficient of Correlation

A statistical measure that calculates the strength and direction of a linear relationship between two variables on a scatter diagram.

Expected Value

The long-term average or mean of a random variable, representing the anticipated outcome of an experiment conducted many times.