Suppose an Increase in World Demand for Potash (Used in the Production

question 109

Multiple Choice

Suppose an increase in world demand for potash (used in the production of fertilizer) increases the price by 22 percent.Annual Canadian production increases by 33 percent.What is the elasticity of supply of Canadian potash?

• A)0.22
• B)0.33
• C)0.67
• D)1.0
• E)1.5

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Definitions:

Customer Relationship Management (CRM)

A technology-driven approach to managing a company's interactions with current and potential customers.

Marketing Activities

Encompasses various actions and strategies companies employ to promote and sell their products or services, including advertising, sales promotions, and public relations.

B2B

Business-to-Business, a model involving the exchange of products, services, or information between businesses, rather than between businesses and consumers.

B2C

Business-to-Consumer, a model where businesses sell products or services directly to individual consumers.