The Price of Apples at a Local Market Rises from $2.95

question 115

Multiple Choice

The price of apples at a local market rises from $2.95 to $3.05 per kilogram,and as a result the quantity of oranges that households purchase increases from 3950 to 4050 kilograms per week.The cross-price elasticity is

• A)-1.33.
• B)-0.75.
• C)0.75.
• D)1.33.
• E)1.5.

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Definitions:

Social Environment

The immediate physical and social setting in which people live or in which something happens or develops, including the culture that the individual was educated or lives in, and the people and institutions with whom they interact.

Physical Setting

The tangible, physical environment where activities or events occur, including its layout, design, and ambient features.

Environmental Considerations

Factors that relate to the impact on the natural environment stemming from an action or policy.

Facilitating

Enabling a smoother path or providing aid to improve efficiency in reaching objectives or completing tasks.