Suppose an Increase in the Price of Hamburger from $3

question 108

Multiple Choice

Suppose an increase in the price of hamburger from $3 to $4 leads to an increase in quantity supplied from 100 units to 150 units. At the original price, the price elasticity of supply for hamburgers is ________ so supply is ________.

• A)2/3; elastic
• B)2/3; inelastic
• C)3/2; elastic
• D)3/2; inelastic

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Definitions:

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A person’s basic information-processing capacities and cognitive resources.

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The ability to perceive, control, and evaluate emotions in oneself and others, and to use this information to guide thinking and behavior.

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The act of receiving, interpreting, and responding to information received from the environment or internal cues.

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The department within an organization that deals with the recruitment, management, and direction of people who work in it.