A Rise in the Price of Apples from $3 to $4

question 25

Multiple Choice

A rise in the price of apples from $3 to $4 per kilogram raises quantity supplied from 3 million to 5 million kilograms.Therefore the numerical value of the price elasticity of supply is:

• A)1.20
• B)2.00
• C)1.75
• D)0.57
• E)2.67

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Definitions:

Average

A statistical measure representing the central or typical value in a set of data, calculated mainly as the mean or median.

Inferential Statistics

A branch of statistics that allows one to make predictions or inferences about a population based on a sample of data.

Psychological Tests

Standardized measures designed to assess various aspects of a person's mental health, personality, intelligence, or abilities.

Self-evaluations

The process through which individuals assess and analyze their own performance, abilities, and qualities.