Having Worked for Many of the Firms in the Petroleum

question 88

Multiple Choice

Having worked for many of the firms in the petroleum industry,you know that the price elasticity of demand for a representative firm is about −1.25.Moreover,a recent report from an economist in your office revealed that the price elasticity of demand for the petroleum products sold by your firm is −1.5.Based on this information,you know that the Rothschild index is:

• A) 0.833.
• B) 1.20.
• C) −1.20.
• D) −0.833.

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