The Demand Function in the Accompanying Table Is Q_X^d =

question 98

Multiple Choice

The demand function in the accompanying table is Q_X^d = 100 ? 2P_X.Based on this information,when Q_X = 80,the price,P_X (point A) ,is:
$\begin{array}{cccc}\begin{array}{c}\text { Good X } \\\left(\mathbf{P}_{\mathbf{x}) }\right.\end{array} & \begin{array}{c}\text { Quantity } \\\text { of GoodX } \\\left(\mathbf{Q}_{\mathbf{X}}\right) \end{array} & \begin{array}{c}\text { Own } \\\text { Price } \\\text { Elasticity }\end{array} & \begin{array}{c}\text { Total } \\\text { Revenue }\end{array} \\5 & 100 & 0.00 & 0 \\\text { A } & 90 & -0.11 & 450 \\15 & 80 & -0.25 & 800 \\20 & 70 & -0.43 & 1050 \\25 & 60 & -0.67 & 1200 \\30 & 50 & \mathbf{C} & 1250 \\35 & \mathbf{B} & -1.50 & 1200 \\40 & 30 & -2.33 & 1050 \\45 & 20 & -4.00 & \mathbf{D} \\50 & 10 & -9.00 & 450 \\50 & 0 & -\infty & 0\end{array}$

• A) $5.
• B) $10.
• C) $15.
• D) $20.

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Definitions:

Replacement Level

A term used in demography indicating the number of children each woman needs to have to ensure the population size remains constant, typically calculated as slightly over two children per woman.

Fertility Levels

The mean number of offspring a woman has during her life in a certain group of people.

Replacement Level Fertility

The fertility rate at which each new generation precisely replaces itself, without increasing or decreasing the population size.

Stability Level

The degree to which a system is resistant to, or able to absorb, changes and disturbances, maintaining its original state.