A Producer Knows That the Price Elasticity for His Product

question 49

Multiple Choice

A producer knows that the price elasticity for his product is -0.5.He wants to increase quantity demanded by 30 percent.By what percentage does he need to change the price?

• A) 10 percent
• B) 6 percent
• C) -9.5 percent
• D) -60 percent
• E) -6 percent

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Definitions:

Cultural Competency

The ability to understand, appreciate, and interact effectively with people of different cultures, recognizing and respecting their differences.

Stealth Marketing

A marketing strategy that advertises a product to people without them realizing they are being marketed to.

Illegal

Activities or actions that are forbidden by law or legislation.

Diversity

Diversity refers to the inclusion and representation of differences in identity, perspectives, and backgrounds, including race, gender, age, and more, within a group or organization.