Suppose a 4 Per Cent Increase in Price Results in a 2

question 132

Multiple Choice

Suppose a 4 per cent increase in price results in a 2 per cent increase in the quantity supplied of a good.Calculate the price elasticity of supply and characterise the product.

• A)2; The product is elastic.
• B)0)2; The product is inelastic.
• C)0)5; The product is inelastic.
• D)50%; The product is inelastic.

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Definitions:

Behavioral Norms

are the standard or expected ways of behaving in a social group or culture.

Formally Approving

Refers to the official authorization or acceptance of an action, policy, or agreement by an authoritative body.

Organizational Culture

The shared values, beliefs, norms, and practices that shape the social and psychological environment of a business or organization.

Action Research

A participatory form of research aimed at solving problems or improving practices by actively involving those affected in the process.