Consider the Supply Curve Q^s = 2P and the Demand

question 8

Multiple Choice

Consider the supply curve Q^s = 2P and the demand curve Q^d = 90 - P. Which expression best shows how you would calculate the elasticity of demand when P increases by 1 along the demand curve from its equilibrium value?

• A) [(59 - 60)/ (31 - 30)] x (30/60)
• B) [(56 - 60)/ (31 - 30)] x (30/60)
• C) [(59 - 61)/ (31 - 30)] x (30/60)
• D) [(59 - 62)/ (32 - 30)] x (30/60)

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Definitions:

China

A country in East Asia, the world's most populous nation, known for its significant economic growth, manufacturing capacity, and ancient civilization.

Personal Distribution

The way in which income is distributed among individuals in an economy.

Gender Discrimination

Unjust treatment or consideration of individuals based on their gender, leading to inequality and limited opportunities in various sectors, including employment and education.

Race Discrimination

Unfair treatment of individuals based on their race or ethnicity, especially in contexts such as employment, education, and access to services.