Fred's Price Elasticity of Demand for Milk Is -2 at Today's

question 65

Multiple Choice

Fred's price elasticity of demand for milk is -2 at today's prices when we measure price in dollars and quantity of milk in quarts.If the price per quart of milk stays the same but we measure quantity of milk in gallons and price in dollars, then what will be the elasticity of demand for gallons of milk? (A gallon is four quarts.)

• A)-1
• B)-1/2
• C)-8
• D)-4
• E)-2

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Definitions:

Gender-Related Differences

Variations in characteristics, behaviors, and roles predominantly attributed to the biological or perceived differences between sexes.

Biological Norm

A standard or usual pattern of growth, development, or behavior in organisms that is based on genetic and physiological factors.

Distinct Sexes

The classification of individuals based on biological differences in reproductive anatomy and functions, traditionally categorized into male and female.

Reproductive Anatomy

The set of organs and structures in the body related to reproduction, varying between sexes and including components such as ovaries, testes, and the uterus.