TTV's Managers Estimate That a 50% Increase in Price Would

question 83

Multiple Choice

TTV's managers estimate that a 50% increase in price would cause an 80% reduction in the quantity of product sold. Total fixed costs for the product are $5,000 and total variable costs are $4,000, based on production of 400 units. The following values may be useful: TTV's price elasticity of demand is

• A) -3.973
• B) -0.252
• C) +0.322
• D) +3.108

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Definitions:

Operant Conditioning

A paradigm in learning where the expression of a behavior is directed by securing rewards or enacting punishments.

360-Degree Feedback

A performance appraisal method that gathers feedback from a worker's supervisors, peers, subordinates, and sometimes clients.

Task Leadership

A style of leadership that focuses primarily on the accomplishment of tasks and objectives, ensuring that team members have clear roles and goals.

Interviewer Illusion

A bias during selection processes where an interviewer overestimates their ability to choose the right candidate based on limited observation and interaction.