-Refer to Exhibit 5

question 44

Multiple Choice

-Refer to Exhibit 5.2, Graph D. Using midpoint formula calculate elasticity of demand if price was reduced from $200 to $50.

• A) 2.03.
• B) 0.67.
• C) 0.33.
• D) 2.54.

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Definitions:

Big Businesses

Refers to large corporations or enterprises that have a significant impact on the economy through their operations, market influence, and financial power.

Service Innovation

The introduction of new or improved services to meet customer needs more effectively, often involving new technologies or business models.

Hispanic-Owned Businesses

Firms where the ownership is majorly held by individuals of Hispanic descent, often tracked for demographic and economic analysis.

Self-Employment

The status of working for oneself as a freelancer or the owner of a business rather than for an employer.