Using the Midpoint Formula, What Would Be the Price Elasticity

question 56

Multiple Choice

Using the midpoint formula, what would be the price elasticity of demand for a gallbladder operation if the number of operations fell from 7000 to 4000 per week after its price increased from $6000 to $15 000?

• A) 0.254.
• B) 0.636.
• C) 0.801.
• D) 1.25.

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Definitions:

Horney

Pertains to the theories and contributions of Karen Horney, a psychoanalyst known for her work on neurosis, personality theory, and feminine psychology.

Womb Envy

The envy a male feels toward a female because she can bear children and he cannot. Womb envy was Horney’s response to Freud’s concept of penis envy in females.

Love

A complex set of emotions, behaviors, and beliefs associated with strong feelings of affection, warmth, and respect towards another person or oneself.

Acceptance

The action or process of being received as adequate or suitable, often involving recognition of one's reality or truth without attempting to change it.