Table 52 Shows the Change in the Quantity Demanded for Good

question 23

Multiple Choice

Table 5.2 shows the change in the quantity demanded for Good A and Good B as a result of the change in their price. Use the information in the table below to calculate the value of the price elasticity of demand for Good B.​ Table 5.2
​
​
Quantity
Price
Good A
​
100
$10
120
​
$ 9
Good B
200
$20
140
$35

• A)−2/3
• B)−1/6
• C)−1/2
• D)−11/17
• E)−17/11

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Definitions:

Critically Thinking

The process of actively analyzing, assessing, synthesizing, and evaluating information gathered from observation, experience, or communication.

Rawls's Justice Theory

A philosophical framework proposing principles of justice, including the maximin strategy for social and economic inequalities, ensuring the most extensive basic liberties for all.

Outcomes

In legal contexts, this term refers to the final results or consequences of legal proceedings or actions.

Begging The Question

A logical fallacy in which the conclusion of an argument is assumed in the formulation of the argument itself.