The Cross-Price Elasticity Between Gillette Razors and a Related Good

question 20

Multiple Choice

The cross-price elasticity between Gillette razors and a related good is -3.4.What happens to demand for the related good if the price of Gillette razors falls by 10 per cent?

• A) The quantity demanded of the related good rises by 3.4 per cent.
• B) The quantity demanded of the related good falls by 34 per cent.
• C) The quantity demanded of the related good rises by 34 per cent.
• D) The quantity demanded of the related good falls by 3.4 per cent.

Distinguish between intrinsic and extrinsic motivation and their roles in behavior.

Appreciate the importance of stress, its perception, and its influence on individuals.

Identify key psychological needs and drives, including those related to achievement, affiliation, and control.

Explore Maslow's hierarchy of needs and its application to understanding human motivation and peak experiences.

---

Definitions:

Constant-cost Industry

An industry in which the input costs do not change as the industry's output changes, leading to a flat supply curve.

Demand Increase

A situation where the desire for a good or service exceeds the previous level at the current price.

Market Equilibrium

The point at which the quantity demanded by consumers equals the quantity supplied by producers, resulting in no economic pressure to change the price.

Scarce Inputs

Resources or factors of production that are limited in supply, which constrains economic output and allocative efficiency.