Assume That the Price Elasticity of Demand for Petrol Is

question 151

Multiple Choice

Assume that the price elasticity of demand for petrol is -0.06.If a government tax causes the price of petrol to increase by 50 per cent,what will be the decrease in the quantity of petrol demanded?

• A) 0.5 per cent
• B) 3.0 per cent
• C) 8.33 per cent
• D) 50 per cent

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Definitions:

Job Enrichment

A method of motivating employees by giving them more responsibility and variety in their jobs.

Established Client Relationships

The development of long-term connections and rapport with clients, characterized by trust and mutual understanding.

Overdue Accounts

Accounts that have not been paid by the due date, often resulting in penalties.

Experienced Responsibility

The sense of duty or obligation that comes from having been in situations where one had to take charge or make decisions.