Suppose the Price of a Good Rises from $10 to $20

question 51

Multiple Choice

Suppose the price of a good rises from $10 to $20 and quantity demanded falls from 500 to 400. If you calculate the elasticity of demand WITHOUT using the midpoint method, the answer would be _____. If you calculate the elasticity of demand WITH the midpoint method, the answer would be _____. Economists say _____ when calculating elasticity.

• A) -1/2; -1/3; use the midpoint method
• B) -1/3; -1/5; do not use the midpoint method
• C) -1/4; -1/4; it doesn't matter which method you use
• D) -1/5; -1/3; use the midpoint method

Distinguish between subjective and objective data in patient assessment.

Recognize the importance of patient-centered care and cultural sensitivity in nursing.

Understand the role of cues and inferences in the assessment and diagnosis process.

Grasp the components and steps in the nursing process from assessment through evaluation.