If the Own-Wage Elasticity of Demand for Professors Is -0

question 19

Multiple Choice

If the own-wage elasticity of demand for professors is -0.5,then an increase in the wage of professors from $45,000 to $55,000 will cause the quantity demanded to fall by

• A) 2%.
• B) 5%.
• C) 10%.
• D) 20%.

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Definitions:

Unilateral Tolerancing

A dimensioning method where variations from the specified dimension are allowed in one direction (either positive or negative) only.

Metric Dimensioning

A system of dimensioning where all measurements are expressed in metric units, commonly millimeters (mm), as per international standards.

Intentional Difference

The deliberate variation introduced in a design or dimension to fulfill a specific requirement or function.

Mating Parts

Components designed to fit together with another part or parts through various means like interlocking, adherence, or assembly for functional integration.