If the Price of Good a Increases from $15 to $20

question 256

Multiple Choice

If the price of good A increases from $15 to $20 per unit and quantity demanded falls from 150 to 100 units, then by using the method of average values, we can calculate the absolute price elasticity of demand to be

• A) 2.6.
• B) 0.75.
• C) 1.4.
• D) 2.4.

---

Definitions:

Workforce

The total number of people engaged in or available for work, either in a specific region, industry, or company.

Address Issue

The act of identifying, confronting, and finding a resolution for problems or challenges.

Artificial Intelligence

Describes the simulation of human intelligence processes by machines, especially computer systems, encompassing learning, reasoning, and self-correction.

Decision Making

A process of selecting the best solution from multiple alternatives to solve problems or achieve objectives.