Exhibit 5-3 -Use the Information in Exhibit 5-3 to Calculate the Value

question 100

Multiple Choice

Exhibit 5-3

-Use the information in Exhibit 5-3 to calculate the value of price elasticity of demand for restaurant meals.

• A) -1/2
• B) -5/3
• C) -3/5
• D) -3/7
• E) -7/3

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Definitions:

Phenomena

Observable events or occurrences that can be investigated scientifically.

Theory

A set of principles on which the practice of an activity is based or an explanation of the principles of phenomena.

Confirmation Bias

A cognitive bias that involves favoring information that confirms previously existing beliefs or biases.

Principle Of Falsifiability

The criterion for demarcating scientific from non-scientific statements; a theory must be testable and potentially able to be proven false.