When We Use the Midpoint Method to Compute the Price

question 5

Multiple Choice

When we use the midpoint method to compute the price elasticity of demand we use

• A) the original quantity and the average price.
• B) the original price and the average quantity.
• C) the average price and the average quantity.
• D) either the original or new price, and the average quantity.
• E) the average price and the original quantity.

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Definitions:

Observational Learning

A learning process through which behaviors are acquired by watching and imitating the actions of others, also known as modeling.

Operant Conditioning

An instructional process wherein the forcefulness of a behaviour is changed by the application of incentives or deterrents.

Conditioned Response

A learned response to a previously neutral stimulus that has become associated with an unconditioned stimulus.

Unconditioned Response

An automatic, innate reaction to a stimulus that occurs without prior learning or conditioning.