A Peck Is 1/4 of a Bushel

question 29

Multiple Choice

A peck is 1/4 of a bushel.If the price elasticity of demand for oats is -0.60 when oats are measured in bushels, then when oats are measured in pecks, the price elasticity of demand for oats will be

• A)20.15.
• B)22.40.
• C)20.30.
• D)21.20.
• E)none of the above.

---

Definitions:

Incapacitation

A state of being unable to act or make legal decisions due to physical or mental limitations.

Undisclosed Principal

A principal whose existence is not known by a third party. That is, the third party does not know that an agent is acting on behalf of a principal.

Agent

An individual or entity authorized to act on behalf of another (known as the principal) in dealings with third parties, creating a legal relationship called agency.

Authority

The power or right to give orders, make decisions, and enforce obedience, or a person or organization having such power.