Ernest's Income Elasticity of Demand for Natural Gas Is 0

question 47

Multiple Choice

Ernest's income elasticity of demand for natural gas is 0.4.His price elasticity of demand for natural gas is -0.3, and he spends 10% of his income on natural gas.What is his substitution price elasticity?

• A)-0.26
• B)-.34
• C).20
• D)-.12
• E)None of the above.

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Definitions:

Cultural Strength

The degree to which shared values, beliefs, and norms contribute to the social and psychological well-being of an organization.

External Environment

The conditions, entities, events, and factors surrounding an organization that influence its activities and choices but are beyond its control.

Bicultural Audit

An evaluation process that examines how effectively an organization or program operates across two distinct cultural environments.

Cultural Clashes

Conflicts arising from differences in values, norms, or behaviors between individuals or groups from different cultures.