If Price Elasticity Is 3.25 Then

question 17

Multiple Choice

If price elasticity is 3.25 then

• A)for every one percent change in price, there will be a 3.25 percent change in quantity demanded.
• B)for every one percent change in price, there will be a 3.25 percent change in demand.
• C)for every one percent change in price, there will be a 32.5 percent change in quantity demanded.
• D)for every one percent change in price, there will be a .0325 percent change in quantity demanded.

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Definitions:

Job Evaluation

A systematic method for determining the relative worth of a job in relation to other jobs within an organization.

Pay Grade Categories

Divisions or levels in a pay scale that determine the salary range for different positions within an organization.

Benchmarking

The practice of comparing business processes and performance metrics to industry bests or best practices from other companies.

Factor Analysis

A statistical method used to identify underlying variables, or factors, that explain the pattern of correlations within a set of observed variables.