Asked by
Jacqueline Quijano
on Dec 15, 2024Verified
For the sake of simplicity and by convention, price elasticity figures are shown as
A) positive numbers (0.64, 1.25, etc.) .
B) negative numbers (−0.64, −1.25, etc.) .
C) Greek letters (∑, ∏, etc.) .
D) Roman numerals (I, V, X, etc.) .
E) English consonants (P, Q, R, etc.) .
Price Elasticity
The measure of how sensitive the demand for a product or service is to changes in its price.
Positive Numbers
Numbers that are greater than zero, illustrating values that represent quantities or measurements.
Negative Numbers
Integers that are less than zero, often used to represent a deficit or decrease in mathematical operations and real-world contexts.
- Understand the principle of demand elasticity and its influence on setting prices.
Verified Answer
ES
Learning Objectives
- Understand the principle of demand elasticity and its influence on setting prices.