{"id":1985,"date":"2024-03-05T15:26:11","date_gmt":"2024-03-05T15:26:11","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=1985"},"modified":"2024-03-05T15:26:11","modified_gmt":"2024-03-05T15:26:11","slug":"suppose-that-the-price-of-a-commodity-increases-from-90-to-110-and-the-demand-curve-shows-that-the-corresponding-reduction-in-quantity-demanded-is-from-240-units-to-160-units-then-the-coefficient-of","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/suppose-that-the-price-of-a-commodity-increases-from-90-to-110-and-the-demand-curve-shows-that-the-corresponding-reduction-in-quantity-demanded-is-from-240-units-to-160-units-then-the-coefficient-of\/","title":{"rendered":"Suppose that the price of a commodity increases from 90 to 110 and the demand curve shows that the corresponding reduction in quantity demanded is from 240 units to 160 units.Then, the coefficient of the price elasticity of demand will be"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;1&#8243; option2=&#8221;2.4&#8243; option3=&#8221;0.5&#8243; option4=&#8221;2&#8243; correct=&#8221;option2&#8243;]<!--more--><\/p>\n<p>The correct answer is (b).<\/p>\n<p>The price elasticity of demand is a measure of how responsive consumers are to changes in price. It is calculated by dividing the percentage change in quantity demanded by the percentage change in price. In this case, the percentage change in price is 22.22% (110 &#8211; 90 \/ 90 * 100), and the percentage change in quantity demanded is 33.33% (240 &#8211; 160 \/ 240 * 100). Therefore, the price elasticity of demand is 2.4.<\/p>\n<p>Option (a) is incorrect because the price elasticity of demand is not equal to 1.0. Option (c) is incorrect because the price elasticity of demand is not equal to 0.5. Option (d) is incorrect because the price elasticity of demand is not equal to 2.0.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;1&#8243; option2=&#8221;2.4&#8243; option3=&#8221;0.5&#8243; option4=&#8221;2&#8243; correct=&#8221;option2&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-1985","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Suppose that the price of a commodity increases from 90 to 110 and the demand curve shows that the corresponding reduction in quantity demanded is from 240 units to 160 units.Then, the coefficient of the price elasticity of demand will be<\/title>\n<meta name=\"description\" content=\"The price elasticity of demand is a measure of how responsive consumers are to changes in price. It is calculated by dividing the percentage change in quantity demanded by the percentage change in price. In this case, the percentage change in price is 22.22% (110 - 90 \/ 90 * 100), and the percentage change in quantity demanded is 33.33% (240 - 160 \/ 240 * 100). Therefore, the price elasticity of demand is 2.4.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/suppose-that-the-price-of-a-commodity-increases-from-90-to-110-and-the-demand-curve-shows-that-the-corresponding-reduction-in-quantity-demanded-is-from-240-units-to-160-units-then-the-coefficient-of\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Suppose that the price of a commodity increases from 90 to 110 and the demand curve shows that the corresponding reduction in quantity demanded is from 240 units to 160 units.Then, the coefficient of the price elasticity of demand will be\" \/>\n<meta property=\"og:description\" content=\"The price elasticity of demand is a measure of how responsive consumers are to changes in price. It is calculated by dividing the percentage change in quantity demanded by the percentage change in price. In this case, the percentage change in price is 22.22% (110 - 90 \/ 90 * 100), and the percentage change in quantity demanded is 33.33% (240 - 160 \/ 240 * 100). Therefore, the price elasticity of demand is 2.4.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/suppose-that-the-price-of-a-commodity-increases-from-90-to-110-and-the-demand-curve-shows-that-the-corresponding-reduction-in-quantity-demanded-is-from-240-units-to-160-units-then-the-coefficient-of\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-05T15:26:11+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Suppose that the price of a commodity increases from 90 to 110 and the demand curve shows that the corresponding reduction in quantity demanded is from 240 units to 160 units.Then, the coefficient of the price elasticity of demand will be","description":"The price elasticity of demand is a measure of how responsive consumers are to changes in price. It is calculated by dividing the percentage change in quantity demanded by the percentage change in price. In this case, the percentage change in price is 22.22% (110 - 90 \/ 90 * 100), and the percentage change in quantity demanded is 33.33% (240 - 160 \/ 240 * 100). Therefore, the price elasticity of demand is 2.4.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/suppose-that-the-price-of-a-commodity-increases-from-90-to-110-and-the-demand-curve-shows-that-the-corresponding-reduction-in-quantity-demanded-is-from-240-units-to-160-units-then-the-coefficient-of\/","og_locale":"en_US","og_type":"article","og_title":"Suppose that the price of a commodity increases from 90 to 110 and the demand curve shows that the corresponding reduction in quantity demanded is from 240 units to 160 units.Then, the coefficient of the price elasticity of demand will be","og_description":"The price elasticity of demand is a measure of how responsive consumers are to changes in price. It is calculated by dividing the percentage change in quantity demanded by the percentage change in price. In this case, the percentage change in price is 22.22% (110 - 90 \/ 90 * 100), and the percentage change in quantity demanded is 33.33% (240 - 160 \/ 240 * 100). Therefore, the price elasticity of demand is 2.4.","og_url":"https:\/\/exam.pscnotes.com\/mcq\/suppose-that-the-price-of-a-commodity-increases-from-90-to-110-and-the-demand-curve-shows-that-the-corresponding-reduction-in-quantity-demanded-is-from-240-units-to-160-units-then-the-coefficient-of\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-03-05T15:26:11+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/suppose-that-the-price-of-a-commodity-increases-from-90-to-110-and-the-demand-curve-shows-that-the-corresponding-reduction-in-quantity-demanded-is-from-240-units-to-160-units-then-the-coefficient-of\/","url":"https:\/\/exam.pscnotes.com\/mcq\/suppose-that-the-price-of-a-commodity-increases-from-90-to-110-and-the-demand-curve-shows-that-the-corresponding-reduction-in-quantity-demanded-is-from-240-units-to-160-units-then-the-coefficient-of\/","name":"Suppose that the price of a commodity increases from 90 to 110 and the demand curve shows that the corresponding reduction in quantity demanded is from 240 units to 160 units.Then, the coefficient of the price elasticity of demand will be","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-03-05T15:26:11+00:00","dateModified":"2024-03-05T15:26:11+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"description":"The price elasticity of demand is a measure of how responsive consumers are to changes in price. It is calculated by dividing the percentage change in quantity demanded by the percentage change in price. In this case, the percentage change in price is 22.22% (110 - 90 \/ 90 * 100), and the percentage change in quantity demanded is 33.33% (240 - 160 \/ 240 * 100). Therefore, the price elasticity of demand is 2.4.","breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/suppose-that-the-price-of-a-commodity-increases-from-90-to-110-and-the-demand-curve-shows-that-the-corresponding-reduction-in-quantity-demanded-is-from-240-units-to-160-units-then-the-coefficient-of\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/suppose-that-the-price-of-a-commodity-increases-from-90-to-110-and-the-demand-curve-shows-that-the-corresponding-reduction-in-quantity-demanded-is-from-240-units-to-160-units-then-the-coefficient-of\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/suppose-that-the-price-of-a-commodity-increases-from-90-to-110-and-the-demand-curve-shows-that-the-corresponding-reduction-in-quantity-demanded-is-from-240-units-to-160-units-then-the-coefficient-of\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"Economics","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/economics\/"},{"@type":"ListItem","position":4,"name":"Suppose that the price of a commodity increases from 90 to 110 and the demand curve shows that the corresponding reduction in quantity demanded is from 240 units to 160 units.Then, the coefficient of the price elasticity of demand will be"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/1985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=1985"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/1985\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=1985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=1985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=1985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}