Unit 2 Milestone-19

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CONCEPT → Own-Price Elasticity 8 Determine which scenario below is an example of own-price elasticity. Report an issue with this question ø ● ø ● Because he makes more money this year than he did last year, George purchased more gifts for his family members this year. ● Helium balloons are on sale this week, so LaTisha will need fewer streamers for the party to celebrate her husband's job promotion. ● If the price of leather sofas increases next month, Heather will opt to purchase a microfiber sofa instead. Tom, a construction foreman, will buy 100 sheets of plywood when the price is $12 per sheet. He will buy 150 sheets of plywood when the price drops to $10 per sheet. UNIT 2 — MILESTONE 2 SCORE 19/20
CONCEPT → Defining Elasticity 9 Report an issue with this question Select the cross-price elasticity amount below that is categorized as a substitute. ø ● ø ø Not buying a good at all anymore when the price goes up a little ● Continuing to buy gasoline when the price goes up in order to commute to work ● Buying less of another item in order to purchase medications needed to sustain life ● Buying the same amount of salt regardless of price fluctuations ● -0.23 0.71 UNIT 2 — MILESTONE 2 SCORE 19/20
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