If the price of a pack of post it notes increases from $2.00 to $2.80 and as a result quantity demanded falls from 160 to 80 units, what is the price elasticity of demand

The price elasticity of demand is 1.25

Explanation:

The price Elasticity of Demand (PED) ia used to show the responsiveness of the demand of a good or service to a change in price. The PED can be either elastic (when the % change in demand is more than % change in price), or inelastic (when the % change in demand is less than the % change in price).

mathematically, it is represented as;

PED = (% change in demand) ÷ (% change in price)

Let us calculate the percentage changes.

% change in demand = (change in demand)/original demand × 100

= (160 - 80)/160 × 100 = 80/160 ×100 = 50%

% change in price = (change in price)/original price × 100

= (2.80 - 2.0)/2.0 × 100 = 0.8/2.0 × 100 = 40%

∴ PED = 50 ÷ 40 = 1.25 (elastic)

the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.

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