The amount of goods and services that a person can produce in a given time is called

The average (mean) price of ten commodities is $330. If an eleventh commodity whose price is $600 is included in the calculation, the new average is:

A) $254.54. B) $354.54. C) $330.35. D) $450.25.

If the price of a soda increases from 75¢ to $1.00 and as a result the quantity demanded of sodas decreases from 10 to 9 per week, the elasticity of demand for sodas equals

A) 2.72. B) 0.37. C) 0.83. D) 1.20.