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Consider a situation that is similar to that in one of the video lectures, i.e., Alice observing Bob traveling from Earth to a star at a certain distance from Earth. Assume that the Lorentz factor for the relative velocity between Alice’s frame of reference (the Earth-star frame of reference) and Bob’s frame of reference (the spaceship frame of reference) has a value of 2. Alice, using her system of clocks, measures the elapsed time it takes Bob to reach the star as 8 years. She also takes a photo of Bob’s clock as he passes the star. According to the photo, how much time has elapsed on Bob’s clock from when he passed by Earth?
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The price of good X increases by 50%, and the consumption of good X decreases by 25%. What is the absolute value of price elasticity of demand of X?
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