1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ss7ja [257]
2 years ago
11

Assume the price elasticity of demand for a product is 0.6. When the price is $15, consumers buy 50 units of the good. If the pr

ice decreases by twenty percent, how many units will consumers buy
Business
1 answer:
Igoryamba2 years ago
6 0

The consumer will buy 56 Units

Procedure to solve

Δp = 20% of 15

Δp = 20/100 × 15

Δp = 3

e = 0.6

Formula:

e = (Δq/Δp)×p/q

0.6 = (Δq/-3)×15/50

0.6 × (-3) = Δq × 0.3

Δq = 1.8/0.3 = 6

Price decreases and quantity increases

Therefore

q' = q+Δq

q' = 50+6

q' = 56

p is the given price, q is the given quantity, Δp is the change in price, Δq is the change in quantity, e is the elasticity, q' is the new quantity.

Price Elasticity

The price elasticity of demand can be said to be an economic measure of the increase in the quantity of commodity demands or consumes in relationship to its change in price.

The price elasticity of demand refers to the percentage change in the quantity demanded of goods divided by the percentage change in the price.

Learn more about elasticity here:

brainly.com/question/14450755

#SPJ4

You might be interested in
Private enterprise is most unlikely associated with
Nutka1998 [239]
A because capitalism is FREE enterprise and public companies don’t relate to either of them
6 0
3 years ago
You are evaluating your company’s segmentation approach and discover an important missing condition. They have measured their ta
zysi [14]

Answer:

Profitability

Explanation:

It is not enough that our target market is reachable, stable, cost-effective, and measurable. We also need to measure how profitable the market is. We know that our major aim of doing business is to make profit, therefore the profitability of the market must be measured as well.

6 0
3 years ago
Read 2 more answers
Austin and kayla have $35,000 in debt (student loan, credit cards, car loan) but have cut up all of their credit cards and start
Klio2033 [76]

The answer is a definite NO. No one should EVER cash in their 401(k) to pay off debt. You will never be able to recover from the loss of compounding interest if you take out money from your retirement account. This money should be saved for retirement or EXTREME emergencies.

Im this case, Austin should take the amount of his raise and use that to start paying down his debt FASTER.

6 0
3 years ago
What is the function of the OSHRC? A. to enlist people under protected classes B. to research different discriminatory factors C
elixir [45]

Answer: The cases in which the Review Commission renders decisions arise from inspections conducted by a Federal agency separate from the Review Commission, the Occupational Safety and Health Administration (OSHA), which is a part of the Department of Labor. OSHRC, or the Review Commission, and OSHA were created by the Occupational Safety and Health Act of 1970, but the Act mandated that the Review Commission be an independent agency (i.e., not part of another Federal department) to ensure that parties to agency cases receive impartial hearings.

Explanation:

3 0
3 years ago
Mary is filing Head of Household with a taxable income of $79,280. What is her income tax for Marks: 1 2018? Choose one answer.
antiseptic1488 [7]

Answer:

a. $11,989

Explanation:

tax rate // for income above

0.1        //  $           0

0.12        //  $   13,600

0.22       //   $  51,800

0.24      //    $ 82,500

Mary's income of $79,280 is on the third bracket as is lower than the minimum for the fourth bracket.

first bracket:

$13,600 x 10%    =                     $ 1,360

second bracket:

($51,800 - $13,600) x 12%   =    $ 4,584

third bracket

($79,280 - $51,800) x  22%   =  $ 6,045.6

total tax income: 11,989.6

8 0
3 years ago
Other questions:
  • Which of the following is not a factor of production?
    12·1 answer
  • You have determined you want to buy an advanced hybrid vehicle, and a visit to ford's website has revealed that the ford fusion
    10·1 answer
  • 1. This problem asks about opportunity costs in different situations. a. You get a jump on your holiday shopping in July and buy
    14·1 answer
  • A company uses radio frequency identification (RFID) tags to keep track of its inventory. This is an example of the impact of te
    13·1 answer
  • What was the main reason for the popularity of The Canterbury Tales in medieval England?
    11·2 answers
  • Public employment agencies are perceived by prospective applicants as having few high-skilled jobs; therefore, employers tend to
    11·1 answer
  • Which determines carrying capacity?<br> What is the best skate brand out there
    5·1 answer
  • If the coupon interest rate remains constant from the time of issue until the bond matures, then the bond is called afixed-rate
    15·1 answer
  • On August 24, Edward Charles offered to sell his 1967 Chevy Corvette Convertible for $150,000 to Mark Anderson. Anderson offered
    9·1 answer
  • The united states helped mexico’s economy during world war ii by ordering raw materials and offering workers jobs. buying the ri
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!