The price elasticities of demand of sugar-free gummy bears and of ordinary gummy bears is -0.8 and -2.3 respectively.
<h3>How to calculate price elasticity</h3>
Change in price of gummy bears = $2. 60 to $3
Elasticity of demand of sugar-free gummy bears =
[(273-379 / (273+379)/2] ÷ [(3.00-2.60)/(3.00+2.60) / 2]
= [-18/166] / [0.4/2.8]
= -0.10843373493975 / 0.14285714285714
= - 0.75903614457826
Approximately, -0.8
Elasticity of demand of regular gummy bears:
Sugar free = [(273-379) / (273+379)/2] ÷ (3.00 +2.60) / 2]
= [-106/326] / [0.4/2.8]
= -0.32515337423312 / 0.14285714285714
= -2.2760736196318
Approximately, -2.3
Learn more about price elasticity:
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Cancellation occurs if your license was issued because of a mistake or fraud (i .e giving false information or identification)
Answer:
(a) 31 , 54
(b) 48
Explanation:
- Data set : 13 13 13 20 26 29 31 33 34 34 35 35 36 37 38 41 41 41 45 45 47 47 48 52 54 56 56 62 67 82
- Part a requires you to find second decile and 8th decile
- For second decile there are 30 elements for second decile:
(a) Locator: 0.2*30 = 6
Round up to 7
20% decile = 31
Locator: 0.8*30 = 24
Round up to 25
80% decile = 54
(b) To determine 67th percentile
Locator : 0.67^30 = 20.1
Round up to 22
67% percentile = 48
Answer
Clocks from an American-owned shop in France
Explanation
GDP is an estimated value of the total worth of a country’s production and services by its citizens and foreign workers from within the country’s boundary calculated in one year.It is applied to measure the strength of a county’s local economy.GNP estimations are carried in the country’s land or foreign land over a year. It aims at seeing how the individuals of a country are doing economically.
