Answer:
PED = -0.4 or |0.4| in absolute terms
Explanation:
price elasticity of demand (PED) = % change in quantity demanded / % change in price
- % change in quantity demanded = [(30 - 50) / 50] x 100 = -40%
- % change in price = [($24 - $12) / $12] x 100 = 100%
PED = -40% / 100% = -0.4 or |0.4| in absolute terms
the demand is price inelastic since |0.4| < 1
this means that the change in quantity demanded is proportionally less than the change in price.
Since 1884, climate records have been kept, and they show that Philadelphia experiences an average yearly snowfall of 22.3 inches. An illustration of descriptive statistics is this value.
<h3>
What is descriptive statistics in statistics?</h3>
The fundamental characteristics of a dataset identified in a particular study are described, illustrated, and summarized using descriptive statistics. The summary provides details on the data sample and its measurements. Analysts will understand the data more readily as a result.
<h3>
What can we conclude from descriptive statistics?</h3>
The features and value distribution of one or more datasets are summarized using descriptive statistics. The central tendency and degree of value dispersion in datasets can be quickly viewed by analysts using the traditional descriptive statistics.
Learn more about descriptive statistics: brainly.com/question/13335435
#SPJ4
Answer:
Explanation:
He should work with the 50,000 hours estimate instead of the 40,000 in order to avoid shortage of funds during the business year
