Answer:
Explanation:
Use Future value formula for the calculation of number of years
Future Value = Present value ( 1 + interest rate )^number of years
FV = PV ( 1 + r )^n
$500,000 = $200,000 ( 1 + 10.5% )^n
$500,000 / $200,000 = ( 1 + 0.105 )^n
2.5 = ( 1.105 )^n
log 2.5 = n log 1.105
n = log 2.5 / log 1.105
n = 9.1771
n = 9 years 2 months
Answer:
The new Quantity to be sold at $1 is 200 in the short run
Explanation:
The question is to determine the Popsicle sold each day in the short run for a price rise of $1
The formula to use for the Price elasticity of supply in short run
(New Quantity demanded - Old Quantity demanded )/ Old Quantity + New Quantity/ 2
÷
(New Price - Old Price) / (Old Price + New Price)/ 2
The formula can also be simply written as
[(Q2 – Q1)/{(Q1 + Q2)/2}] / [(P2 – P1)/{(P1 + P2)/2}]
Step 2: Solve using the formula
Old Quantity = 100
New Quantity = Q2
Old Price = 0.50
New Price = $1
Solve:
[(Q2 – 100)/{(100+ Q2)/2}] / [(1 – 0.50)/{(0.50 + 1)/2}] = 1
=100 + Q2= 3Q2-300
= 2Q2= 400
Q2= 400/2
Q2= 200
The new Quantity to be sold at $1 is 200
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