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wariber [46]
1 year ago
6

a local baseball team's concession stand sells hot dogs for $2 and earns $600 in revenue. the next week, the price is raised to

$3, and the concession stand still earns $600 in revenue. in this situation, the price elasticity of demand is
Business
1 answer:
Leni [432]1 year ago
6 0

A local baseball team's concession stand sells hot dogs for $2 and earns $600 in revenue. The next week, the price is rasied to $3, and the concession stand still earns $600 in revenue. In this situation, the price elasticity of demand is <u>Unit elastic.</u>

<u></u>

A situation in which a change in one variable causes an equally proportional change in another variable is referred to as unit elastic (also known as unitary elastic).

Goods that are affected by price changes in demand or supply are known as unit elastic goods. For instance, if banana costs fall, more individuals may choose to purchase them since they can now afford to do so given the lower pricing. This would be an illustration of unit elastic supply and demand.

For more info about 'unit elastic' click on below link - brainly.com/question/13573843

#SPJ4

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I hope it helps, Regards.
7 0
3 years ago
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Suppose real GDP is forecasted to grow by 2.78 %, the velocity of money has been stable, and the Fed announces an inflation targ
Vadim26 [7]

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Explanation:

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MV = PY

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3 years ago
What is the meaning of accounting.
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5 0
4 years ago
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Au Sable Corporation reported taxable income of $760,000 in year 2 and paid federal income taxes of $176,500. Not included in th
butalik [34]

Answer:

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5 0
3 years ago
The circles shown to the right are similar but not exactly the same. this is an example of
kumpel [21]

This is an example of variation. The coefficient of variation, also referred to as the Spearman coefficient of variation, is a statistical measure that informs us about the relative dispersion of a data set. Its calculation is obtained by dividing the standard deviation<span> between the absolute value of the average of the set and it is usually expressed as a percentage for its better understanding.</span>

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