174=(1+455)c
c=174/456
c=0,3815789474
Answer:
(B) the demand curve shifts leftward while the supply curve stays the same.
Explanation:
"Substitutes are goods where you can consume one in place of the other. The prices of complementary or substitute goods also shift the demand curve. When the price of a good that complements a good decreases, then the quantity demanded of one increases and the demand for the other increases. When the price of a substitute good decreases, the quantity demanded for that good increases, but the demand for the good that it is being substituted for decreases. "
Reference: Khan Academy. “Price of Related Products and Demand.” Khan Academy, Khan Academy, 2019
The price of the water needs to be raised by 40% when the consumption of water reduces by 10% and the price elasticity of demand results to 25%.
<h3>What is meant by the price of elasticity of demand?</h3>
The price elasticity of demand is determined as the proportionate variation in quantity with respect to variation in the price of a good.
Given values:
Change in water consumption (fall): 10%
Price elasticity of demand: 25%
Computation of percentage change in the price of water:
Therefore, there is an increase in water price by 40%.
Learn more about the price elasticity of demand here:
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Every human has a desire for better standards of living. For this, they need to change with their desires and wants for the better in terms of food, clothing, and living
Answer:
40%
Explanation:
the percentage change in price using the midpoint method = {(P₂ - P₁) / [(P₂ + P₁)/2]} x 100
= {($6- $4) / [($6 + $4)/2]} x 100 = [$2 / ($10 / 2)] x 100 = ($2 / $5) x 100 = 0.4 x 100 = 40%
The advantage of using the midpoint method for calculating percentage changes is that it doesn't matter if the change is positive or negative, e.g. it will yield the same result if the price increases or decreases in the same amounts.
