the profit a company earns every month depends on the amount of products sold,p, for $855 each and the amount spent in rent, uti
1 answer:
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Answer:
0.18
Step-by-step explanation:
Given that:
P₁ = $10, P₂ = $20
From the tables Q₁ = 900, Q₂ = 800
Using midpoint method:
Percentage change in quantity =
Percentage change in price =
Price of elastic demand = Percentage change in quantity/ Percentage change in price = -11.76% / 66.67% = 0.18
The Price of elastic demand is positive because we took the absolute value and elasticity are always positive
Therefore since Price of elastic demand < 1, the demand is inelastic in this interval.
This means that, along the demand curve between $10 to $20, if the price changes by 1%, the quantity demanded will change by 0.18%. A change in the price will result in a smaller percentage change in the quantity demanded. For example, a 10% increase in the price will result in only a 1.8% decrease in quantity demanded and a 10% decrease in the price will result in only a 1.8% increase in the quantity demanded
Answer:
Step-by-step explanation:
The given equation is written in the form of y=mx+c (where m is the gradient and c is the y-intercept).
Thus, gradient of given equation= -⅔
The products of the gradient of perpendicular lines is -1.
(Gradient of line)(-⅔)= -1
Gradient of line
Hence, m= .
Subst. m= into the equation:
To find the value of c, substitute a pair of coordinates into the equation:
When x= -4, y= 2,
Thus, the equation of the line is .