Answer:
<u>A. elastic;</u> <u>inelastic </u>
Explanation:
Price elasticity of demand refers to degree of responsiveness of quantity demanded of a good with respect to a change in the price. It is mathematically expressed as:
wherein dQ= Change in quantity demanded
dP = Change in price
p = Original Price
q = Original quantity
Total revenue refers to total receipts of a firm from the sale of a good.
When price elasticity of demand is less than 1, it refers to inelastic demand which further means, the change in quantity demanded is less w.r.t change in price.
Similarly, when price elasticity of demand is greater than 1, it signifies change in quantity demanded is more w.r.t change in the price.
In the given case, the cashier thinks lowering prices will increase the total revenue. This indicates the cashier believes the demand to be elastic.
Similarly, the friend's belief of increased prices leading to increased total revenue signifies inelastic demand.
The savings account interest will remained the same
The number of adjustments that Steve has to make for Jones's property is 0.
<h3>What is a comparative market analysis?</h3>
The comparative market analysis is the term that is used to refer to the estimate of the value of a person's home which is based on all of the other homes that are similar homes in the area.
The adjustments that have to be made to a property is going to be 0 based on the property.
Read more on market analysis here:
brainly.com/question/17246850
#SPJ1
Strategic partnerships are seen as one of the foundations of supply chain management.
Answer:
<u>Part a: What will be the equilabrium price that Dumphy and Funke will charge?</u>
Answer: Price charged = $30
<u>Part b: What are the profits for Dumphy and Funke at the equilibrium price?</u>
Answer: Profit on equilibrium price = $0
<u>Part c: What type of competition would Funke and Dumphy likely engage in after the decrease in demand?</u>
Answer: Price competition
Explanation:
<u>Part a: What will be the equilabrium price that Dumphy and Funke will charge?</u>
Answer:
Price charged by each of the artists will be equal to their marginal cost.
Thus, equilibrium P = MC = $30.
<u>Part b: What are the profits for Dumphy and Funke at the equilibrium price?</u>
Answer:
Equilibrium profits will be 0 at the equilibrium because price charged is equal to MC, leading to no profits.
<u>Part c: What type of competition would Funke and Dumphy likely engage in after the decrease in demand?</u>
Answer:
Price competition - as changes in price will lead to changes in demand and thus sales
