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svlad2 [7]
3 years ago
11

Luke Anderson is earning $48,000 a year in a city located in the Midwest. He is interviewing for a position in a city with a cos

t of living 12 percent higher than where he currently lives. What is the minimum salary Luke would need at his new job to maintain the same standard of living?
Business
1 answer:
Kitty [74]3 years ago
4 0

The minimum requirement of salary = $53760

<u>Explanation:</u>

Cost of living in city is 12 percent higher than where Luke Anderson lives. So, Luke Anderson will require 12 percent higher salary than existing salary in order to maintain the existing standard of living

<u>The calculations are as follows. </u>

Current salary of Luke Anderson = $48000

12 percent increase = 48000 multiply with 12 percent = 5760

Thus, the required minimum salary = 48000+ 5760 = 53760

So, Luke Anderson will require minimum salary of $53760

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Please answer the following questions:
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The price elasticity of the loan taken by the entrepreneur comes out to be 10.

<h3>What is the price elasticity of demand?</h3>

The price elasticity of demand is an indicator used to determine the sensitivity of demanded quantity with respect to its corresponding price.

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Therefore, when the change in quantity demanded is 50% with the change in the price is 5%, then the price elasticity of a business loan is equal to 10.

Learn more about the price elasticity in the related link:

brainly.com/question/10610673

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