1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
larisa86 [58]
3 years ago
15

Sandy's Sandwich Sitdown priced its lunch treats at ​$2.00​, they sold 250 per day. When the price was ​$3.00​, they sold 200 pe

r day. Based on this information and using the​ average-values formula, the absolute value of the price elasticity of demand for lunch treats is:
Business
2 answers:
kifflom [539]3 years ago
4 0

Answer:

0.56 (approx)

Explanation:

Given:

PRICE (P1) = $2

QUANTITY (Q1) = 250

PRICE (P2) = $3

QUANTITY (Q2) = 200

Calculation:

Average value method

Price elasticity of Demand = [Q2-Q1]/[(Q2+Q1)/2] / [P2-P1]/[(P2+P1)/2]

= [200-250]/[(200+250)/2] / [3-2]/[(3+2)/2]

= (-50)/(450/2) / (-1)/(5/2)

= (-50)/225 / (-1)/(2.5)

= -0.22222 / -0.4

= 0.555555

= 0.56 (approx)

alukav5142 [94]3 years ago
3 0

Answer:

-0.56

Explanation:

The computation of the price elasticity of demand using the​ average-values formula is shown below:

= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in price ÷ average of price)

where,

Change in quantity demanded is

= Q2 - Q1

= 200 - 250

= -50

And,  an average of quantity demanded is

= (200 + 250) ÷ 2

= 225

Change in price is

= P2 - P1

= $3 - $2

= 1

And, the average of price is

= ($3 + $2) ÷ 2

= $2.5

So, after solving this, the price of elasticity is -0.56

You might be interested in
Kodak possesses the leading imaging technology. This technology has allowed the company to differentiate its products from those
pav-90 [236]

Answer:

The correct option is C

Explanation:

Distinctive competency is the competency which is unique or differentiate to the business firm or organization. It is a competency superior in aspect rather than the competencies of other firms, that enables the production of the unique value proposition in the business function.

So, Kodak posses the technology of leading imaging and this technology allow the company to differentiate its products from rivals. Therefore, this technology of Kodak is distinctive competency.

7 0
3 years ago
Suppose you wanted to closely examine the leaf of a plant. which type of lens would you use? explain
tekilochka [14]
<span>To examine the leaf of a plant, one should use a magnifying glass which holds a convex lens. A convex lens allows parallel light rays to pass through then refracts the rays so they meet on one principal point. This type of lens is useful in seeing something small.</span>
3 0
4 years ago
Guns R Us overstated its ending inventory in the current year by $5,000. The company incorrectly reported $100,000 of net income
soldi70 [24.7K]

Answer:

B. Cost of goods sold will be too low by $5,000.

Explanation:

Overstatement in closing inventory has two effects. First in income statement, that the cost of goods sold is decreased by the same amount that is overstated. Second is overstatement of Inventory value in the asset section of balance sheet. According to the given scenario The effect of this event should be as cost of goods sold will be too low by $5,000.

4 0
4 years ago
The markup on a video game is 15% of the sale price. If the video game sells for $58.82, what was the cost (in $)? (Round your a
Tanzania [10]

Answer:

$51. 15

Explanation:

The selling price is $58.82

The mark-up is 15% of the selling price.

The cost price is ???

The $58.82 is 115% of the cost price.

the cost price is 100%

cost price

= 58.82/115 x 100

= $0.5114 X 100

=$51. 15

5 0
3 years ago
Olivia is ordering trendy necklaces and earrings made with semi-precious stones from a supplier in Belize, for her city boutique
PtichkaEL [24]

Answer:

<u>b. False</u>

<u>Explanation:</u>

<em>Remember, </em>the term social responsibility in this context refers to an individual doing what would benefit society first, over any gain he may derive if he does otherwise.

For example, we are told that there is "low paying wages in Belize," which means low worker welfare, thus, even if no labor laws were been broken in his country, Olivia has a social responsibility to pay fair prices for the necklaces and earrings.

5 0
3 years ago
Other questions:
  • If your uncle borrows $69,000 from the bank at 11 percent interest over the nine-year life of the loan. Use Appendix D for an ap
    13·1 answer
  • How does FNB programme benefit the community in terms of economic development?
    5·1 answer
  • Francis Equipment Co. closes its books regularly on December 31, but at the end of 2017 it held its cash book open so that a mor
    15·1 answer
  • During the High Middle Ages, the bureaucracies of England and France became increasingly staffed with Select one: a. canon lawye
    5·1 answer
  • The specific ways in which human resource professionals support an organization's strategy vary according to: their level of inv
    14·1 answer
  • The price elasticity of demand for tickets to local baseball games is estimated to be equal to 0.89. In order to boost ticket re
    5·1 answer
  • Jones Company bought Wood Company in 2020 and appropriately recorded $750,000 of goodwill related to the purchase. On December 3
    11·1 answer
  • The following information was taken from the records of Roland Carlson Inc. for the year 2017: income tax applicable to income f
    12·1 answer
  • Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or
    8·1 answer
  • A brand that has been given exclusive legal protection, such as the McDonald's golden arches is a: Group of answer choices priva
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!