Answer:
Price elasticity of demand = Percentage in quantity demanded / Percentage change in price
We already have the percentage change in quantity demanded as -4.3%.
We need to find the percentage change in price using the midpoint method.
= (New price - Old price) ÷ ((New Price + Old price) / 2)
Old price = 1.50 - 0.25 = $1.25
Percentage change in price = (1.50 - 1.25) ÷ ((1.50 + 1.25) / 2)
= 18.18%
Price elasticity of demand = -4.3% / 18.18%
= -0.24
According to your estimate, the Transit Authority's revenue rises when the fare increases.<u> TRUE. </u>
The statement is true because the price elasticity of demand here is Inelastic and when this is the case, revenue rises when the price of the good or service increases.
The price elasticity of demand is inelastic when it is less than 1 which is the case here.
Answer:
Commodity money has some intrinsic value due to the content of precious metal it is made up of or backed by, but debasement or increases in precious metal supply can cause inflation.
Fiat money is backed only by the faith of the government and its ability to levy taxes.
Hope this helped you compare and contrast
Explanation:
The assessments of the currency of diversity plan is one that is centered around making a diversity plan that entails a lot of steps to make sure that the institution is said to be prepared to make a diversity plan.
It is one that seek to recognizes its role inside of a diverse community, and it is one that handles diversity in a meaningful and vital way.
<h3>What is in a diversity plan?</h3>
A diversity plan is known to be a kind of an actionable plan that tells more about one's business and how one can go about then.
It is one that is made up of people from a lot of backgrounds. It is a said to be a kind of a commitment by the company to make an environment that is fair.
Hence, The assessments of the currency of diversity plan is one that is centered around making a diversity plan that entails a lot of steps to make sure that the institution is said to be prepared to make a diversity plan.
Learn more about diversity plan from
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Answer:
Correct option is (A)
Explanation:
Companies that are price setters or price makers produce unique products as they have an advantage over others. They are price makers as they enjoy monopoly in the market.
Companies producing homogeneous products cannot be price setters as there are many other companies operating in the same market so prices are set by the market forces.
Answer:
Bubba’s annual total revenue is c. $20,000
Explanation:
Revenue is the total amount that comes from sales, regardless of cost.
Bubba catches 4,000 pounds and sell them for $5 per pound, so the total amount (revenue) he receives from selling them is 4,000 * 5 = $20,000
Note: The information about the $3 cost is not necessary to calculate revenue
