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kompoz [17]
3 years ago
10

A 4 percent increase in the price of beer will cause a 1 percent decline in the quantity of beer demanded. The demand for beer i

s:
Business
1 answer:
Tasya [4]3 years ago
3 0

Answer:

The demand for beer is inelastic

Explanation:

Price Elasticity of Demand (PED) is the measure of responsiveness of the demand of a consumer to a product to a change in the price of the product. The formula is percentage change in quantity demanded divided by percentage change in price.

A PED of greater than 1 is elastic, meaning that the demand for a product is sensitive to the very small change in price.

A PED of less than 1 is said to be inelastic, which implies that there is no significant change in the quantity demanded when the price changes. In our example, the PED is inelastic because:

PED = \frac{\%\ change\ in\ demand}{\%\ change\ in\ price}\\ PED =\frac{1}{4} \\PED = 0.25

since 0.25 is less than 1, PED is inelastic

Finally, if the ratio of the percentage changes in both quantities demanded and price equals 1, it is said to be unit elastic. This means that there is a proportionate change in quantity demanded with a change in price.

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timama [110]

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3 years ago
Economists refer to the process of proactive consumers choosing to either exit from a sale or to voice their dissatisfaction wit
Andre45 [30]

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7 0
1 year ago
At what value should the land be recorded in clementine repair service records?
adell [148]

Answer: $369,500

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The Cost concept of accounting calls for the recording of Assets at their cost.

Clementine Repair services offered to buy the land at $350,500 when it was priced at $388,500.

The seller countered with $369,500 and Clementine accepted this.

This means that Clementine bought the land for $369,500 which makes it the cost price.

They should therefore record it at $369,500.

6 0
3 years ago
When the economy is operating at point C, the Federal Reserve may decrease the discount rate to
brilliants [131]

Answer:

D ; increase growth

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The discount rate is one of the tools that the Federal Reserve uses to direct monetary policy.  Banks are subject to minimum reserves requirements. If a bank falls below this minimum, it can borrow from the banks with a surplus,  or borrow from the federal reserve. If it borrows from the Fed, the interest rate that applies is the discount rate. The discount rate is always higher than the fed fund rate; hence, banks use it as a last resort.

The discount rate and the fed rate have similar effects on the economy.  The Fed uses the discount rate to regulate the money supply in the country. When the growth in slow, the fed will reduce the discount rate.  A low discount rate means the cost of borrowing money goes down. The impact is that individuals and businesses will afford to borrow money for consumption and investment.

Increased levels of investments and consumption will mean a higher GDP, which is growth.

7 0
3 years ago
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