Answer:
0.5
Explanation:
A screenshot is attached to get the full solution
Since the coefficient is < 1, it is inelastic
Exchange rates Personal Finance Problem Fred Nappa is planning to take a wine-tasting tour through Italy this summer. The tour w
ill cost 2,750 euros () and includes transportation, hotels, and a guide. Fred estimates that round-trip airfare from his home in North Carolina to Rome, Italy, will be $1,459, he also will incur another $290 in incidental travel expenses. Fred estimates the cost of meals in Italy to be about 519, and he will take an additional $1,090 to cover miscellaneous expenditures. Currently the exchange rate is $1.3423/1.00 (or 0.74499/$1.00). a. Determine the total dollar cost of the trip to Italy b. Deternine the amount of euros () Fred will need to cover meals and miscellaneous expendtures a. The total cost of the trip in dollars is s(Round to the nearest dollar) b. The amount of euros for meals and miscellaneous expenditures is (Round to the nearest euro)
1 answer:
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