Calculate the equivalent annual costs of (a) overhauling and operating the Maracas for 12 more years (with and without the new e
ngine and control system) and (b) buying and operating the proposed replacement vessel for 20 years. You should use the real discount rate for this analysis. Based on your answer, what should RNI do? Write one to two paragraphs giving your answer and clearly explaining your reasoning and computations; show detailed computations in your Excel spreadsheet labeled
1 answer:
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Answer:
Miami, Florida
Explanation:
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<u>Given:</u>
Elasticity of Demand = 2
Decrease in price = 1%
<u>To find:</u>
Change in quantity demanded
<u>Solution:</u>
The percentage change in quantity demanded is the mathematical product of the percentage change in price and elasticity of demand. This can be mathematically represented as,
Since, there is a decrease in price, the demand for the product will increase. Therefore, we can conclude that there will be 2% increase in quantity demanded