Answer:
The population increased in 163 people which represents an increase in 38.72%
Explanation:
Year:Population
2000:421
2001: 584
The simple percentage change method formula is:
((Final value-Initial value)/ Initial value)*100
((584-421)/421)*100=38.72%
The population increased in 163 people which represents an increase in 38.72%.
Answer:
The total markdown dollars is $1,920
Explanation:
According to the given data 32 remaining blenders were marked down to $140 each.
Therefore, to calculate the total markdown dollars we would have to make the following calculation according to the given data:
the total markdown dollars=32*($200-$140)
the total markdown dollars=32*$60
the total markdown dollars=$1,920
The total markdown dollars is $1,920
Answer:
The price elasticity of demand for home heating oil is-0.36
Explanation:
In order to calculate the price elasticity of demand for home heating oil we would have to use the following formula:
Elasticity of demand = (dQ/dPhho)*(P/Q)
According to the given data we have the following:
demand for home heating oil in Connecticut=Q = 20 – 2 Phho + 0.5 Png – TEMP
current price of home heating oil=$1.20
current price of natural gas =$2.0
Therefore, if Q = 20 – 2 Phho + 0.5 Png – TEMP, then:
Q=20 – 2*1.2 + .5*2 – 12
Q=6.6
Therefore, price elasticity of demand = (-2)*(1.2/6.6)
price elasticity of demand =-0.36
The price elasticity of demand for home heating oil is-0.36
Answer:
0.60
Explanation:
The midpoint formula is used to calculate elasticity by using average percentage in both price and quantity.
The formula is given below:
Percentage change in quantity =<u> (Q2 -Q1) </u> x 100
(Q2 + Q1) / 2
Percentage change in price = <u> (P2 -P1) </u> x 100
(P2 + P1) / 2
Elasticity =<u> Percentage change in price__</u>
Percentage change in quantity
Inserting the data:
Percentage change in quantity =<u> (30 -20) </u> x 100 = <u>10</u> x 100 = 40%
(30 + 20) /2 25
Percentage change in price = <u>($20 - $10)</u> x 100 = <u>10</u> x 100 = 66.6%
($20 + $10) /2 15
Elasticity of supply = <u>40%</u>
66.6%
= 0.60