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seropon [69]
3 years ago
8

Use the midpoint formula to answer this question. Suppose that as the price of Y falls from $2.00 to $1.90, the quantity of Y de

manded increases from 110 to 118. Then the price elasticity of demand is _____.
Business
1 answer:
dimaraw [331]3 years ago
3 0

Answer:

1.4

Explanation:

The computation of the price elasticity of demand using mid point formula is presented below:

= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in price ÷ average of quantity demanded)  

where,  

Change in quantity demanded would be

= Q2 - Q1

= 118 - 110

= 8

And, average of quantity demanded would be

= (118 + 110) ÷ 2

= 114

Change in price would be

= P2 - P1

= $2.00- $1.90

= $0.10

And, average of price would be

= ($2.00 + $1.90) ÷ 2

= 1.95

So, after solving this, the price is 1.4

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Answer:

The correct answer is b) The production possibilities frontier is usually bowed outward

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When it bows outward, it is because the production capacity of a firm or a national economy is growing, and when it bows inward, it is because the economy is shrinking.

8 0
3 years ago
In double-stranded dna, the amount of a equals that of t and the amount of c equals that of g because:______
d1i1m1o1n [39]

In double-stranded DNA, the amount of a equals that of t and the amount of c equals that of g because <u>the strands have complementary sequences of bases.</u>

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8 0
2 years ago
When the Shaffers had a monthly income of $4,000, they usually ate out 8 times a month. Now that the couple makes $4,500 a month
choli [55]

Explanation:

Income Elasticity of Demand(IED)= Percentage change in quantity demanded/ Percentage change in income

-Percentage change in Q:

%Change in quantity demanded= (q2-q1/q1) = (10-8)/8= 0.25

-Percentage change in Income:

%Change in income= (i2-i1/i1) = (4,500-4,000)/4,000= 0.125

IED= 0.25/0.125= 2

This indicates that the Shaffers are very sensitive to changes in income when it comes to eating out. Which means that changes in income will change significantly the number of times they eat out.

2. Restaurant meals are normal goods, in this case, because when income rises, they ate more in restaurants, then the units consumed for this good increase too.

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3 years ago
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4 years ago
Drug r is currently under clinical investigation for the treatment of generalized anxiety disorder (gad). the hypothesis is that
Alexxandr [17]

I guess the correct answer is a 25 percent reduction of GAD symptoms

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3 years ago
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