The price elasticity of demand of the pen will be -0.2.
<h3>How to compute the elasticity?</h3>
The demand and supply schedule will be:
Price Qd. Qs
$10. 250. 100
$20. 200. 90
$30. 180. 80
The price elasticity of demand from $1 to $2 will be:
= Percentage change in quantity demanded/percentage change in price
Percentage change in quantity demanded will be:
= (200 - 250)/250 × 100
= -20%
Percentage change in price will be:
= (20 - 10)/10 × 100
= 100%
Therefore, the elasticity of demand will be:
= -20/100
= - 0.2
The value gotten illustrates an inelastic demand.
In order to increase the total revenue, the price can be reduced as it will lead to more sales.
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<u>Complete question:</u>
Choose any product or service. Create the demand and supply schedule.
Calculate just one PED.
Is the demand elastic or inelastic?
What price change would you recommend to increase TR?
Answer: 18
Step-by-step explanation: What is 75 percent (calculated percentage %) of number 24? Answer: 18.
Answer:
Step-by-step explanation:
Coin toss:
Letter Selection:
Answer:
{d,b}={4,3}
Step-by-step explanation:
[1] 11d + 17b = 95
[2] d + b = 7
Graphic Representation of the Equations :
17b + 11d = 95 b + d = 7
Solve by Substitution :
// Solve equation [2] for the variable b
[2] b = -d + 7
// Plug this in for variable b in equation [1]
[1] 11d + 17•(-d +7) = 95
[1] -6d = -24
// Solve equation [1] for the variable d
[1] 6d = 24
[1] d = 4
// By now we know this much :
d = 4
b = -d+7
// Use the d value to solve for b
b = -(4)+7 = 3
Solution :
{d,b} = {4,3}
Answer:
See below.
Step-by-step explanation:
If the exponent is a/b then a is the power and b is the value of the radical.
Example: x^2/3 = ∛x². 2 is the power and 3 is the radical.
Answers:
1) 7^2/3 = ∛7²
5) √3 = 3^1/2
9) (∛27)⁴ = 27^4/3 = 3^4 = 81.