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Sphinxa [80]
3 years ago
8

Label demand as elastic, unit elastic, or inelastic for each scenario. Use the midpoint method when applicable to calculate the

price elasticity of demand. Contain Yourself!, a plastic container company, raises the price of its signature Lunchbox container from $3.00 to $4.00 . As a result, the quantity sold drops from 20,000 to 15,000. Economists working for the United States have determined that the elasticity of demand for gasoline is 0.5 . Capital Metro decides to increase bus fare rates from $2.00 to $2.21 . Consequently, the number of passengers who decide to take the bus in Austin drops from an average of 70,000 riders a day to an average of 61,000 riders a day.
Business
1 answer:
oksian1 [2.3K]3 years ago
7 0

Answer:

  1. Contain Yourself!, a plastic container company, raises the price of its signature Lunchbox container from $3.00 to $4.00 . As a result, the quantity sold drops from 20,000 to 15,000 = unit elastic
  2. Economists working for the United States have determined that the elasticity of demand for gasoline is 0.5 = inelastic
  3. Capital Metro decides to increase bus fare rates from $2.00 to $2.21 . Consequently, the number of passengers who decide to take the bus in Austin drops from an average of 70,000 riders a day to an average of 61,000 riders a day = elastic

Explanation:

  1. The demand for unit elasticity is an intermediate situation between an elastic and an inelastic demand curve, in which the price elasticity is equal to one, which means that given variations in the price, the total income does not change (price per quantity). Eslasticity=1
  2. Demand is inelastic when the percentage variation of the quantity demanded is less than the percentage variation of the price. Elasticity less than 1
  3. Elastic demand is when a small variation in the price causes a more than proportional change in the quantity demanded. Elasticity more than 1

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Answer:

(E)

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Cupid Co. manufactures dog toys. One of its most popular products, Bacon Ben, has the following costs to produce 1,000 units: $9
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Answer:

3,520= direct labor

Explanation:

Giving the following information:

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8 0
3 years ago
Suppose that over the last twenty-five years a country's nominal GDP grew to three times its former size. In the meantime, popul
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Answer:

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An increased in the nominal GDP 3 times its formal will lead to a proportionate increase in the GDP per person statistics. But I was a noted that there was a 100% increase in population, meaning that population doubled. This indicates that the GDP per person increased but it less than double because of the population doubling in that period of time.

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Kristen Lu purchased a used automobile for $10,100 at the beginning of last year and incurred the following operating costs: Dep
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Answer:

Instructions are listed below

Explanation:

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2) The only relevant cost is the variable operating cost per mile. The other costs will exist whether she uses the car or not.

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C

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