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nignag [31]
3 years ago
14

"Suppose that in some country the price of silver increased from $30 per ounce to $31 per ounce during a time when the overall p

rice level increased by 5 percent. During this period, the real price of silver"
a. increased.b. decreased.c. stayed the same.d. might have increased, decreased or stayed the same
Business
1 answer:
harina [27]3 years ago
8 0

Answer: Option (B) is correct.

Explanation:

Given that,

Price of silver increased from $30 per ounce to $31 per ounce.

At that time, overall price level increased by 5%

Therefore,

Change in price of silver = $31 - $30

                                         = $1 per ounce

Percentage change in price of silver = \frac{31 - 30}{30} \times 100

                                                             = 3.33%

Overall price level increases by 5% but the price of silver increases by 3.33%, which is less than 5%.

Hence, real price of silver decreases.

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If the demand for product x is inelastic, a 15 percent decrease in the price of x will: Reduce by more than 15 percent the amount of X that is being requested. Reduce by less than 15 percent the amount of X that is being requested.

This is further explained below.

<h3>What is the inelastic market?</h3>

Generally, An economic concept known as inelastic refers to an item or service's static quantity when its price varies. When a product's price increases or decreases, customers' purchasing patterns are said to be inelastic, which indicates that neither change affects the other.

In conclusion,If there is no elasticity in the demand for product x, then a price reduction of 15% for product x will have the following effects: The quantity of X that is being requested should be decreased by more than 15 percent. The quantity of X that is being sought should be decreased by more than 10 but less than 15 percent.

Read more about the inelastic market

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5 0
1 year ago
Please determine which economic feature is described by the statements below. A __________ occurs as the result of a significant
Dafna11 [192]

Answer: Recession; Depression; Peak ; Trough

Explanation:

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An important basic characteristic of common stocks that makes them a suitable type of investment for the separate account of var
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Complete Question:

An important basic characteristic of common stocks that makes them a suitable type of investment for the separate account of variable annuities is:

Group of answer choices

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