1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Agata [3.3K]
3 years ago
12

Suppose the quantity demanded of a particular good increases by 30%, and (the absolute value of) the price elasticity of demand

of this good is known to be 2. How must the price have changed?a. it increased by 15%b. it decreased by 66%c. it decreased by 15%d. it increased by 66%
Business
1 answer:
viktelen [127]3 years ago
8 0

Answer: Option (c) is correct.

Explanation:

Given that,

Quantity demanded increases by = 30%

Price elasticity of demand = 2

Therefore,

Price elasticity of demand = \frac{Percentage\ change\ in\ quantity\ demanded}{Percentage\ change\ in\ prices}

2 = \frac{30}{Percentage\ change\ in\ prices}

Percentage change in prices = \frac{30}{2}

                                                = 15%

Therefore, price of a particular good decreases by 15%.

You might be interested in
What are the four types of costs that a business must consider in making business decisions
klio [65]

Fixed and Variable

Direct and Indirect  

Product and Period

7 0
3 years ago
Lois, a single taxpayer, contributed $1,200 to her traditional IRA in 2019. If she received a $240 saver’s credit and was not an
-Dominant- [34]

Answer:

$960

Explanation:

Given the information from the question. We need to calculate the contribution can she deduct Since Lois paid $1200 to customary IRA and she received a $240 savers credit. Thus, she will get derivation commitment less savers credit .as a result to get contribution can she deduct is $1200-$240= $960. Therefore, the correct answer is $960.

6 0
4 years ago
Good managers demonstrate commitment to ethical business practices with
Likurg_2 [28]
Good managers demonstrate commitment to ethical business practices with great leadership, authority, and responsibility.  
7 0
3 years ago
n 2010, Tara used $50,000 from funds she had invested in certificates of deposit as a down payment to buy a house. What function
yuradex [85]

Answer:

Medium of Exchange

Explanation:

A certificate of deposit represents a legal document issued by a commercial or economic institution such as a bank as evidence of a sum of money deposited by the individual for a particular period and with a specified rate of interest.

A Medium of Exchange, on the other hand, represents an intermediary system or instrument that can be used to make sales, purchases and facilitate the trade of goods or services between various parties. To qualify as a medium of exchange, the instrument should have a standard face value and must be acceptable to all parties.

Since Tara was able to put down $50,000 as represented on the Certificates of deposit, it becomes a medium of exchange, because it has a standard face value (as determined by the bank) and it is acceptable both by Tara and the estate from which Tara is purchasing the house.

3 0
4 years ago
A self-portrait of a celebrated photographer sold at a Christie's auction for about $4 million dollars. According to Christie's,
aleksandr82 [10.1K]

Answer:

The correct answer is letter "B": specialty goods.

Explanation:

Specialty goods are those for which buyers can make a special offer to acquire them based on special features the good has and brand recognition that makes it unique. <em>Luxury cars, cultural ornaments, </em>and <em>high-fashion clothing</em> are examples of specialty goods.

4 0
4 years ago
Other questions:
  • Given the following information, determine the amount of Cash on the balance sheet (assume there are only three assets). Liabili
    15·1 answer
  • A justification defense strategy is sometimes difficult to carry out because it:
    5·1 answer
  • Which allows you to temporarily use money that belongs to someone else?
    10·2 answers
  • A flexible budget:a) Is designed to be adjusted at frequent intervals for changes in the general price level. b) Consists of est
    12·1 answer
  • Bike Atlanta currently produces 1,000 axles per month. The following per unit data apply for sales to regular customers: Direct
    12·1 answer
  • What do you mean by ECONOMIC ​
    14·1 answer
  • Assume that a 4 percent decrease in income results in a 6 percent increase in the quantity demanded of a good. The income elasti
    5·1 answer
  • After being influenced by frequent advertisements, Jeremy buys a new cell phone. However, he discovers that the new cell phone d
    11·2 answers
  • The use of government taxes and spending to alter macroeconomic outcomes is known as?
    5·1 answer
  • refer to the collegecost dataset. in this question, we explore some of the factors predicting costs at american universities. le
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!