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
sveticcg [70]
3 years ago
12

If the price elasticity of supply is 0.6, and a price increase led to a 3.7 percent increase in quantity supplied, then the pric

e increase is about a. 5.17 percent. b. 2.22 percent. c. 6.17 percent. d. 0.16 percent
Business
1 answer:
omeli [17]3 years ago
7 0

Answer: The price increase is about 6.17 percent.

Explanation:

The price elasticity of supply (PES) is the elasticity of the quantity supplied of a product to its price change. Price elasticity of supply is the ratio of the percentage change in the quantity supplied of a good or service to the percentage change in price.

The Price Elasticity of Supply is positive as a result of the law of supply that states that there's a direct relationship between the quantity supplied and price i.e. a price increase leads to an increase in quantity supplied and vice versa.

To solve the question,

PES = 0.6

% change in quantity supplied = 3.7

% change in price = Unknown

Let percentage change in price be denoted by b.

PES = % change in quantity demanded / % change in price

0.6 = 3.7 / b

Cross multiplying,

b = 3.7 / 0.6

b = 6.17

Recall that b is the percentage change on price.

Therefore, the percentage change in price is 6.17.

You might be interested in
The pursuit of an activity for an outcome that is separate from the person is called
Masteriza [31]
A pursuit of an exercise for an outcome that is separate from the person is called extrinsic motivation.
EM refers to an action that is induced by external rewards such as money, fame, grades, and praise. This type of motivation appears from outside the individual, as aversed to intrinsic motivation.
3 0
3 years ago
5. For the following observations, calculate the class width for a histogram.
Soloha48 [4]

Answer:

See Explanation

Explanation:

Given

The histogram

Required

The class width

The question is poorly formatted, as the histogram cannot be read. So, I will answer your question with the attached histogram

The class width is:

Width = Upper - Lower\ Limits

Using the first class, as reference:

Lower\ Limits = 1

Upper\ Limits = 4

So, the class width is:

Width = 4 -1

Width = 3

6 0
3 years ago
: Jane and Sarah are both investors. Jane has invested thousands of dollars into one small company. Sarah has invested hundreds
Alja [10]

Answer:

Sarah has invested in sole proprietorship while Jane has invested in corporations

Explanation:

Sole proprietorship is owned and run by a single owner who is legally obligated for all business assets and liabilities. Since Sarah has invested thousands of dollars in one company, it looks like she has invested in sole proprietorship in which she is the owner.

Corporation is run by group of people who are not legally obligated for the assets and liabilities of the corporation. People can invest in more than one corporation as they are open for public offer. These investors earn dividends based on the earnings earned by the corporations So, possibly Jane has invested hundreds of dollars in different large companies.

7 0
3 years ago
Karen is buying a new laptop. She is looking for a light-weight computer. The laptop she purchases is a little heavier than she
Ipatiy [6.2K]

Karen is buying a new laptop. She is looking for a light-weight computer. The laptop she purchases is a little heavier than she had originally hoped, but she was willing to accept the extra weight for a computer with a bigger, clearer screen.

Karen made her purchase decision using a compensatory decision rule.

In psychology, compensation is a approach whereby one covers up, consciously or unconsciously, weaknesses, frustrations, goals, or feelings of inadequacy or incompetence in a single life area thru the gratification or (drive toward) excellence in some other area. compensation can cowl up both real or imagined deficiencies and personal or bodily inferiority. fantastic compensations may additionally help one to conquer one's problems. then again, bad compensations do not, which ends up in a strengthened feeling of inferiority.

Learn more about compensatory here

brainly.com/question/4395083

#SPJ4

8 0
2 years ago
What is a good Warzone loadout. Best gets Brainliest. Explain
muminat
M4A1 is the best weapon
4 0
3 years ago
Read 2 more answers
Other questions:
  • Jake owns Delta Dew, a small local California marijuana producer and dispensary. Jake complies with all applicable state laws an
    11·1 answer
  • Which one of these statements about the service portfolio is correct?
    11·1 answer
  • When economists use the term ceteris paribus, they are indicating that
    15·1 answer
  • Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory accou
    8·1 answer
  • What is the main purpose of monetary policies?
    7·2 answers
  • At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: o
    6·1 answer
  • Since content theories suggest that motivation results from individual needs, managers should ____________.
    7·1 answer
  • Some people contend that any ____ worldview will eventually fail because it wrongly assumes we now have or can gain enough knowl
    5·1 answer
  • The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance
    13·1 answer
  • Equipment that cost $54,000 and had $30,000 of accumulated depreciation was disposed of for $27,000 cash. The entry to record th
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!