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mel-nik [20]
3 years ago
9

The owner of a produce store found that when the price of a head of lettuce was raised from 50 cents to $1, the quantity sold pe

r hour fell from 18 to 8. The arc elasticity of demand for lettuce is ________.
Business
1 answer:
yaroslaw [1]3 years ago
8 0

Answer:

-1.15

Explanation:

the arc elasticity of demand is calculated by dividing % change in quantity demanded by % change in price:

midpoint Q = (8 + 18) / 2 = 13

midpoint P = (0.50 + 1) / 2 = 0.75

% change in quantity demanded = (Q2 – Q1) / midpoint Q = (8 – 18) / 13 = -0.77

% change in price = (P2 – P1) / midpoint P = (1 – 0.5) / 0.75 = 0.67

PED = -0.77 / 0.67 = -1.15

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Answer:

Break-even point (dollars)= $9,976.25

Explanation:

Giving the following information:

Fixed costs:

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Break-even point (dollars)= fixed costs/ contribution margin ratio

Break-even point (dollars)=  4,200/ [(9.5 - 5.5)/9.5]

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3 years ago
 Margaret, a vegetarian, is looking for a mushroom with a meaty texture to grill and eat instead of a hamburger. Which of the fo
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4 0
3 years ago
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How much will the peruvian government spend on servicing.
sp2606 [1]

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4,000 m

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2 years ago
Marilyn is age 66, if she receives a $15,000 taxable HSA distribution this year, what tax penalty, if any, will apply?
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Answer:

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The tax penalty is as follows

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