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padilas [110]
2 years ago
6

A local paintball business receives total revenue of $10,000 per month when it charges $12 per person, and $15,000 in total reve

nue when it charges $8 per person. Over that range of prices, the business faces elastic, unitary, or inelastic demand?
Business
1 answer:
bija089 [108]2 years ago
6 0

Answer:

Elastic

Explanation:

For determining whether the business faces elastic, unitary, or inelastic demand, first we have to find out the change in price and change in quantity percentage which is shown below:

Quantity would be = $10,000 ÷ $12 = 833

                               = $15,000 ÷ $8 = 1,875

Now change in quantity would be

= ($1,875 - $833) ÷ ($833) × 100

= 125%

And the change in price would be  

= ($8 - $12) ÷ ($12) × 100

= -33.33%

As we can see that price is decreased by 33.33% which increases the revenue by 125% reflect the high change so the demand is elastic. If the change in price impacts the demand by less change then the demand is inelastic.  

And, if the price and demand are equal with respect to change then it would be unit elastic

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Answer: Supply Management

Explanation:

Supply management is referred to as or known as the task of acquiring, identifying, and also managing suppliers and resources that tends to be  essential for operations of the organization.  It is also referred to as procurement, i.e. supply management tends to include purchase of commodities such as physical goods, services, information, and several other resources that might enable an organization to continue growing and operating .

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2 years ago
According to Adam​ Smith, which of the following is necessary for the proper functioning of the market​ system?
nlexa [21]

Answer:

The correct answer is the option C: For markets to work, people must be free to pursue their self-interest.

Explanation:

To begin with, Adam Smith was a Scottish economist, philosopher and author known as ''The Father os Economics'' and whose works established the basics of today's economics.

To continue, in Smith's most known classic work, ''An Inquiry into the Nature and Causes of the Wealth of Nations'', he established the concept called the <u><em>''invisible hand''</em></u><u> </u>that states that <u><em>in order to the economy to work properly, the people must be free to pursue their self-interest products without no restrictions from the government</em></u>.

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3 years ago
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slava [35]

Answer:

Losses for the producers of Waterworld, if they finished the movie would be <u>$50 million</u>. If they did not finish the movie, losses would be <u>$130 million.</u>

Explanation:

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3 years ago
Most real-world choices aren't about getting all of one thing or another, instead, most choices involve _________________, which
34kurt

Answer:

marginal analysis

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it is believed that the rational man makes marginal analysis.

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If marginal utility falls below price, consumption should stop.

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Answer:

TRUE .

the answer is true

Explanation:

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3 years ago
Read 2 more answers
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