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qaws [65]
3 years ago
8

A steel mill raises the price of steel by 7% which results in a 20% reduction in the quantity of steel demanded. The demand curv

e facing the firm is ?
Business
1 answer:
Nana76 [90]3 years ago
8 0

Answer:

Elastic demand

Explanation:

The price elasticity of demand is described as the sensitivity of demand to changes in its price. A product is price elastic when a small change in prices causes a significant change in quantity demanded. If a small change in price results in minimal impact in quantity demanded, the product is price inelastic.

Steel mill raised its prices by 7 percent. As a result, the demand declined by 20 percent. The demand decreased by a bigger rate than the change in price. It means a small change in price causes the demand to change significantly. Therefore, the demand curve is price elastic.

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The biggest factor in determining the price of a mortgage is:
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A change in the dollar value of the British pound from​ $1.60 to​ $1.50 represents A. an increase in the pound price of British
hram777 [196]

Answer:

Option (B) is correct.

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1 pound = $1.60

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So, there is a depreciation in the value of pound relative to the dollar and appreciation in the value of dollar relative to the pound.

Now, suppose a resident of united states purchase some quantity of goods(say, 20 shirts) from the seller in United kingdom.

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Hence,

Before the change in exchange rate, then the buyer have to pay in dollars:

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= 20 × 3.2

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After the change in exchange rate, then the buyer have to pay in dollars:

= 20 × (2 × $1.50)

= 20 × 3

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Hence, the amount paid by the resident of united states reduced because of the fall in exchange rate. Now, they have to pay less for the same amount of commodities. This shows that there is an appreciation in the currency of US relative to UK.

4 0
3 years ago
Cheque issued for advertisement of rs 8000 journal entry​
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Answer:it is nice produre

Explanation:

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Peter offers his manager some suggestions for a new holiday display. His manager shrugs his shoulders and tells Peter that the d
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Answer:

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Explanation:

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