SCREEN SHOT / MAX POINTS / WILL MARK BRAINLIEST Match the term to the definition. mixed economy The method a country uses to ans
wer the three economic questions market economy The resources are owned and controlled by the people of the country economic system Combines elements of the command and market economies traditional economy Goods and services are produced the way it has always been done capitalism The resources are owned and controlled by the government command economy The private ownership of economic resources by individuals, rather than by the government
1 answer:
You might be interested in
Answer:
The elasticity is about 1.43, and an increase in the price will cause hotels' total revenue to decrease
Explanation:
The formula of the midpoint for the variation of the quantity is and for the price is
. With the variation of the price and the quantity the elasticity formula is ΔQ/ΔP. Replacing the elasticity is -1.43
The price elasticity of the demand is bigger than 1, that means that the demand is elastic, every increase of the price will cause a bigger decrease of the quantity, the revenue will drop because the increase of the price do not compansete the decrease of the quantity.