Answer:
c. percentage change in price and percentage change in quantity demanded.
Explanation:
A price elasticity of demand can be defined as a measure of the responsiveness of the quantity of a product demanded with respect to a change in price of the product, all things being equal.
The price-elasticity of demand coefficient, Ed, is measured in terms of percentage change in price and percentage change in quantity demanded.
The demand for goods is said to be elastic, when the quantity of goods demanded by consumers with respect to change in price is very large. Thus, the more easily a consumer can switch to a substitute product in relation to change in price, the greater the elasticity of demand.
Generally, consumers would like to be buy a product as its price falls or become inexpensive.
For substitute products (goods), the price elasticity of demand is always positive because the demand of a product increases when the price of its close substitute (alternative) increases.
If the price elasticity of demand for a product equals 1, as its price rises the total revenue does not change because the demand is unit elastic.
It expanded the credit industry because all americans credit was effected by the great depression
You do:
132 divided by 22 to calculate the daily wage. The answer is 6. Next you do 15x6 which equals 90. Therefore, the answer is $90
An annual rate of return is the amount of loss or gain made through an investment in a yaear based on the percentage of intial investment.
In this case, since the quarterly divident is $1, in one year it would be:
$1 x 4 = $4
So, the annual rate of return would be $4 / $80 x 100% = 2%
Formula for the Real GDP:
RGDP = Quantity in the current year x Price of the output in the base year
The base year should be the 1st year:
RGDP 1 = $300,000, P 1 = $15,000
Q 1st = $300,000 : $15,000 = 20 cars
In the 2nd year we also have: Q 2nd = 20,produced at $16,000 each.
The Nominal GDP = 20 x $16,000 = $320,000 ( market value )
But the Real GDP = 20 x $15,000 = $300,000.
Answer: The real GDP in the year 2 is $300,000.
