Answer:
0.18
Step-by-step explanation:
Given that:
P₁ = $10, P₂ = $20
From the tables Q₁ = 900, Q₂ = 800
Using midpoint method:
Percentage change in quantity = 
Percentage change in price =

Price of elastic demand = Percentage change in quantity/ Percentage change in price = -11.76% / 66.67% = 0.18
The Price of elastic demand is positive because we took the absolute value and elasticity are always positive
Therefore since Price of elastic demand < 1, the demand is inelastic in this interval.
This means that, along the demand curve between $10 to $20, if the price changes by 1%, the quantity demanded will change by 0.18%. A change in the price will result in a smaller percentage change in the quantity demanded. For example, a 10% increase in the price will result in only a 1.8% decrease in quantity demanded and a 10% decrease in the price will result in only a 1.8% increase in the quantity demanded
Answer:
(-4,1)
Step-by-step explanation:
The answer is just where the two lines intersect
I'm rather tired so double check me on this but I'm getting about (-4,1) and it's asking for an approximation so think (-4,1) is fine
Answer: The answer is (B)
Step-by-step explanation:
It just took the unit test
Hey refer to attachment!!!
Draw straight line from 220 (in thousands ) to the plotted line. Draw line parallel to x-axis from point where it touches the plotted line to the y -axis.
It'll automatically meet at 500 which is the answer..
All you need to do is to see the graph carefully.
Hope it helps *_*
B I really believe you just got to read it carefully