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<u>Given:</u>
Elasticity of Demand = 2
Decrease in price = 1%
<u>To find:</u>
Change in quantity demanded
<u>Solution:</u>
The percentage change in quantity demanded is the mathematical product of the percentage change in price and elasticity of demand. This can be mathematically represented as,
Since, there is a decrease in price, the demand for the product will increase. Therefore, we can conclude that there will be 2% increase in quantity demanded
Answer:
How should she compute her required annual investment?
$ 36.987
Explanation:
With the present value formula we can calculate how she has to invest today to get $45,000 at the end of the 5 years, with a compounded rate of 4%.
Principal Present Value = F / (1 + r)^t
In this case we have the future value and we need to find the present value that we have to invest to get the money expected.
Principal Present Value = 45,000 / (1 + 4%)^5 = $36,987
If we invest today $36,987, with a compounded interest rate of 4% we get at the end of the period, 5 years, the total sum of $45,000.
Answer:
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