Solve the equation e + 5=14 e=
2 answers:
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Answer:
Correct option: (A) 43.48% fall in the price of a ticket.
Step-by-step explanation:
The price elasticity of demand is defined as the percent change in quantity demanded to the percent change in the price.
Given:
Price elasticity of demand = 0.23
% change in quantity demanded = 10
Compute the % change in price as follows:
Thus, a 10 percent increase in attendance can be explained by a 43.48% fall in the price of a ticket.
<h3>16 lollipops and 9 bags of chips are sold</h3>
<em><u>Solution:</u></em>
Let "x" be the number of lollipops sold
Let "y" be the number of bags of chips sold
Cost of 1 lollipop = $ 1.50
Cost of 1 bag of chip = $ 1.75
<em><u>Yesterday Lucy made $39.75 from selling a total of 25 lollipops and bags of chips</u></em>
Therefore,
x + y = 25
y = 25 - x -------- eqn 1
<em><u>Yesterday Lucy made $39.75</u></em>
Therefore,
number of lollipops sold x Cost of 1 lollipop + number of bags of chips sold x Cost of 1 bag of chip = 39.75
1.5x + 1.75y = 39.75 -------- eqn 2
<em><u>Substitute eqn 1 in eqn 2</u></em>
1.5x + 1.75(25 - x) = 39.75
1.5x + 43.75 - 1.75x = 39.75
0.25x = 4
<h3>x = 16</h3><em><u>Substitute x = 16 in eqn 1</u></em>
y = 25 - 16
<h3>y = 9</h3>Thus 16 lollipops and 9 bags of chips are sold