1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Paha777 [63]
3 years ago
11

Suppose the price of a ticket to a Lenny Kravitz concert is $41 and at that price, the quantity of tickets demanded is 17,000 pe

r concert. Using the midpoint method of calculating percentage changes, if Mr. Kravitz raises the price to $48 and the quantity demanded decreases to 16,000, the price elasticity of demand for his concert tickets is:_______.
A. 1.00.

B. 15.73.

C. 0.93.

D. 6.06.

E. 0.39.
Business
2 answers:
tamaranim1 [39]3 years ago
8 0

Answer: 0.39

Explanation:

Deffense [45]3 years ago
4 0

Answer:

E) 0.39

Explanation:

the price elasticity of demand measures how much will a 1% change in price affect the quantity demanded.

  • if a 1% change in price changes the quantity demanded in a higher proportion, then the PED > 1, so the demand is elastic.
  • if a 1% change in price changes the quantity demanded in a lower proportion, then the PED < 1, so the demand is inelastic.
  • if a 1% change in price changes the quantity demanded in the same proportion, then the PED = 1, so the demand is unit elastic.

PED using the midpoint method = {(Q2 - Q1) / [(Q2 + Q1) / 2]} / {(P2 - P1) / [(P2 + P1) / 2]}

PED = {(16,000 - 17,000) / [(16,000 + 17,000) / 2]} / {(48 - 41) / [(48 + 41) / 2]} = {-1,000 / 16,500} / {7 / 44.5 } = -0.0606 / 0.1573 = -0.385 ≈ 0.39 inelastic

*PED is always negative, but we use the absolute value for practical terms, e.g. a price decrease will increase the quantity demanded.

You might be interested in
To be competitive firms must create and sustain core competencies that are in tune with their customer’s order winners (T/F)
Jobisdone [24]

Answer:

The statement is: True.

Explanation:

Order winners are those products that customers recognize of having the minimum requirements so they can consider to purchase them and that are better than their competitors eventually making consumers buy them. Thus, firms must keep core competencies aligned to the customers' order winners.

8 0
3 years ago
Give me suggestions on how to enhance labor market processes
Ymorist [56]

<em>The</em><em> </em><em>labor</em><em> </em><em>market</em><em> </em><em>works</em><em> </em><em>much</em><em> </em><em>like</em><em> </em><em>other </em><em>markets</em><em> </em><em>.</em><em> </em><em>There</em><em> </em><em>are</em><em> </em><em>buyers</em><em> </em><em>and</em><em> </em><em>sellers</em><em> </em><em>and</em><em> </em><em>they</em><em> </em><em>interact </em><em>to</em><em> </em><em>determine</em><em> </em><em>a</em><em> </em><em>price</em><em> </em><em>.</em><em> </em><em>In</em><em> </em><em>the</em><em> </em><em>labor</em><em> </em><em>market </em><em>,</em><em> </em><em>firm's demand </em><em>labor</em><em> </em><em>and </em><em>individuals</em><em> </em><em>such</em><em> </em><em>as</em><em> </em><em>you</em><em> </em><em>and</em><em> </em><em>I </em><em>supply </em><em>that</em><em> </em><em>labor</em><em> </em><em>.</em><em> </em><em>Employers</em><em> </em><em>demand</em><em> </em><em>labor</em><em> </em><em>because</em><em> </em><em>workers</em><em> </em><em>are</em><em> </em><em>an</em><em> </em><em>important</em><em> </em><em>part</em><em> </em><em>of</em><em> </em><em>the</em><em> </em><em>production</em><em> </em><em>process</em><em>.</em><em>.</em><em>.</em><em>.</em>

<em><u>Hope</u></em><em><u> </u></em><em><u>it</u></em><em><u> </u></em><em><u>will</u></em><em><u> </u></em><em><u>helps</u></em><em><u> </u></em><em><u>you</u></em><em><u>.</u></em><em><u>.</u></em><em><u>.</u></em><em><u>.</u></em><em><u>.</u></em><em><u>.</u></em><em><u>.</u></em><em><u>.</u></em><em><u>.</u></em><em><u>.</u></em><em><u>.</u></em><em><u>.</u></em>

3 0
2 years ago
Anyone wanna play warzone :)
Alexxandr [17]

Answer:

i will destroy you

Explanation:

i am the goat at that game and 2K 20

7 0
3 years ago
Read 2 more answers
A merchandising company's sales budget indicates the following sales: January: $25,000; February: $30,000; March: $35,000. Sales
Svetradugi [14.3K]

Answer:

The total selling expenses for the quarter will be $25,800

Explanation:

The computation of the total selling expenses for the quarter is shown below:

= Salaries + commission + Advertising

where,

Salaries = Expected salaries × number of months in one quarter

             = $5,000 × $3

             = $15,000

Commission = (January sales +  February Sales + March Sales) × Commission percentage

= ($25,000 + $30,000 + $35,000) × 10%

= $9,000

And, the adverting equal to

= Expected advertising expenses × number of months in one quarter

= $600 × 3 months

= $1,800

Now put these values to the above formula

So, the value would be equal to

= $15,000 + $9,000 + $1,800

= $25,800

3 0
3 years ago
What were the origins of the Asian currency crisis?
valina [46]

Answer:

East and South east Asia

Explanation:

The crisis that later blew up to become a financial crisis over the year started from the east and south east Asia countries of Thailand , Indonesia and South korea in 1997 before spreading to other counties  leading to a fall  in value of the currencies ,and fall in stock market and assets prices as the exchange rate continued to nosedive.

It was sparked up by the inappropriate borrowing by the private sector in the previous years

8 0
3 years ago
Other questions:
  • Naylor Company had $154,200 of net income in 2016 when the selling price per unit was $155, the variable costs per unit were $95
    14·2 answers
  • A soft-drink machine is regulated so that it dischargesan average of 200 milliliters per cup. If theamount of drink is normally
    6·1 answer
  • A firm has a debt-to-equity of 0.69 and a market-to-book ratio of 3.0. What is the ratio of the book value of debt to the market
    7·1 answer
  • According to the dynamic​ ad-as model, what is the most common cause of​ inflation?
    13·1 answer
  • Austin, Texas has passed a local ordinance that provides all motor vehicles must provide at least three feet of clearance when p
    7·1 answer
  • Which determines carrying capacity?<br> What is the best skate brand out there
    5·1 answer
  • One of the disadvantages of the Six Sigma approach compared to the Kaizen approach is that: Select one: a. the lack of ownership
    5·1 answer
  • Allocating resources including people, equipment and money to carry out the company’s plans is the _________function of manageme
    5·1 answer
  • During the current month, Wacholz Company incurs the following manufacturing costs. Purchased raw materials of $18,000 on accoun
    15·1 answer
  • A property currently valued at $450,000 is expected to appreciate 8ach year for the next 3 years. what will be its appreciated v
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!