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
cluponka [151]
3 years ago
5

Consider the market for a breakfast cereal. The​ cereal's price is initially ​$3.60 and 64 thousand boxes are demanded per week.

The company that produces the cereal is considering raising the price to ​$4.10. At that​ price, consumers would demand 59 thousand boxes of cereal per week. What is the price elasticity of demandLOADING... between these prices using the midpoint formulaLOADING...​? The price elasticity of demand using the midpoint formula is nothing. ​(Enter your response as a real number rounded to two decimal​ places.)
Business
1 answer:
quester [9]3 years ago
4 0

Answer:

The Price elasticity of demand is -0.63

Explanation:

From the question,

Q1=64

Q2=59

P1=3.60

P2=4.10

%Change in Quantity = Q2-Q1 X 100 / [(Q2+Q1) / 2]

=59-64 X 100 / [(59+64) / 2]

=-5 / [123/2] X 100

=-5/61.5 X 100

=-500/61.5

=-8.13%

%Change in Price= P2-P1 X 100 / [(P2+P1) / 2]

=4.10-3.60 X 100 / [(4.10+3.60) / 2]

=0.50/ [7.7/2] X 100

=0.50/3.85 X 100

=50/3.85

=12.987%

Therefore Price elasticity of demand = -8.13/ 12.99

=-0.625

=-0.63

You might be interested in
Which type of listening takes place when the listener tries to discern the deeper meaning of a speaker’s words?
WARRIOR [948]
Comprehensive Listening, when you look for cues and body language to discover hidden messages.
6 0
3 years ago
A local basketball team has won three championships in a row and is on a winning streak going into the final game. Explain how t
yulyashka [42]

Answer:

Fans might display a hindsight bias in the aftermath of a loss by claiming to have seen signs that the team would lose. Hindsight bias involves the tendency for people to perceive events that has already occurred as having been more predictable than it actually was. The fans may claim that they knew all along that the defeat was coming after such an impressive run of wins.

Some fans would blame to defeat on over confidence, citing that the team was to overconfident in their approach to the game having been a a good winning streak. They may point out that the overconfidence of the team led to them under rating their opponents which led to the defeats.

Lastly, fans might perceive the loss as the necessary outcome of a pattern (or a violation of a pattern) when, in fact, it was down to random events. The fans may claim that sooner or later the defeat would come after having one so many games in a role.

7 0
3 years ago
The three categories of manufacturing costs comprising the cost of work in process are direct labor, direct materials, and: ____
Artist 52 [7]

Answer:

C)) factory overhead

Explanation:

Manufacturing cost can be regarded as the sum of all the costs resources that is been consumed during the process of making a product. manufacturing cost can be classified as;

✓direct materials cost

✓ manufacturing overhead.

✓direct labor cost

It can be regarded as factor in total delivery cost. Direct Material Cost can be regarded as total cost that is incurred in purchasing of raw material and cost of other components such as packaging, as well as freight and storage costs by the company

It should be noted that The three categories of manufacturing costs comprising the cost of work in process are direct labor, direct materials, and factory overhead.

3 0
3 years ago
MacKenzie Company sold $680 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% serv
Nostrana [21]

Answer:

Total Sales value = $680

Service charge percentage = 4%

Credit card expenses = Total Sales Value * Service Charge percentage = $680 * 4% = $27.20

Net amount received from credit card company = Total sales value - Credit card expenses = $680 - $27.20 = $652.80

The Journal entry to record sale transaction would be will be as follows:

Date    Particulars                       Debit       Credit

           Cash or Bank                 $652.80

           Credit card expenses    $27.20  

                      Sales                                       $680

            (Being sales made through card)

3 0
3 years ago
Type of e-commerce busniss​
SIZIF [17.4K]

Answer:

types of e commerce buissness are

.

1) buissness to buissness (B2B)

2) buissness to consumer (B2C)

3) consumer to consumer (C2C)

4) consumer to buissness (B2C)

5) buissness to administration (B2A)

6) consumer to administration (C2A)

Explanation:

hope it helps❤️

4 0
4 years ago
Read 2 more answers
Other questions:
  • As soldiers returned from Afghanistan, International Enterprises hired several qualified soldiers with hearing impairment to wor
    5·1 answer
  • Suppose a 4 percent increase in price results in a 2 percent increase in the quantity supplied of a good. Calculate the price el
    13·1 answer
  • To stay ahead of the​ competition, organizations have turned to​ _____________, using information systems to gather and analyze
    15·1 answer
  • The expenditure multiplier leads to greater than one-for-one changes in output when autonomous expenditure changes because______
    8·2 answers
  • Dear Mr. Sanchez:
    8·1 answer
  • You are in the business of making kombucha tea. Your variable costs to produce each bottle is $1. Your fixed costs are $100,000/
    5·1 answer
  • Net primary productivity is ________.
    14·2 answers
  • Help i need help know plzzzzzzz
    13·1 answer
  • Explain Jodi's self esteem throughout Tall Girl? Movie
    9·2 answers
  • HELP ASAP I NEED TO TURN IT IN RN (Econ) idk if the answer is A I accidentally clicked it
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!