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
finlep [7]
3 years ago
13

Suppose the price of apples falls from $30 to #20, and the number of apples sold increases from 70 to 80. What is (the absolute

value of) the price elasticity of demand? Is the demand for apples inelastic or elastic?a. .43, elasticb. .14, inelasticc. .14, elasticd. .43, inelastic
Business
2 answers:
Alexus [3.1K]3 years ago
8 0

Answer:

d. 0.43, inelastic

Explanation:

The price elasticity of demand measures how the quantity demanded of a good or service responds to change in price of that good or service.

The formula is:

PED= % change in quantity demanded/ % change in price

For this problem:

%Change in quantity demanded= (q2-q1/q1) = (80-70)/70= 1/7

%Change in price = ( p2-p1/p1)= (20-30)/30= -1/3

PED= (1/7)/(-1/3)= -3/7 in absolute value = 3/7= 0.428=0.43

If the PED is less than 1 then it is considered as inelastic.

TiliK225 [7]3 years ago
4 0

Answer:

The correct answer is option d.

Explanation:

The price elasticity of demand for apples will be

= \frac{change\ in\ quantity\ demanded}{change\ in\ price}

= \frac{\frac{Q2-Q1}{Q1} }{\frac{P2-P1}{P1} }

= \frac{\frac{80-70}{70} }{\frac{20-30}{30} }

= \frac{\frac{10}{70} }{\frac{-10}{30} }

= -0.43

The elasticity of demand is less than 1, this indicates that the demand is inelastic.

You might be interested in
Managers who must be familiar with the equal employment opportunity commission regulations are ____ managers.
11Alexandr11 [23.1K]
I am pretty sure it's B human resources
4 0
4 years ago
When a firm goes bankrupt, shareholders ______. Multiple choice question. can sue for loses cannot recover their risk capital ar
TEA [102]

In a case whereby a firm goes bankrupt, shareholders cannot recover their risk capital.

This is because they have loose alot in the investment.

<h3>What is Bankruptcy?</h3>

Bankruptcy  can be explained as legal process in which an organization that cannot repay debts to creditors may seek relief debts.

Learn more about Bankruptcy at;

brainly.com/question/21283135

4 0
2 years ago
Microeconomics Which of the following statements is true? a. Students majoring in economics earned more than students majoring i
Kaylis [27]

Answer:  c. The median pay of economics majors increased more in dollar terms than any other majors in 2015.

Explanation:

According to research by several job websites, Economics majors saw their wages increase more than other majors in terms of dollar terms in 2015.

This has been attributed to the Economics field needing more specialization as most entry level economics jobs require at least a masters in the field. While there does not seem to be any reason for this, it is theorized that the need for Economists has been on the rise as economies become more uncertain.

3 0
3 years ago
Alternative price indexes
cluponka [151]

Answer:

-value of all goods and services produced in the economy this year

-this year's prices

-value of all goods and services produced in the economy this year

-the base year's prices

-bought by consumers

-the first scenario would have effect on the GDP deflator

-the second scenario would have effect on the GDP deflator

Explanation:

The GDP deflator is used in measuring inflation in the economy by measuring changes in prices of goods in the economy. It is used together with other indices such as consumer price index in arriving at a more accurate or balanced measurement of inflation I'm the economy. The GDP deflator would be affected above because it is more comprehensive in it's calculation or measurement as it doesn't take into account only a basket of goods and services like the Consumer price index does

6 0
3 years ago
Damian works at ulta. A customer approaches him and mentions they saw an advertisement for a new eyeshadow palette that just cam
Marina CMI [18]

Damian is a sales person at Ulta store. He guides his customer about the eyeshodow palette and help make him decision.

This is an example of Personal Selling.

<h3>Personal Selling:</h3>

It is a technique in which a store has various salesperson who guides their customers by using their interpersonal skills. It is a face to face selling technique.

In this scenario Damian helps his customer to make a buy decision about an eye shadow palette. He guides his customer and tries to satisfy him with his marketing skills.

The correct answer is Personal Selling

Learn more Business at brainly.com/question/984979

6 0
3 years ago
Other questions:
  • The vice president of HR, director of talent acquisition, director of talent development, and director of compensation and benef
    8·1 answer
  • Select the sentence that is completely correct. Most American cars are delivered fob Detroit; however, imports are not. Most Ame
    13·1 answer
  • Buying several different investment alternatives to spread the risk helps an investor
    9·1 answer
  • Wildhorse Co. began the year 2022 with retained earnings of $651000. During the year, the company sold additional shares of stoc
    9·1 answer
  • Examples of humans depicted with the features of lions, bison, stags, or even plants suggests A. The existence of a religious li
    12·1 answer
  • Consider a two-period model of a small open economy with a single good each period. Let preferences of the representative househ
    11·1 answer
  • Are consumers only interested in making themselves as well off as possible in a material​ sense? consumers are
    14·1 answer
  • The operations of Winston Corporation are divided into the Blink Division and the Blur Division. Projections for the next year a
    15·1 answer
  • Explain how operation management differs in manufacturing and service firms.
    9·1 answer
  • What is most likely the low-earnings period for which the sale of financial assets be most useful?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!