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Katena32 [7]
3 years ago
5

Suppose that a 2% increase in price results in a 6% decrease in quantity demanded. Own-price elasticity of demand is equal to​

SAT
1 answer:
kodGreya [7K]3 years ago
8 0

Answer:

The correct answer to the following question will be "3".

Explanation:

The given values are:

Percentage demand,

= 6% i.e., .06

Percentage change in the price,

= 2% i.e., .02

Now,

Own-price elasticity of demand will be:

=  \frac{Percentage \ demand}{Percentage \ change \ in \ price}

On substituting the estimated values, we get

=  \frac{.06}{.02}

=  3

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<h3>How to calculate the probability?</h3>

In this exercise, you're required to determine the probability that students who were randomly selected studied for the test, if they pass it with a B or higher grade. Thus, we would apply Bayes's theorem.

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Therefore, we need to find P(S|B):

S|B = \frac{B|S \times S}{B|S \times S\; +\; B|S' \times S'} \\\\S|B = \frac{0.55 \times 0.6}{0.55 \times 0.6 \;+ \;0.2 \times 0.4}\\\\S|B =\frac{0.33}{0.33 + 0.08} \\\\S|B =\frac{0.33}{0.41}

S|B = 0.80.

Read more on probability here: brainly.com/question/25870256

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