Answer:
1
Unitary elastic
Elasticity of demand is unitary elastic because the absolute value of elasticity is equal to 1.
Explanation:
Elasticity of demand measures the responsiveness of quantity demanded to changes in price.
Elasticity of demand = percentage change in quantity demanded / percentage change in price
Percentage change in quantity demanded = (25 - 15) / 25 = 0.4 × 100 = 40%
Percentage change in price = ($5 - $7) / $5 = 0.4 × 100 = 40%
Elasticity of demand = 40% / 40% = 1
If coefficient of elasticity is equal to 1, demand is unit elastic. It means that a change in price has an equal efect on the quantity demanded. Quantity demanded has an equal and proportional change to changes in price.
I hope my answer helps you
Answer:
Final Value= $120
Explanation:
Giving the following information:
How much is $100 to be received in exactly one year worth to you today if the interest rate is 20%.
We need to calculate the future value of the principal and the compounded interest:
FV= PV*(1+i)^n
FV= 100*1.20^1= $120
Free enterprise is when people enjoy many economic freedoms. Having this in mind, the situation that best reflects the concept of free enterprise is the first choice - consumers have a choice between two bakeries in a single city block.
Answer:
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