Answer:
x = 3/4
Step-by-step explanation:
Step 1: Write equation
5x - 2(x + 1) = 1/4
Step 2: Solve for <em>x</em>
- <u>Distribute -2:</u> 5x - 2x - 2 = 1/4
- <u>Combine like terms:</u> 3x - 2 = 1/4
- <u>Add 2 to both sides:</u> 3x = 9/4
- <u>Divide both sides by 3:</u> x = 3/4
Step 3: Check
<em>Plug in x to verify it's a solution.</em>
5(3/4) - 2(3/4 + 1) = 1/4
15/4 - 2(7/4) = 1/4
15/4 - 14/4 = 1/4
1/4 = 1/4
It should be noted that a good that has a high demand elasticity for an economic variable implies that consumer demand for that good is more responsive to changes in the variable.
<h3>How to explain the demand?</h3>
It should be noted that an elastic demand is one werr the change in quantity demanded due to a change in price is large.
Also, an inelastic demand is one in which the change in quantity demanded due to a change in price is small. When the formula creates an absolute value greater than 1, the demand is elastic.
Here, a good that has a high demand elasticity for an economic variable implies that consumer demand for that good is more responsive to changes in the variable.
Learn more about demand on:
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You only need a common denominator for adding and subtracting! <span />
-1 , 1 ..........................................................
