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Cerrena [4.2K]
3 years ago
11

The price elasticity of demand for beef is about 0.60. Other things equal, this means that a 20 percent increase in the price of

beef will cause the quantity of beef demanded to _____.
Business
1 answer:
givi [52]3 years ago
3 0

Answer:

Quantity of beef demanded will decrease by 12%

Explanation:

Data provided in the question:

Price elasticity of demand for beef, Ed = 0.60

Increase in the price of beef = 20%

Now,

Price elasticity of demand for beef,

Ed = [ Percentage change in Quantity ] ÷ [ Percentage change in price  ]

or

0.60 = [ Percentage change in Quantity ] ÷ 20%

or

Percentage change in Quantity = 0.60 × 20%

or

Percentage change in Quantity = 12%

Also,

Price and Quantity are inversely proportional

Hence,

With the increase in price, the quantity will decrease

Therefore,

Quantity of beef demanded will decrease by 12%

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Answer:

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6 0
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why do you think governments want to influence the supply of alcohol and tobacco products by imposing excise taxes?
anastassius [24]
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3 years ago
True or false: it doesn’t matter whether you compute marginal cost using total cost or variable cost.
Elena L [17]
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8 0
3 years ago
If the contribution margin ratio for domino company is 35%, sales were $2,100,000, and fixed costs were $400,000, what was the i
agasfer [191]
Hi there

income from operations=
Sales-(fixed+variable) cost

So we need to variable cost
Variable cost=
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Contribution margin=
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Hope it helps
6 0
3 years ago
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swat32

Answer:

Explanation:

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4 0
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