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Kipish [7]
3 years ago
12

Which statement is the best definition of the price elasticity of demand?The ratio of the percent change in demand to the percen

t change in income.The ratio of the percent change in price to the percent change in quantity demanded.The absolute value of the slope of the demand curve.The ratio of the percent change in quantity demanded to the percent change in price.
Business
2 answers:
Yakvenalex [24]3 years ago
8 0

Answer:

The correct answer is letter "D": The ratio of the percent change in quantity demanded to the percent change in price.

Explanation:

Price Elasticity of Demand is a measure of the response of one factor to a change in another variable. It can explain the degree to which supply and demand change with the price of goods or consumer income for a good or service. <em>We calculate elasticity by dividing the change in quantity demanded with the change in price</em>. A result <em>greater than or equal to 1 means a good or service is elastic</em>; <em>less than 1 means an inelastic</em> good or service.

Vikki [24]3 years ago
7 0

Answer:

The ratio of the percent change in quantity demanded to the percent change in price.

Explanation:

Price elasticity of demand measures how responsive quantity demand is to changes in price.

The formula is given by

Price elasticity of demand= Percetage change in demand/ Percentage change in price

Usually the price elasticity bis negative. Goods that don't obey the law of demand have positive elasticity.

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Irina18 [472]

Answer:

WILL YOU PAY ME IF I TELL YOU THE ANSWER

Explanation:

5 0
2 years ago
For normal goods, the demand curve is: A. upward sloping only if the income effect is larger than the substitution effect. B. al
Kruka [31]

Answer:

B) always downward sloping.

Explanation:

The demand curve for normal goods is always downward sloping because of a combination of three factors:

  1. the purchasing power of the customers decrease and if the price of a product increases, consumers will be able to buy less even if they don't want to
  2. consumer surplus decreases since the difference between how much a consumer is wiling to pay for the good and its actual price decreases or even becomes negative, so they will not be willing to purchase it
  3. as the price of normal goods increases, consumers will tend to increase the quantity demanded for substitute products

6 0
3 years ago
if average demand for invenrory item is 200 units per day lead time is three days and safety stock is 1-- units the reorder poin
Ronch [10]

please do you mean 1 unit for safety stock or 100 units, will solve for both

Answer:when safety stock =1, Reorder point= 601 units

when safety stock =100,  Reorder point= 700 units

Explanation:

Reorder Point (ROP), also called  reorder level, is the point  of inventoryset by a busness  in which it replenishes its stock of items.

given:

Average demand= 200

lead time = 3

when safety stock =1

Reorder point= (Average demand X Delivery lead time ) + Safety stock

                = (200 x 3 ) +1 = 601 units

when safety stock = 100

   Reorder point= (Average demand X Delivery lead time ) + Safety stock

                = (200 x 3 ) +100 = 700 units              

6 0
2 years ago
An investment counselor calls with a hot stock tip. he believes that if the economy remains​ strong, the investment will result
vlabodo [156]

Expected profit is the probability of receiving a profit multiplied by the profit

So

Strong 50,000 * .30 = 15,000

Moderate = 10,000 * .60 = 6,000

Recession = -50,000 * .10= -5,000

Add those up, and you should expect a profit of around 16,000

6 0
3 years ago
Read 2 more answers
Que presion ejerce el deposito sobre el piso?​
Kitty [74]

Answer:

You exert less pressure lying down because you spread the force of your weight over a larger area, thus exerting less pressure.

Explanation:

3 0
2 years ago
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