3 years ago

Can somebody help me with the next question

Mathematics

1 answer:

svet-max [94.6K]3 years ago

6 0

Yep, sure. Which question?

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Six years ago, Lucia’s age was 1/3 the age she will be in 6 years. How old is Lucia now? Enter an integer.

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Lucia is 12 years old now

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Which ordered pair is a solution to this equation? y = 2x + 1

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QUESTIONS The average price of wheat per metric ton in 2012 was $30575. Demand in millions of metric tons) in 2012 was 672. The

soldi70 [24.7K]

Answer: -0.9 ; inelastic

Explanation:

Given:

The average price of wheat per metric ton in 2012 = $305.75

Demand (in millions of metric tons) in 2012 = 672

The average price of wheat per metric ton in 2013 = $291.56

Demand (in millions of metric tons) in 2013 = 700

We will compute the elasticity using the following formula:

ε = $\frac{\frac{(Q_{2} - Q_{1})}{\frac{(Q_{2} +Q_{1})}{2}}}{\frac{(P_{2} - P_{1})}{\frac{(P_{2} +P_{1})}{2}}}$

ε = $\frac{\Delta Q}{\Delta P}$

Now , we'll first compute $\Delta Q$

i.e. $\frac{\Delta Q}{\Delta P}$ = $\frac{(700 - 672)}{\frac{(700 +672)}{2}}$

$\Delta Q$ = 0.04081

Similarly for $\Delta P$

i.e. $\Delta P$ = $\frac{(291.56 - 305.75)}{\frac{(261.56 +305.75)}{2}}$

$\Delta P$ = -0.0475

ε = $\frac{0.04081}{-0.0475}$

ε = -0.859 $\simeq$ -0.9

$\because$ we know that ;

If, ε > 1 ⇒ Elastic

ε < 1 ⇒ Inelastic

ε = 1 ⇒ unit elastic

$\because$ Here , ε = -0.859 $\simeq$ -0.9

Therefore ε is inelastic.

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4 years ago