The percent change in quantity demanded of a good divided by the percent change in income, all other tings unchanged, is the price elasticity of demand. This is the equation you will use when finding the price elasticity of demand. Price elasticity of demand is measuring the demand of a product or service when nothing changes besides the price.
Answer:
$80
Explanation:
Maximum wage is the maximum amount of money that a firm can pay its worker based on what the worker can produce and generate as revenue to the firm.
Given that the worker can produce 20 units of output which can be sold for $4 per unit, The maximum wage that the firm can pay the worker = output × price per unit output.
Maximum wage the firm can pay the worker = 20 units × $4 per unit = $80
Having enough on that credit
The market for money, the quantity of money demanded exceeds the money supply, the interest rate will It will rise, and households and businesses will have less money.
When demand exceeds supply, people sell assets such as bonds for money. This increases the supply of bonds, lowering bond prices and increasing market interest rates.
When money demand increases, the money demand curve shifts to the right and nominal interest rates rise. Conversely, when the demand for money decreases, the demand curve for money shifts to the left and interest rates fall.
To understand why interest rates are falling, remember that people who want to hold less money want to hold more bonds. Panel (b) therefore shows an increase in demand for bonds. High bond prices mean low interest rates. When interest rates fall, financial markets are rebalanced.
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