Using the midpoint method (show your work), calculate the price elasticity of demand when the price of a barrel of gosum berries
rises from $10 to $20. What kind of elasticity is this value that you computed for the price elasticity of demand and what does it mean for how demand will change based on a change in price within this price range?
1 answer:
Answer:
0.18
Step-by-step explanation:
Given that:
P₁ = $10, P₂ = $20
From the tables Q₁ = 900, Q₂ = 800
Using midpoint method:
Percentage change in quantity =
Percentage change in price =
Price of elastic demand = Percentage change in quantity/ Percentage change in price = -11.76% / 66.67% = 0.18
The Price of elastic demand is positive because we took the absolute value and elasticity are always positive
Therefore since Price of elastic demand < 1, the demand is inelastic in this interval.
This means that, along the demand curve between $10 to $20, if the price changes by 1%, the quantity demanded will change by 0.18%. A change in the price will result in a smaller percentage change in the quantity demanded. For example, a 10% increase in the price will result in only a 1.8% decrease in quantity demanded and a 10% decrease in the price will result in only a 1.8% increase in the quantity demanded
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Answer:
The company use 0 ounces of chicken and 100 ounces of grain in each bag of dog food in order to minimize cost.
Step-by-step explanation:
Let x be the number of ounces of chicken
let y be the number of ounces of grains
We are given that Chicken has 10 grams of protein and 5 grams of fat per ounce.
Chicken has protein in 1 ounce = 10
Chicken has protein in x ounces = 10x
Chicken has fat in 1 ounce = 5
Chicken has fat in x ounces = 5x
We are also given that grain has 2 grams of protein and 2 grams of fat per ounce
Grain has protein in 1 ounce = 2
Grain has protein in y ounces = 2y
Grain has fat in 1 ounce = 2
Grain has fat in y ounces =2y
Now we are given that . A bag of dog food must contain at least 200 grams of protein and at least 150 grams of fat.
So, equation becomes:
---A
---B
Since x and y represent the ounces .
So, ---C and
----D
Plot A ,B ,C and D on the graph
Refer the attached graph so , the corner points are (0,100),(10,50) and (30,0)
We are also given that chicken costs 10 cents per ounce and grain costs 1 cent per ounce
So, Cost function becomes :
At(0,100)
At(10,50)
At(30,0)
Minimum cost is 100 cents at (0,100)
So, the company use 0 ounces of chicken and 100 ounces of grain in each bag of dog food in order to minimize cost.
Answer:
6 (assuming the units is in centimetres)
Step-by-step explanation:
Hi, hope this helps!
Method 1:
Calculate this shape as a trapezium. This is a trapezium because it has one pair of parallel sides. The way to calculate the area of a trapezium is this:
- Half the sum of the parallel sides
- Multiply the perpendicular height between them
In this case, 4 and 2 are parallel, so we add them together (4 + 2 = 6) then we divide by two (6 ÷ 2 = 3). Then we multiply our answer by the perpendicular length between the two parallel sides (assuming the side on the left is at a right-angle, 3 x 2 = 6).
Method 2:
Calculate this shape as a rectangle + a triangle. If you split the shape so the pointy bit on the right becomes a triangle and the left becomes a square, you can calculate the area without knowing the formula for calculating a trapezium (see above ^).
- Area of the square / rectangle = length x width = 2 x 2 = 4
- Area of the triangle = 1/2 x length x width = 2 x 2 x 1/2 = 4 x 1/2 = 4 ÷ 2 = 2
Then we add the two areas together (4 + 2 = 6).
I hope this helped and I wasn't waffling on :)
Bluey