Answer: (B) The price elasticity of demand for good Z = 0.86
Step-by-step explanation:
The formula for determining elasticity of demand by using the midpoint method is
(Q2 - Q1)/[(Q2 + Q1)/2] / (P2 - P1)/[(P2 + P1)/2]
Where
P1 is the initial price of the item.
P2 is the final price of the item.
Q1 is the initial quantity demanded for the item.
Q2 is the final quantity demanded for the item.
From the information given,
P1 = 10
P2 = 15
Q1 = 85
Q2 = 60
The price elasticity of demand for good Z = (60 - 85)/[(60 + 85)/2] / (15 - 10)/[(15 + 10)/2]
= (-25/72.5) / (5/12.5) = -25/72.5 × 12.5/5
= - 312.5/362.5 = - 0.86
A positive derivative means that the function is increasing.
The answer must be A or B. Since the person is trying to pay for AS MUCH people as possible. So, therefore the answer is A.
2w+2(5+2w)=33
2w+10+4w=33
6w=22
w=11/3 or 3 and 2/3
You would subtract the the amount painted from 500.
500-193=307
They have to paint 307 more.