1 bag per 5 minutes. If you divide 15(total amount of min) by 3(bags of popcorn you popped) you will see you popped 1 bag per 5 minutes. Now its say per minutes, then, you will have to say 1/5 bag per minutes.

3 0

3 years ago

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.

6 0

4 years ago