Answer:
A) PED = 1.1
B) demand is elastic
C) Danny's total revenue would decrease
Explanation:
we can calculate the price elasticity of demand using the formula:
PED = % change in quantity demanded / % change in price = [(300 - 250) / 250] / [(2.25 - 2.75) / 2.75] = (50 / 250) / (-0.5 / 2.75) = 0.2 / 0.18 = 1.1
since PED = 1.1, the demand is elastic
if the PED is the same when the price decreases from $2.25 to $1.75, total revenue will :
when price = $2.25, total revenue = $2.25 x 300 = $675
when price = $1.75, total revenue = $1.75 x 373 = $652.75
*a 22.22% decrease in the price will cause a 24.44% increase (= 22.22% x 1.1) in the quantity demanded = 300 units + (300 x 24.44%) = 373.3 ≈ 373 units
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Answer:
d
Explanation:
A change in price leads to two effects :
- The income effect
- The substitution effect
The income effect is the change in quantity demanded as a result of a change in real income which affects the consumes purchasing power.
A car constitutes a very large part of a consumers expenditure due to its cost. Thus, the income effect for a car would be the largest
The substitution effect is the change in demand as a result of change in the price of the good compared to the price of another substitute good.
In a case whereby A firm is forecasting the sales of carpets based on the number of building permits issued in their county, the technique they were using is Associative model.
<h3>What is
Associative model?</h3>
The associative model of data can be described as the data model that is been used for the database systems.
It should be noted that These models involve encompassing attributes with respect to thing, , hence In a case whereby A firm is forecasting the sales of carpets based on the number of building permits issued in their county, the technique they were using is Associative model.
Learn more about Associative model at:
brainly.com/question/24448358
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Answer:
The correct answer is "staff training"
Explanation:
Staff training is a program designed to improve the technical skills, knowledge, performance, efficiency, and value creation of the employees.
