1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
meriva
3 years ago
14

The price of milk at the local grocery store is cut by 15%. In response to the price cut, the quantity of milk demanded falls by

5%. The absolute value of the price elasticity of demand for milk is _____, and the price elasticity of demand is
Business
1 answer:
Crank3 years ago
6 0

Answer:

the absolute value is -0.33 and it is inelastic

Explanation:

The computation is shown below:

The Absolute value of Price Elasticity of Demand (PED) is

= Percentage Change in Quantity Demanded ÷ Percentage Change in Price

= 0.05 ÷ (-0.15)

= -0.33

Since the price elasticity of demand is less than one so here there is an inelastic demand

Therefore the absolute value is -0.33 and it is inelastic

You might be interested in
Which statement is the best description of a price‑taker as it pertains to perfect competition?
Nesterboy [21]

Answer:

The correct answer is letter "A": Mary Beth grows cotton. She finds that she can always sell her entire crop at the market price. However, if she asks a price that is even slightly higher she cannot sell any of her cotton.

Explanation:

Perfect Competition is a market where competition is at the highest degree possible. Perfect competitive markets have the following characteristics:

  1. <em>All companies sell the same goods or services.  </em>
  2. <em>All companies are price takers.  </em>
  3. <em>All firms have relatively small market shares.  </em>
  4. <em>Buyers have full product and price information.  </em>
  5. <em>The industry is characterized by low or no barriers to entry and exit of the industry.</em>

<em />

Thus, <em>in Mary Beth's case, she cannot ask for a different price than the one of the market because in a perfectly competitive market it is controlled by supply and demand. Companies cannot set the price.</em>

8 0
3 years ago
A successful scion will produce the product of the rootstock with greater quality.
yaroslaw [1]
I think it's B (False)!



I hope it helped you!
7 0
3 years ago
You have taken out a $350,000, 3/1 ARM. The initial rate of 6.0% (annual) is locked in for 3 years. Calculate the outstanding ba
Vilka [71]

Answer:

Explanation:

  • The Monthly Payment = Loan Amount / PVAF (360,0.50%)

  • The Monthly Payment = 350000 / 166.7916

  • The Monthly Payment = $2098.43

  • Loan Balance after 3 years = PV(0.50%,324,-2098.43) = $336294.2

5 0
3 years ago
One of your subordinate employees, Timothy, worked extra hours on Tuesday and Thursday so he could attend Ash Wednesday services
Bas_tet [7]

Answer:

<u>D. Permitting Timothy to make up time lost due to the observance of religious practices is a reasonable religious accommodation.</u>

Explanation:

This statement is true in line with normal workplace ethics. Also, been his superior it would favor the company if Timothy is asked to make up time lost due to the observance of his religious practices.

A reasonable employer knows that his employees also have a constitutional right to freedom of worship, and would be flexible in the company policy on working hours.

5 0
3 years ago
Kansas Enterprises purchased equipment for $81,000 on January 1, 2021. The equipment is expected to have a five-year service lif
MrRissso [65]

Answer:

Depreciation expense for 2021 will be $14700

Explanation:

The straight line method charges a constant depreciation expense each period throughout the useful life of the asset. The depreciation expense per period under the straight line method is calculated as follows,

Depreciation expense = (Cost - Residual value) / Useful life of the asset

Depreciation expense = (81000 - 7500) / 5

Depreciation expense = $14700

7 0
3 years ago
Other questions:
  • The extent to which an innovation can be imitated by a competitor depends on
    10·1 answer
  • What good or services is “AMAZON” KNOW FOR
    15·1 answer
  • Jaklyn loves her job, admires her boss, and believes in the goals and vision of the company she works for. She can't imagine loo
    5·1 answer
  • Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. T
    14·1 answer
  • Suppose you are building a scatter plot in Excel for a large amount of data. After selecting the scatter plot option, how do you
    11·1 answer
  • A synchronous manufacturing system does not have excess capacity throughout the system, except for the bottleneck.
    11·1 answer
  • Wiki Wiki Company has determined that the variable overhead rate is $4.50 per direct labor hour in the Fabrication Department. T
    5·1 answer
  • Which is the simplest way to setup a business?
    9·1 answer
  • You have $1200 to invest in a bank account with an interest rate of 5.5%, compounded monthly. After how many years will your acc
    15·1 answer
  • Discuss the causes of changes in a currency swaps value over time. Is it possible to close out a currency swap before it reaches
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!