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3 years ago

Please help need this done for class tomorrow!

Business

1 answer:

Ivanshal [37]3 years ago

7 0

Answer:

0.31

Explanation:

Income elasticity of demand measures the responsiveness of quantity demanded to changes in income

Income elasticity of demand = percentage change in quantity demanded / percentage change in income

Percentage change in income = $\frac{1000-300}{300}$ = 2.3

when income was $300, ramen was demanded twice, that is 2/7 times a week. converting to fraction gives 0.29

Percentage change in quantity = $\frac{0.5 - 0.29}{0.29}$ = 0.72

0.72/2.3 = 0.31

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2 years ago

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3 years ago

Read 2 more answers

Suppose the price of a bag of jelly beans rises from $1.60 to $2.00, with the result that sales of jelly beans falls from 120 ba

andrey2020 [161]

Answer:

The elasticity of demand for jelly beans is 1.80

Explanation:

The elasticity of demand is the principle of economic which is defined as the measure that extent the consumer response to the changes in the quantity demanded as a consequence of price change and being others factors are equal.

Computing the elasticity of demand for jelly beans as:

Elasticity of demand = Price Change / Quantity Change

where

Price Change is as:

Price = $1.60 + $2.00

= $3.60

Quantity change is as:

Quantity = 120 + 80

= 200

So,

Elasticity of demand = $3.60 / 200 × 100

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3 years ago

The potential gross income of a warehouse is $4,200 a month and the vacancy rate is 2 1/2%. The taxes are $3750, the monthly mai

Marrrta [24]

Answer:

$238,320

Explanation:

First we should determine the total yearly revenue:

$4,200 (monthly income) x 12 = $50,400 - 2.5% (vacancy rate) = $49,140

Now we must determine the expenses:

monthly maintenance costs = $350 x 12 = $4,200 per year

taxes = $3,750 per year

monthly reserves for replacement = $250 x 12 = $3,000 per year

management fees = $500 x 12 = $6,000 per year

quarterly landscaping fees = $600 x 4 = $2,400 per year

Total revenues $49,140

maintenance costs ($4,200)

taxes ($3,750)

reserves for replacement ($3,000)

management fees ($6,000)

<u>landscaping fees ($2,400) </u>

net profit per year $29,790

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4 years ago

If a tax is imposed on a market with inelastic demand and elastic supply, then:

Natali5045456 [20]

Answer:

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Explanation:

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3 years ago