Answer:
The answer is c. $3,883.27
Explanation:
For the problem, we will be using the formula for calculating the Future Value of money, which is:
Where:
F - future value
P - Principal amount = ($100)
r - rate of growth in percent = (5% or 0.05)
n - number of years = (75)
We calculate thus:
= 
therefore the amount after 75 years will be $3,883.27
Answer:
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Answer:
if a change in the price of the good brings about a much smaller change in the quantity demanded for the good.
Explanation:
<em>The price elasticity of demand is a measure of the change in the demand for a good in relation to a change in the price of the same good. </em>Mathematically, the price elasticity of demand for a product is represented as:
Price elasticity = change in the quantity demanded/change in price
The value of price elasticity of demand ranges from 0 to infinity. The price elasticity of demand is
- relatively inelastic when the value is less than 1,
- unitary elastic when it is equal to 1,
- relatively elastic when it is greater than 1,
- perfectly inelastic when it is equal to 0, and
- perfectly elastic when the value is infinity.
<u>Less elastic price elasticity of demand is equivalent to relatively inelastic price elasticity. This thus means that the price elasticity of demand is less than 1; a percentage change in the price of the good brings about a disproportionately smaller percentage change in the quantity demanded for the good.</u>
