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2 years ago

In Los Angeles County, the median price rose 0.5% to $618,000 in June and sales fell 12.1%.

Business

1 answer:

svet-max [94.6K]2 years ago

5 0

Answer:

Part 1 : -7.6

Part 2: 15.2%

Part 3: Orange County

Explanation:

Part 1. Price Elasticity:

The formula for Price Elasticity is:

Price Elasticity = Percentage Change in Quantity Demanded divided by the percentage change in price.

So,

We need percentage change in price and percentage change in quantity demanded in order to solve for price elasticity of demand in San Bernardino County.

So,

As we know that,

In San Bernardino County, the median price rose 1.5% to $340,000 and sales fell 11.4%.

Hence,

The Percentage Change in Price = 1.5

The Percentage Change in Quantity Demanded = -11.4

Just Plugging in these values in the Price Elasticity formula, we get:

Price Elasticity of Demand = -11.4 / 1.5

Price Elasticity of Demand = -7.6

Part 2: Condition Given: If Price increased by 2%

So,

In this we are asked to find the percentage change in quantity demanded.

Therefore, we will use the same formula of Plasticity of demand.

Price Elasticity of Demand = Percentage Change in Quantity Demanded divided by the percentage change in price.

Making Percentage Change in Quantity Demanded as subject:

Percentage Change in Quantity Demanded = Price Elasticity multiplied by the percentage change in price.

Here,

Percentage Change in price = 2%

Price Elasticity of Demand = -7.6

Just plugging in these values in to the formula:

Percentage Change in Quantity Demanded = -7.6 x 2

Percentage Change in Quantity Demanded = -15.2

Therefore, Holding the price elasticity of demand constant, sales in San Bernardino County would fall by _15.2_% if prices increased by 2%.

Part 3:

To solve this part, first we need to understand the law of demands:

Law of demands says that the relationship of change in price and change in quantity demanded is inversely proportional keeping all other factors constant. So, if price goes high, quantity demanded will go down and vice versa.

And here,

In _Orange__ County, the law of demand appears to be violated.

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1 year ago

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Answer:

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Euros (EUR) 22,105

British pounds (GBP) 18,756

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Troy Ounces USD Value

14.00 $24,984

14.01 $25,001

14.02 $25,019

14.03 $25,037

14.04 $25,055

14.05 $25,073

14.06 $25,091

14.07 $25,108

14.08 $25,126

14.09 $25,144

14.10 $25,162

14.11 $25,180

14.12 $25,198

14.13 $25,216

14.14 $25,233

14.15 $25,251

14.16 $25,269

14.17 $25,287

14.18 $25,305

14.19 $25,323

14.20 $25,340

14.21 $25,358

14.22 $25,376

14.23 $25,394

14.24 $25,412

Troy Ounces USD Value

14.25 $25,430

14.26 $25,448

14.27 $25,465

14.28 $25,483

14.29 $25,501

14.30 $25,519

14.31 $25,537

14.32 $25,555

14.33 $25,572

14.34 $25,590

14.35 $25,608

14.36 $25,626

14.37 $25,644

14.38 $25,662

14.39 $25,680

14.40 $25,697

14.41 $25,715

14.42 $25,733

14.43 $25,751

14.44 $25,769

14.45 $25,787

14.46 $25,804

14.47 $25,822

14.48 $25,840

14.49 $25,858

Troy Ounces USD Value

14.50 $25,876

14.51 $25,894

14.52 $25,912

14.53 $25,929

14.54 $25,947

14.55 $25,965

14.56 $25,983

14.57 $26,001

14.58 $26,019

14.59 $26,036

14.60 $26,054

14.61 $26,072

14.62 $26,090

14.63 $26,108

14.64 $26,126

14.65 $26,144

14.66 $26,161

14.67 $26,179

14.68 $26,197

14.69 $26,215

14.70 $26,233

14.71 $26,251

14.72 $26,268

14.73 $26,286

14.74 $26,304

Troy Ounces USD Value

14.75 $26,322

14.76 $26,340

14.77 $26,358

14.78 $26,376

14.79 $26,393

14.80 $26,411

14.81 $26,429

14.82 $26,447

14.83 $26,465

14.84 $26,483

14.85 $26,500

14.86 $26,518

14.87 $26,536

14.88 $26,554

14.89 $26,572

14.90 $26,590

14.91 $26,607

14.92 $26,625

14.93 $26,643

14.94 $26,661

14.95 $26,679

14.96 $26,697

14.97 $26,715

14.98 $26,732

14.99 $26,750

5 0

2 years ago