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
elixir [45]
3 years ago
14

So, if you find that revenue goes up when you use an elasticity of 2 to estimate the effect of changing the fee from $8 to $16,

you can be sure that it will go up with a lower value of the elasticity. Question: Suppose that the increase in the fee from $8 to $16 reduces travel time in the central city from 30 minutes down to 20 minutes. What is the percentage change in the total cost of driving in central London
Business
1 answer:
Novay_Z [31]3 years ago
8 0

Answer:

The percentage change in the total cost of driving in Central London is:

= 33.33%

Explanation:

a) Data and Calculations:

Old Fee for driving per minute = $8

New Fee for driving per minute = $16

Percentage change in fee = $8/$8 * 100 = 100%

Driving time at old fee of $8 per minute = 30 minutes

Driving time at new fee of $16 per minute = 20 minutes

Percentage Change in driving time = 10/20 * 100 = 50%

Total cost of driving 30 minutes at old fee of $8 per minute = $240

Total cost of driving 20 minutes at the new fee of $16 per minute = $320

Therefore, the percentage change in the total cost of driving = ($320 -$240)/$240 * 100

= $80/$240 *100 = 33.33%

You might be interested in
Sxsw utilizes various promotional techniques to reach its target audiences. the use of personal selling, advertising, public rel
tiny-mole [99]
<span>The use of personal selling, advertising, public relations and sales promotion is known as the promotion mix.

</span><span>The promotional mix is one of the 4 Ps of the marketing mix. It consists of public relations, advertising, sales promotion and personal selling.</span>
4 0
3 years ago
Classify the following topics as relating to microeconomics or macroeconomics. Topic: Microeconomics or Macroeconomics
goldenfox [79]

Answer: MICROECONOMICS

1.The effect of a change in price of one good on a related good.

MACROECONOMICS

2. The relationship between the inflation rate and the unemployment rate.

3.The effect of government subsidies on the agricultural industry.

Explanation: Microeconomics is a term of the to describe the impact of certain conditions on a single product or service,it doesn't consist of the whole economy or country.

Macroeconomics is a term used to describe the impact of certain conditions on the whole economy or country. Inflation rate, unemployment rate, effects of subsidy in Agriculture etc are all Macroeconomics statistics give better understanding of the economic performance.

8 0
3 years ago
What is a shared risk pool in an annuity?​
ycow [4]

Risk pooling allows an insurance carrier to provide an income stream via an immediate annuity, even with its costs and expenses, far more cheaply than a person could on his or her own. Risk pooling is the practice of sharing all risks among a group of insurance companies.

7 0
2 years ago
Consumer wealth is defined as the total value of ______. Multiple choice question. assets minus the total value of liabilities a
Zepler [3.9K]

Answer:

Asset minus the total value liabilities

Explanation:

6 0
3 years ago
The concept of demand is best described as the quantity of a good or a service that people will offer for sale at different poss
Igoryamba

Answer:

the quantity of a good or a service that people are willing and able to purchase at different possible prices.

Explanation:

The demand concept would be refer to the various quantity amount in which the people are willing and able to buy at various prices so the demand concept deals with the goods or service quantity in which the purchaser would purchase at various prices that can be possible

Hence, the above represent the answer

7 0
3 years ago
Other questions:
  • Every source has at least some type of _____.
    9·2 answers
  • How do debt and self financing affect the financial statement
    12·1 answer
  • A company is considering an iron ore extraction project that requires an initial investment of​ $1,400,000 and will yield annual
    6·1 answer
  • YOU are working with a Professional Edition organization. They wish to install the Expense Tracker which requires the use of 4 c
    13·1 answer
  • All of the following are accurate statements EXCEPT: A. Retirement can be gradual. B. Retirement can be sudden. C. Retirement la
    11·1 answer
  • The principal-agent problem arises when ________.
    7·1 answer
  • When a liquidity trap situationâ exists, we knowâ that:_____.a. fiscal policy will have no effect on the demand for goods.b. an
    10·1 answer
  • What are the aims of standardization
    10·1 answer
  • The interest portion of a monthly loan payment is $427.93. If the interest rate is 6.875%, what is the current principal balance
    12·1 answer
  • During what months do most people file their taxes ?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!