Answer:
No
Step-by-step explanation:
It does not pass the vertical line test
If the price-elasticity of demand for chips is 0.75, then a 20 percent increase in price would result in a 15 percent decrease in the demand quantity.
As per the question statement, the price-elasticity of demand for chips is 0.75 and there is a 20 percent increase in price.
We are required to calculate the resulting decrease in the demand quantity by percent, based on the conditions mentioned in the statement above.
Here, given Price-Elasticity of Demand
= 0.75
Also given the percent increase in price = 20
Now, we know that,
= [(Percentage change in quantity demanded)/(Percentage change in price]
Or, [0.75 = (x/20)]...[Assuming "Percentage change in quantity demanded" to be "x"]
Or, [x = (20 * 0.75)]
Or, [x = 15]
That is, If the price-elasticity of demand for chips is 0.75, then a 20 percent increase in price would result in a 15 percent decrease in the demand quantity.
- Price-Elasticity of Demand: Price Elasticity of Demand is a measurement of the change in the consumption of a product in relation to a change in its price and is expressed mathematically as the quotient of (Percentage Change in Quantity Demanded) divided by (Percentage Change in Price)
To learn more about Price-Elasticity of Demand, click on the link below.
brainly.com/question/28523466
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9514 1404 393
Answer:
3/4
Step-by-step explanation:
Assuming the faces are numbered 1 to 12, there are 9 faces with values less than 10. Since the outcomes are equally probable and mutually exclusive, the probability of any of the 9 is the sum of their individual probabilities:
P(n < 10) = 9×1/12 = 9/12 = 3/4
It’s still 1/6 chance. The probability doesn’t go up or down, since a die will always have 6 sides.