Answer: The price increase is about 6.17 percent.
Explanation:
The price elasticity of supply (PES) is the elasticity of the quantity supplied of a product to its price change. Price elasticity of supply is the ratio of the percentage change in the quantity supplied of a good or service to the percentage change in price.
The Price Elasticity of Supply is positive as a result of the law of supply that states that there's a direct relationship between the quantity supplied and price i.e. a price increase leads to an increase in quantity supplied and vice versa.
To solve the question,
PES = 0.6
% change in quantity supplied = 3.7
% change in price = Unknown
Let percentage change in price be denoted by b.
PES = % change in quantity demanded / % change in price
0.6 = 3.7 / b
Cross multiplying,
b = 3.7 / 0.6
b = 6.17
Recall that b is the percentage change on price.
Therefore, the percentage change in price is 6.17.
The primary objective of Jason when he opened up a steak and seafood restaurant was to change the cattle and seafood industry.
<h3>What is a business?</h3>
Business involves the process of buying as well as the selling of different goods as well as products, which can also been seen in the food industry.
It should be noted that ,in the case of jason, The primary objective of Jason when he opened up a steak and seafood restaurant was to change the cattle and seafood industry.
Learn more about business at:
brainly.com/question/24448358
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Answer:
$400 every 6 months.
Explanation:
Step wise solution is given.
Gross profit is the profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services. Gross profit will appear on a company's income statement and can be calculated by subtracting the cost of goods sold (COGS) from revenue (sales).
Answer:
the correct answer is C. American put.
good luck
