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alexdok [17]
3 years ago
13

Suppose the demand function for good X is given by: where is the quantity demanded of good X, is the price of good X, and is the

price of good Y, which is related to good X. Using the midpoint method, if the price of good X is constant at $10 and the price of good Y decreases from $10 to $8, the cross price elasticity of demand is about:_________
Business
1 answer:
Julli [10]3 years ago
3 0

Answer:

Quantity demanded is -0.4

Explanation:

Quantity demanded is -0.4 if the prices decline from $8 to $10. The cross price elasticity is the change in quantity demanded for the goods when the price of other goods changes. The price change can be minor and the quantity demanded change can be high.

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Walther owns a home in flood-prone Paradise Basin. If there is no flood the home and land together will be worth $2400. If there
Leto [7]

Answer:

$2,554

Explanation:

The computation of value is shown below::-

Assume insurance purchase is N units

C_n_f = Land\ - Flood\ insurance

= $2,400 - $0.2 per dollar

C_f = Land\ worth\ after\ flood - 0.2\ M + M

= $600 - 0.2 M + M

= $600 + 0.8 M

C_n_f = a\ - \frac{C_f}{b}

$2,400 - $0.2 M = a - ($600 + 0.8 M) ÷ b

$2,400 - $0.2 M = a - $600 ÷ b - 0.8 ÷ b

now we will equate the situation

-0.2 M = 0.8 M ÷ b

-0.2 = 0.8 ÷ b

b = 4

Now, we will put the value of b to find out the value of a

a - $600 ÷ b = $2,400

a - $600 ÷ 4 = $2,400

a - $150 = $2,400

a = $2,400 + $150

a = $2,550

Now we will find out the a and b by putting the values

= a + b

= $2,550 + 4

= $2,554

7 0
3 years ago
How quickly must you file a report with the michigan dnr if property damage exceeds $2,000?.
uranmaximum [27]

The amount of time that is allowed before filing a report with the Michigan Dnr if property damage exceeds $2,.000 is 5 days.

<h3>What is Insurance?</h3>

This refers to the coverage that a product or service has and subscribed for that is covered in the event of theft, loss, or other unforeseen circumstance.

Hence, we can see that in the case of property damage, the maximum amount of time given to file to the Michigan DNR is five days if the damage to the vessel and other property damage totals more than $2,000.

Read more about property insurance here:

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