Daily Question: Statistics
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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)
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To draw the median of the triangle from vertex A, the mid point of BC must be determined. The median of the vertex A is given at (-1/2, 1). See explanation below.
<h3>How you would draw the median of the triangle from vertex A?</h3>Recall that B = (3, 7)
and C = (-4, -5).
- Note that when you are given coordinates in the format above, B or C = (x, y)
- Hence the mid point of line BC is point D₁ which is derived as:
D₁,
- hence, the Median of the Vertex A = (-1/2, 1).
Connecting D' and A gives us the median of the vertex A. See attached graph.
<h3>What is the length of the median from C to AB?</h3>
Recall that
A → (4, 2); and
B → (3, 7)
Hence, the Midpoint will be
,
→
Recall that
C → (-4, 5)
Hence,
=
Simplified, the above becomes
= √(586)/2)
= 24.2074/2
= 12.1037
The length of the Median from C to AB ≈ 12
Learn more about Vertex at;
brainly.com/question/1435581
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