Answer:
V(t) = $ 1.5 billion for 2007
V(t) = $1.5 billion, 295 million. For 2012
Doubling time = t = 177.69 yrs
Explanation:
a).
V(t) = 1.5e^(0.039t)
For the first year 2007, t= 0
V(t) = 1.5e^(0.039*0)
V(t). = 1.5e^0
V(t) =. 1.5*1 = 1.5
V(t) = $ 1.5 billion for 2007
For 2012 that is 5 years after,t= 5
V(t) = 1.5e^(0.0039*5)
V(t) = 1.5e^ (0.0195)
V(t) = 1.5(1.019691367)
V(t) = 1.5295
V(t) = $1.5 billion, 295 million.
b). Doubling time is when the value of the export is 1.5 *2 =$ 3 billion
3 = 1.5e^(0.0039t)
3/1.5= e^(0.0039t)
2 = e^0.0039t
In 2 = 0.0039t
0.693= 0.0039t
t = 177.69 yrs
Answer:
12
Explanation:
At the price of $24, the demand is 36
At the price of $30, the demand is 24
change in quantity demanded
= 36-24
= 12
Answer:
The correct answer is option C.
Explanation:
A perfectly competitive firm faces a perfectly elastic demand curve. In a perfectly competitive market, there is a large number of buyers and sellers, such that no single firm is able to affects the price or output level. The demand curve faced by a single firm is a horizontal line.
The market demand curve, on the other hand, is downward sloping. So whatever be the market elasticity of demand, the elasticity of individual firm will be infinite.
