Yes she will fit it because 42+84=126. 126 is more than 96.
The price elasticity of demand of the pen will be -0.2.
<h3>How to compute the elasticity?</h3>
The demand and supply schedule will be:
Price Qd. Qs
$10. 250. 100
$20. 200. 90
$30. 180. 80
The price elasticity of demand from $1 to $2 will be:
= Percentage change in quantity demanded/percentage change in price
Percentage change in quantity demanded will be:
= (200 - 250)/250 × 100
= -20%
Percentage change in price will be:
= (20 - 10)/10 × 100
= 100%
Therefore, the elasticity of demand will be:
= -20/100
= - 0.2
The value gotten illustrates an inelastic demand.
In order to increase the total revenue, the price can be reduced as it will lead to more sales.
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<u>Complete question:</u>
Choose any product or service. Create the demand and supply schedule.
Calculate just one PED.
Is the demand elastic or inelastic?
What price change would you recommend to increase TR?
Answer:
E
Step-by-step explanation:
Solution:-
- We are to investigate the confidence interval of 95% for the population mean of walking times from Fretwell Building to the college of education building.
- The survey team took a sample of size n = 24 students and obtained the following results:
Sample mean ( x^ ) = 12.3 mins
Sample standard deviation ( s ) = 3.2 mins
- The sample taken was random and independent. We can assume normality of the sample.
- First we compute the critical value for the statistics.
- The z-distribution is a function of two inputs as follows:
- Significance Level ( α / 2 ) = ( 1 - CI ) / 2 = 0.05/2 = 0.025
Compute: z-critical = z_0.025 = +/- 1.96
- The confidence interval for the population mean ( u ) of walking times is given below:
[ x^ - z-critical*s / √n , x^ + z-critical*s / √n ]
Answer: [ 12.3 - 1.96*3.2 / √24 , 12.3 + 1.96*3.2 / √24 ]
Answer:
-1.8, -5/4, 3.2, 2/3
Step-by-step explanation:
