Answer:<u> -0.9 ; inelastic</u>
Explanation:
Given:
The average price of wheat per metric ton in 2012 = $305.75
Demand (in millions of metric tons) in 2012 = 672
The average price of wheat per metric ton in 2013 = $291.56
Demand (in millions of metric tons) in 2013 = 700
We will compute the elasticity using the following formula:
ε = 
ε = 
Now , we'll first compute 
i.e.
= 
= 0.04081
Similarly for 
i.e.
= 
= -0.0475
ε = 
ε = -0.859
-0.9
we know that ;
If, ε > 1 ⇒ Elastic
ε < 1 ⇒ Inelastic
ε = 1 ⇒ unit elastic
<u><em>
Here , ε = -0.859
-0.9 </em></u>
<u><em>Therefore ε is inelastic.</em></u>
Answer:
This is the graph of y = 0.4x
Answer:
$3.90
Step-by-step explanation:
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Answer:
don't understand
but mean = <u>summation x</u>
total number
15=<u>7+4+5+2x+11</u>
5
15=<u>27+2x</u>
5
multiply both sides by 5
15×5=<u>2</u><u>6</u><u>+</u><u>2</u><u>x</u> ×5
5
75=26+2x
75-26=2x
<u>49</u>=<u>2x</u>
2. 2
x= 24.5