It should be noted that a good that has a high demand elasticity for an economic variable implies that consumer demand for that good is more responsive to changes in the variable.
<h3>How to explain the demand?</h3>
It should be noted that an elastic demand is one werr the change in quantity demanded due to a change in price is large.
Also, an inelastic demand is one in which the change in quantity demanded due to a change in price is small. When the formula creates an absolute value greater than 1, the demand is elastic.
Here, a good that has a high demand elasticity for an economic variable implies that consumer demand for that good is more responsive to changes in the variable.
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1)360 (400*.9)
2)342 (380*.9)
3)119 (140*.85)
4)28 (35*.8)
Answer:
(set up a ratio)
54/x = 18/100
(cross multiply)
18x = 5400
(solve for x)
x = 300 miles
Step-by-step explanation:
9514 1404 393
Answer:
25%
Step-by-step explanation:
The percentage is found by multiplying the fraction by 100%.
(oil changes)/(total cars) = 14/56 × 100% = 25%
25% of the cars received oil changes.
