If the coefficient of demand for the SUV is 0.75 this means that it has a relatively inelastic demand since it is less than. In other words, there is only a little alteration in demand when prices change.
So when the price of SUV rise by 15%, and it has a coefficient of 0.75, we can anticipate only 11.25% decrease in its demand. This is for the reason that the SUVs do not have many substitutes for it.
So to solve:
(x/15%) = 0.75
Then simply solve for x:
x = (0.75)(0.15) = 11.25%
The constant proportionality is the proportionality of 59. Because it is the price, you just move the decimal point two places over to the left.
If you do this correctly you will get .59
Answer:
$7.85
Step-by-step explanation:
2 pizzas at 11.99=23.98
4 soft drinks at 1.85=$7.40
23.98+7.40=31.38
31.38/4=7.845
Each friend pays $7.845, or $7.85 .........
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