5.3.21

Using the midpoint method (show your work), calculate the price elasticity of demand when the price of a barrel of gosum berries

Setler79 [48]

Answer:

0.18

Step-by-step explanation:

Given that:

P₁ = $10, P₂ = $20

From the tables Q₁ = 900, Q₂ = 800

Using midpoint method:

Percentage change in quantity = $\frac{Q_2-Q_1}{(Q_1+Q_2)/2} *100\%=\frac{800-900}{(900+800)/2}*100\%= -11.76\%\\$

Percentage change in price =

$\frac{P_2-P_1}{(P_1+P_2)/2} *100\%=\frac{20-10}{(20+10)/2}*100\%= 66.67\%\\$

Price of elastic demand = Percentage change in quantity/ Percentage change in price = -11.76% / 66.67% = 0.18

The Price of elastic demand is positive because we took the absolute value and elasticity are always positive

Therefore since Price of elastic demand < 1, the demand is inelastic in this interval.

This means that, along the demand curve between $10 to $20, if the price changes by 1%, the quantity demanded will change by 0.18%. A change in the price will result in a smaller percentage change in the quantity demanded. For example, a 10% increase in the price will result in only a 1.8% decrease in quantity demanded and a 10% decrease in the price will result in only a 1.8% increase in the quantity demanded

7 0

2 years ago

A customer gives you a $100 bill for a purchase that totals $22.75. What is the best money combination to give the $77.25 to the

Alinara [238K]

3, 20 bills 60 dollars add 1, 10 bill to get to 70 dollars add 1, 5 bill you get 75 dollars add 2,1 bills to get 77 dollars finaly 1 quarter to get 77 dollars and 25 cents

4 0

2 years ago

Read 2 more answers

Slope intercept form of a line that has a slope of -3/4 and passes through (4, 3)

tia_tia [17]

<h3>Explanation</h3>

First Method

We have the given slope value and the coordinate point that the graph passes through.

$y = mx + b$

where m = slope and b = y-intercept. Substitute the value of slope in the equation.

$y = - \frac{3}{4} x + b$

We have the given coordinate point as well. After we substitute the slope, we substitute the coordinate point value in the equation.

$3 = - \frac{3}{4} (4) + b \\$

Solve the equation for b-term

$3 = - 3 + b \\ 3 + 3 = b \\ 6 = b$

The value of b is 6. We substitute the value of b in the equation.

$y = - \frac{3}{4} x + 6$

Second Method

We can also use the Point-Slope form to solve the question.

$y - y_1 = m(x - x_1)$

Given the y1 and x1 = the coordinate point value.

Substitute the slope and coordinate point value in the point slope form.

$y - 3 = - \frac{3}{4} (x - 4)$

Simplify/Convert into Slope-intercept

$y = - \frac{3}{4} (x - 4) + 3 \\ y = - \frac{3}{4} x + \frac{12}{4} + 3 \\ y = - \frac{3}{4} x + 3 + 3 \\y = - \frac{3}{4} x + 6$

<h3>Answer</h3>

 $\large \boxed {y = - \frac{3}{4} x + 6}$ 

6 0

2 years ago

After how many years are the salaries offered by company a and company b the same

12345 [234]

24000 + 3000x = 30000 + 2400x
3000x - 2400x = 30,000 - 24,000
600x = 6000
x = 6000/600
x = 10 years

6 0

2 years ago

If the Revenue for the week is $2000, and labor cost consists of two workers earning $8 per hour who work 40 hours each, what is

slega [8]

So,

All you have to do is find the total labor cost and put it over the revenue.

We have two workers each earning $8/hr. (lousy), and they work 40 hrs./week.

2 * $8 = $16/hr.

$16/hr. * 40 hrs. = $640

$\frac{640}{2000}$

Cross out zeros.
$\frac{64}{200}$

Simplify.
$\frac{2^6}{2^35^2}$
$\frac{2^3}{5^2}$
$\frac{8}{25}$

Convert the denominator to 100.
$\frac{8}{25} * \frac{4}{4} = \frac{32}{100}$
$\frac{32}{100}$
=
32%

The labor cost is 32% of the revenue.

7 0

2 years ago