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dolphi86 [110]
3 years ago
14

When Sam's Sandwiches were priced at $6, he sold 70 each day during lunch. When he reduced the price to $4 a sandwich, he sold 8

0 each day. Using the midpoint formula, the own price elasticity for Sam's Sandwiches would be __________. -0.33 0.50 1.33 -0.67 SAVE
Business
1 answer:
OverLord2011 [107]3 years ago
8 0

The own price elasticity for Sam's Sandwiches would be -0.33

Price elasticity of demand measures how quantity demanded changes when there is a change in price.

Price elasticity of demand = midpoint change in quantity demanded / midpoint change in price  

Midpoint change in quantity demanded = change in quantity demanded / average of both demands

  • Change in quantity demanded = 80 - 70 = 10  
  • Average of both demands = (80 + 70) / 2 = 75
  • Midpoint change in quantity demanded = 10/75 = 0.133

Midpoint change in price = change in price / average of both price

  • change in price = $4 - $6 = $-2
  • average of both prices = (4 + $6) / 2 = $5
  • midpoint change in price = $-2 / $5 = -0.4

Price elasticity of demand =0.133 / -0.4 = -0.33

To learn more about the price elasticity of demand, please check: brainly.com/question/6708311

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Biologists collected a random sample of 850 fish and 25 of them had been previously tagged. 850 : 25 = 34. It means that about 1/34 of all the fishes in the lake had been tagged. Therefore 600 * 34 = 20,400.
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3 years ago
Classify each resource used in production as land, labor, capital, or entrepeneurs.
sveticcg [70]

Answer:

1. Aunt Sandy's Jammin' Jellies (the business) - <u>Entrepreneurs </u>

Entrepreneurship refers to the process of bringing together the various other factors of production to be able to produce goods and services. Aunt Sandy's as a business is an entrepreneur as it brought together factors of production to make Jellies.

2. Anika, a server at Sonic Drive-In - <u>Labor</u>

Labor refers to the actual people who contribute to the business. Anika is a server at the Drive- In and so works there contributing to the success of the business so she is Labor.

3. Your favorite bartender - <u>Labor</u>

Like Anika above, your favorite bartender is also a person contributing to the success of the bar so is considered labor.

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4 years ago
Act Now!, an organization devoted to voting rights, applied for a permit to protest the closing of polling places in poor neighb
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c) intermediate scrutiny.

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In this particular scenario this will be reviewed by the judge using intermediate scrutiny. In this review the court will decide whether or not the case helps the government and/or the people in any way. The court case interests must further the interests of the government or people in the same way for it to pass the review. If the court case passes the review it will be reassessed and may be voted upon differently depending on the other details at hand.

6 0
3 years ago
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a.Payment for meals

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Opportunity cost is referred to as the next best alternative.

Opportunity cost means the benefits foregone of the non chosen alternative when an alternative is chosen from the available set of options which includes the non chosen option.

For e.g storage of money at home has an opportunity cost in the form of loss of interest had the same money been invested elsewhere apart from assuming the risk of loss of theft.

In the given case, the opportunity cost of being a full time student at a university instead of working full time at a job includes the opportunity cost in the form of income from that full time job in addition to specific expenses incurred for being a full time student such as Payment for tuition, Payment for books.

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