"Your department store receipt says that you paid a 5% sales tax on sports equipment." This type of sales tax is an example of regressive tax.
Answer:
The monthly cost for 11 HCF would be $ 35.69.
Explanation:
Consider the linear function that represents the amount of water ( in dollars ) for x HCF of used water,
y = mx + c
Where, m is the slope of the function,
We have, m = 1.45,
So, the function would be,
y = 1.45x + c
If y = $ 44.39 and x = 17,
This implies,
44.39 = 1.45(17) + c
44.39 = 24.65 + c
44.39 - 24.65 = c
19.74 = c
Thus, the required equation that shows the amount of water for x HCF of water is,
y = 1.45x + 19.74
For x = 11 HCF,
The amount of water for 11 HCF of water,
y = 1.45(11) + 19.74
y = 15.95 + 19.74
y = 35.69
Hence, the monthly cost for 11 HCF would be $ 35.69.
Answer:
Total revenue rises immedately after the fare increase, since demand over the immediate period is price Inelastic.
Explanation:
Elasticity in the price demand measures the porcentage in the change of the quantity demanded as a response to a change in the price. If the elasticity is more than 0 but less than 1 it means that the price demand is inelastic. So when the price is rised the quantity demand will decrease in a minor porcentage than the rise in the price so it will represent a bigger revenue.
