The other answer here, by Nicholasrichar, has the correct answers,
but it's a pain to follow through step-by-step because of the formatting
problem. Here's my solution, leading to the same answers:
P = cost of pancakes
cost of omeletto, = P+1.50
4 omelettes = 4P + 6
3 pancakes = 3P
Total cost of food = 7P + 6
After 7% tax = 1.07(7P + 6)
After tip = 1.07(7P + 6) + 3.50
Eliminate parentheses: 1.07(7P) + 1.07(6) + 3.50 =
7.49P + 6.42 + 3.50 =
Total cost of breakfast: 7.49P + 9.92 .
Having a "range" between $25 and $40 is really two inequalities:
First inequality: $25 < 7.49P + 9.92
Subtract 9.92 from each side: 15.08 < 7.49P
Divide each side by 7.49: $2.013 < P
An order of pancakes costs more than $2.01 .
Second inequality: 7.49P + 9.92 < $40
Subtract 9.92 from each side: 7.49P < 30.08
Divide each side by 7.49 : P < $4.016
An order of pancakes costs less than $4.02.
The price range of an order of pancakes is $2.01 < Pancakes < $4.02 .
First you need to know what one bottle of oil weights. Then you would keep adding the weight of the oil bottles together till they add up to two.
Answer:
d. both the slope and price elasticity of demand are equal to 0.
Step-by-step explanation:
In order to graph the demand curve, the quantity demanded is plotted along x-axis and the price is plotted along y-axis. An image attached below shows the horizontal demand curve.
Horizontal demand curve, as its name indicates, is a horizontal line which is parallel to x-axis. Since, the slope of any line parallel to x-axis is 0, we can conclude that the slope of Horizontal demand curve is 0.
A horizontal demand curve can be observed for a perfectly competitive market. Since, its a perfect competition, the price of a product by all competitors will be the same. In this case, if a firm decides to increase the price, he will loose his market share as no customer will buy the product at increased price. They will rather go with the other competitor who is offering a similar product at lower price.
On the other hand, if a competitor decides to lower his price in such case, he will experience loss. Therefore, the competitors do not have the option to change the price. Therefore, we can say the price elasticity of demand in this case is 0.
So, option D describes the horizontal demand curve correctly.