answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Kisachek [45]
2 years ago
6

When the price of a bar of chocolate is $1.00, the quantity demanded is 100,000 bars. When the price rises to $1.50, the quantit

y demanded falls to 60,000 bars. Calculate the price elasticity of demand using the mid-point method. Instructions: Round your answers to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Suppose the price increases from $1.00 to $1.50. The price elasticity of demand is: -1.25 . b. Suppose the price decreases from $1.50 to $1.00. The price elasticity of demand is: -1.25 .
Business
1 answer:
Bas_tet [7]2 years ago
7 0

Answer:

a. -1.25

b. -1.25

Explanation:

Price elasticity is used to measure the change in demand as a result of a change in price.

Formula is;

= % change in Quantity/ % change in Price

a. Suppose the price increases from $1.00 to $1.50. The price elasticity of demand is:

% change in Quantity using the midpoint formula;

=\frac{Q2 - Q1}{\frac{Q1 + Q2}{2} } \\\\= \frac{60,000 - 100,000}{\frac{100,000 + 60,000}{2}} \\\\= -0.5

% Change in Price using midpoint formula

=\frac{P2 - P1}{\frac{P1 + P2}{2} } \\\\= \frac{1.5 - 1.00}{\frac{1.00 + 1.50}{2} } \\\\= 0.4

= -0.5/0.4

= -1.25

b. Suppose the price decreases from $1.50 to $1.00. The price elasticity of demand is:

% change in Quantity using the midpoint formula;

=\frac{Q2 - Q1}{\frac{Q1 + Q2}{2} } \\\\= \frac{100,000 - 60,000}{\frac{100,000 + 60,000}{2}} \\\\= 0.5

% Change in Price using midpoint formula

=\frac{P2 - P1}{\frac{P1 + P2}{2} } \\\\= \frac{1.00 - 1.50}{\frac{1.00 + 1.50}{2} } \\\\= -0.4

= 0.5/-0.4

= -1.25

You might be interested in
Henson company applies overhead on the basis of 120% of direct labor cost. job no. 190 is charged with $120,000 of direct materi
Marizza181 [45]
Total manufacturing costs=direct material+direct labor+manufacturing overhead

Calculate direct labor
Let direct labor be x
120%=1.2
1.2x=180000
Divide both sides by 1.2
X=180,000÷1.2
X=150,000 direct labor

Total manufacturing costs=
120,000+150,000+180,000
=450,000...answer

Hope it helps!
5 0
2 years ago
Workers who are not good team members might cause ______. A. Increased quality b. Reduced management c. Increased self-esteem d.
adoni [48]

From the given choices for the question, the best answer would be (C) reduced productivity.

When there is a worker who isn’t a good team member in a group, the productivity of the entire group would be decreased. For example, if the worker doesn’t contribute his or her share of work, that would impact the group’s work tempo in completing the assigned goal.

7 0
2 years ago
Read 2 more answers
2. Gross domestic product that has been adjusted for inflation is known as
JulsSmile [24]

Answer:

GDP

Explanation:

4 0
2 years ago
Drag the tiles to the correct boxes to complete the pairs. Match each law with its benefit for consumers. Economic Growth and Re
kow [346]

Answer:

1. Economic Growth and Regulatory Paperwork Reduction Act - <em>Consumer has less paperwork to go through to buy a new house</em>

The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) is a law that requires that the regulatory bodies of Federal Deposit Insured Corporation insured institutions such as banks and savings organisations review the documents they require from said banks to see if there are any unnecessary requirements needed. This will translate to fewer  paperwork for the customers of such banks who for instance seek a mortgage to buy a house.

2.  Fair Credit Reporting Act - <em>Consumer disputes financial information reported to a credit scoring company</em>

The Fair Credit Reporting Act (FCRA) gives consumers the right to dispute the information reported to a credit scoring company. It also regulates how these companies are allowed to collect and share the acquired data.

3. Federal Deposit Insurance Act - <em>The FDIC has the right to review companies for consumers</em>

4. Children's Online Privacy Act - <em>Consumer refuses to provide their five-year-old child's financial data to a company.</em>

The Children's Online Privacy Protection Act was passed in 1998 as a means to allow parents to determine what information about their children that websites can collect. Children in this case refers to people under the age of 13.

5 0
2 years ago
Daniel Kipper is a produce farmer in northern California. His major customers are grocery stores in the Midwest. Daniel's produc
Scrat [10]

Answer:

The correct answer is A. Trucks.

Explanation:

To think about transport is to think of trucks. Ground transportation is omnipresent in our lives and roads and trucks are its backbone. But ground transportation has many different forms, which translates into very different types of vehicles. Depending on the type of merchandise to be transported, the dimensions or structure of the vehicle, we must choose the one that best suits our needs.

In land transport, the shape and equipment of trucks make them more appropriate for some types of shipments or materials.

Canvas truck (or tauliner) : This type of trailer is the most common and its semi-trailer is covered by the sides and above with tarps, which can be removed. This allows you to be very comfortable for loading and unloading and can be adapted to a large number of materials, as well as being suitable for transporting products that are difficult to load.

Open platform : In this case the platform where the load goes is open (although it may be partially covered by the sides depending on the merchandise and the possibility that it moves). Although it also offers many options, it is usually used for heavy goods, construction, etc.

Refrigerators : As the name implies, refrigerators are the trucks in charge of transporting the merchandise to be transported refrigerated by land. Depending on whether they have cold generation systems or only insulation with the outside they can be refrigerators, refrigerated or isothermal. Food is the most common customer of this type of vehicles.

Although they are less frequent, there are also calorific trucks to keep the temperature above a certain number of degrees.

Tank : Very common ADR merchandise, tanks are used to transport liquid, gaseous and chemical products, which have particular safety requirements.

Closed : closed trucks, as opposed to tarpaulins, have a rigid structure in the cargo compartment. This means that they can only be loaded from the rear, while the canvas ones can also be loaded from the sides. They are vehicles commonly used for urban delivery and parcel delivery, although there are also closed box trailers.

Car holder : These trucks are specifically designed for land car transport. There are two models of car carriers: the open, which is the most common, and the closed. The latter does not allow vehicles to be seen from outside and is sometimes used to transport the most expensive cars.

Cage Truck : Cage trucks are used to transport live animals. To do this, they have part of the sides or roof open so that air reaches the animals and there is sufficient ventilation.

Containers : The containers are watertight cargo structures, which allows them to protect the merchandise from the weather. They are used for multimodal transport and to facilitate loading and unloading of container ships.

The infinity of materials to transport makes the variety of trucks continue and is very long: hopper (often used for earthmoving), stakes (log transport, among others), concrete mixer, armored (money movements), vehicles special for heavy machinery and a long etcetera.

5 0
2 years ago
Other questions:
  • Which one of these will most likely require a specialized inspection?
    8·2 answers
  • Last year, Joan bought 50 pounds of hamburger when her household’s income was $40,000. This year, her household income was only
    6·1 answer
  • Wanda Workout stopped at the local store to purchase a drink after her strenuous jog that morning. She purchased a large drink f
    8·1 answer
  • As the manager of Margarita Mexican Restaurant, you must deal with a variety of business transactions. Provide an explanation fo
    13·1 answer
  • Tina's Track Supply's market-to-book ratio is currently 4.5 times and PE ratio is 10.5 times. If Tina's Track Supply's common st
    12·1 answer
  • what's the present value of a 4-year ordinary annuity of $2,250 per year plus an additional $1,550 at the end of year 4 if the i
    5·1 answer
  • Blue Company purchased 60 percent ownership of Kelly Corporation in 20X1. On May 10, 20X2, Kelly purchased inventory from Blue f
    10·1 answer
  • Dake Corporation's relevant range of activity is 2,000 units to 6,000 units. When it produces and sells 4,000 units, its average
    11·1 answer
  • The employees of Eco Engineering Inc. share company-related resources among multiple computers without requiring a central netwo
    14·1 answer
  • The first step in the decision-making process requires you to do what?
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!