The price of strawberries falls from $1.50 to $1.00 per carton and the quantity demanded goes from 100,000 to 200,000 cartons. use the midpoint method to find the price elasticity of demand.
The price elasticity of demand, which measures the responsiveness in the quantity demanded due to a change in price, is -2. This is computed using the Midpoint Method, and indicates that the quantity demanded is highly responsive to changes in price.
Explanation:The Price Elasticity of Demand (PED) measures how much the quantity demanded of a good responds to a change in its price. This can be calculated using the Midpoint Method, which is a more precise way of computing the elasticity when there is a change in both price and quantity.
The midpoint formula is given as: (Q2 - Q1) / ((Q2 + Q1)/2) / (P2 - P1) / ((P2 + P1)/2), where Q1 and P1 are the initial quantity and price, and Q2 and P2 are the final quantity and price.
Substituting in the given values in the problem: PED = (200,000 - 100,000) / ((200,000 + 100,000)/2) / ($1.00 - $1.50) / (($1.00 + $1.50)/2) = 666,666.67 x -1/-0.333 = -2. So the price elasticity of demand is -2. This indicates that the quantity demanded is very responsive to changes in price.
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The price elasticity of demand using the midpoint method is approximately -3.
To calculate the price elasticity of demand (PED) using the midpoint method, we use the following formula:
[tex]\[ PED = \frac{(Q_2 - Q_1) / ((Q_1 + Q_2) / 2)}{(P_2 - P_1) / ((P_1 + P_2) / 2)} \][/tex]
where [tex]\( Q_1 \) and \( Q_2 \)[/tex] are the original and new quantities demanded, and [tex]\( P_1 \) and \( P_2 \)[/tex] are the original and new prices.
Given:
- Original price [tex](\( P_1 \))[/tex] = $1.50
- New price [tex](\( P_2 \))[/tex] = $1.00
- Original quantity demanded [tex](\( Q_1 \))[/tex] = 100,000 cartons
- New quantity demanded [tex](\( Q_2 \))[/tex] = 200,000 cartons
First, we calculate the change in quantity demanded and the change in price:
[tex]\[ \Delta Q = Q_2 - Q_1 = 200,000 - 100,000 = 100,000 \text{ cartons} \][/tex]
[tex]\[ \Delta P = P_1 - P_2 = $1.50 - $1.00 = $0.50 \][/tex]
Next, we find the average quantity and average price:
[tex]\[ \text{Average quantity (AQ)} = \frac{Q_1 + Q_2}{2} = \frac{100,000 + 200,000}{2} = 150,000 \text{ cartons} \][/tex]
[tex]\[ \text{Average price (AP)} = \frac{P_1 + P_2}{2} = \frac{$1.50 + $1.00}{2} = $1.25 \][/tex]
Now we can calculate the price elasticity of demand:
[tex]\[ PED = \frac{\Delta Q / AQ}{\Delta P / AP} = \frac{100,000 / 150,000}{0.50 / 1.25} \][/tex]
[tex]\[ PED = \frac{2/3}{2/5} \][/tex]
[tex]\[ PED = \frac{2}{3} \times \frac{5}{2} \][/tex]
[tex]\[ PED = \frac{10}{6} \][/tex]
[tex]\[ PED = \frac{5}{3} \][/tex]
[tex]\[ PED \approx -3 \][/tex]
The negative sign indicates that the demand for strawberries is elastic; that is, the percentage change in quantity demanded is greater than the percentage change in price. The magnitude of the elasticity, approximately 3, suggests that for every 1% decrease in the price of strawberries, the quantity demanded increases by approximately 3%.
When a(n) ______ is disturbed by an outside explosion, it may form an accretion disk?
A nursing student is evaluating different examples of variables that influence the health beliefs and practices of clients. which scenario is an example of an external variable?
Most american female military personnel in vietnam were _____.
"Most American female military personnel in Vietnam were nurses."
What is military personnel?Military personnel refers to the member of the armed forces. Approximately 11,000 military women fought in Vietnam throughout the conflict, according to the Vietnam Women's Memorial Foundation. They were all volunteers, and 90% of them worked as Army Nurse Corps nurses. They first arrived in Vietnam in 1956. During the confrontation, five of them were slain.
There were also physicians, air traffic controllers, intelligence officers, clerks, and other personnel serving in the United States Navy Air Force and Marine Corps, the Army Medical Specialists Corps, and the United States Women's Army Corps.
Most military women in Vietnam served as nurses in the Army, Navy or Air Force Nurse Corps (Neel, 1973). About 60% arrived with less than six months active military duty service, often without any civilian or military job experience, and generally with little formal training for combat nursing.
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A retail business must strike a compromise between two main factors when setting an item's price. what are these two main factors?
Assume you are participating in your employer's direct deposit program. On payday, the employer deposits your ________ into you bank account.
how can you make yourself “visible” when telecommuting?
Contacting and talking with your co workers, keeping your name out there as well as being friendly couldn't hurt much hope this helps (:
Ford motor co. has separate divisions for passenger cars, for large trucks, and for farm products. ford is an example of an organization with
In preparing a contract to buy/sell, a broker can not put exculpatory language into:
The process of selection is limited to hiring new employees for job openings and excludes internal transfers and promotions.
a. True
b. False
Restructuring organizations to retain the most essential employees is known​ as:
There are several types of organization restructuring:
1. Downsizing
2. Starbust
3. Verticalization
4. De-layering
5. Business process re-engineering
6. Outsourcing, and
7. Virtualization
Among them, the type of restructuring to retain the most essential employees is known as de-layering. De-layering involves breaking down the typical pyramid setup into a flat organization. Its purpose is to thin out or lessen the top layer of unproductive and highly paid ‘white collar’ personnel. It promotes innovation, builds customer intimacy and increases consumer satisfaction. The main advantage is that the decision-making process becomes more effective and shorter.
What is the price elasticity of demand between $1.50 and $1.25?
The price elasticity of demand between $1.50 and $1.25, with a 10.5% change in quantity demanded and a 10.5% change in price, is -1.0, indicating unit elastic demand.
The price elasticity of demand is a measure of how much the quantity demanded of a good responds to a change in the price of that good. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. To compute the price elasticity between $1.50 and $1.25 for gasoline, the percentage changes in both quantity demanded and price are needed.
Based on the given example, if 1,000 gallons of gasoline were purchased at $4.00 per gallon and then the quantity demanded changed to 950 gallons when the price increased to $4.25 per gallon, we can use the provided information to calculate the elasticity:
Percentage change in quantity demanded: -50/975 = -5.1%Percentage change in price: 0.25/4.125 = 6.06%Price elasticity of demand: -5.1%/6.06% = -0.84This means that the demand for gasoline is inelastic since the absolute value of the elasticity is less than 1. Changes in price will have a smaller proportional effect on the quantity demanded. Meanwhile, if the price decreases from $1.50 to $1.25 and the change in quantity demanded is -10.5%, and the change in price is 10.5%, the elasticity is -1.0, indicating unit elastic demand.
Meredith is stuck in the airport on a long layover while traveling for work. She sees two Wi-Fi’s she can log onto: one says Airport Wi-Fi and the other says Free Airport Wi-Fi. She needs to sign on and pay some bills. Which Wi-Fi option should she choose?
Meredith should choose the 'Airport Wi-Fi' network as it seems more secure and legitimate for conducting financial transactions like paying bills, and she should consider utilizing a mobile VPN for additional security.
When choosing between two Wi-Fi networks, Meredith should opt for the one that appears to be more legitimate and secure, particularly when dealing with sensitive tasks such as paying bills. In this scenario, the 'Airport Wi-Fi' may be the official network, while the 'Free Airport Wi-Fi' could potentially be a less secure option or even a malicious hotspot set up by a third party to capture sensitive data. For secure transactions, she should verify the legitimacy of the network, possibly by asking the airport staff, look for networks that require a password, and consider using a mobile VPN to enhance security. Care must be taken as public Wi-Fi networks can sometimes be unsecure or compromised. Moreover, since she needs to handle financial information, the need for a secure connection is paramount.
Price discrimination prevents a monopolist from charging any price it would like to charge for a particular good?
When a business collapses only those who work directly for the business are impacted.
True or false.
Answer: False
Explanation: Share holders and buyers are also impacted.
Congratulating yourself and feeling a sense of satisfaction relates to which step in p.o.w.e.r. learning? organize evaluate work rethink
Answer:
determining the best way to accomplish your goals
Explanation:
Hi
Rico has been trying hard to get a certain building contract for his company. he talks to the government official who is managing the building contract allotment. rico promises the official a ‘treat' if he directs the contract to rico's company. rico can be found guilty of
Rico has been trying hard to get a certain building contract for his company. Rico can be found guilty of bribery.
What do you mean by the building contract?A construction contract is a written agreement between two parties that is mutually or legally binding and is based on rules and specifications. One or more property owners and one or more contractors are the two parties engaged.
Standard Form Contracts are agreements that use pre-printed, non-negotiated, standardized provisions. These are also known as "take it or leave it" contracts, "contracts of adhesion," or "boilerplate contracts."
Therefore, Rico has been trying hard to get a certain building contract for his company. he talks to the government official who is managing the building contract allotment. Rico promises the official a ‘treat' if he directs the contract to Rico's company. Rico can be found guilty of bribery.
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Discuss why customer relationship management systems help organizations achieve customer intimacy
A good example of a ______________ offense is selling alcoholic beverages to a minor
Consumption spending is $5 million, planned investment spending is $8 million, unplanned investment spending is $2 million, government purchases are $10 million, and net export spending is $2 million. what is aggregate expenditure?
Creating product assortments from several sources to serve customers would be an example of a __________ function.
The best way to focus your attention on your most important daily goals is to use a
A. master list.
B. prioritized to-do list.
C. Milestone chart.
D. PERT chart.
The best way to focus on important daily goals is to use a (B) prioritized to-do list, which allows you to list tasks and arrange them by importance.
Best Method to Focus on Important Daily Goals:
The best way to focus your attention on your most important daily goals is to use a prioritized to-do list. This method allows you to list all your tasks and then arrange them in order of importance, ensuring you address the most pressing tasks first. It helps you manage your time effectively by concentrating on the tasks that matter the most, thus preventing the less important tasks from taking over your day.
For example, you can start by listing all your tasks for the day. Label each task as important or not important, and urgent or not urgent. Tasks that are both important and urgent should be tackled first. By clearly defining task priorities, a prioritized to-do list helps you maintain a focused and organized workflow.
Using a prioritized to-do list also gives a sense of accomplishment as you get to check off completed tasks one by one. It is a simple yet powerful tool to stay organized and ensure that your energy is directed toward your most important goals each day.
Ainsley is a student at state university working toward a​ bachelor's degree in finance. in order to gain some work experience and increase her​ marketability, she has accepted a summer internship in the finance department at a pharmaceutical company. she is quite pleased with the​ pay; $15 an hour is more than other students in her cohort were receiving for their summer internships. at work she meets​ josh, a recent graduate of state university working as a middle manager in the same finance department. josh makes​ $30 an hour. on the​ job, ainsley could be described as a​ go-getter. she's engaged and​ satisfied, and always seems willing to help others. josh is quite the opposite. he often seems disinterested in his job and even has thoughts about quitting. when pressed one day about why he is​ unhappy, josh cites his pay as the main reason.​ specifically, he tells ainsley​ that, compared to managers at other pharmaceutical​ companies, he makes much less.​ "it isn't​ fair," he complains.​ "i work just as hard as they​ do, yet i​ don't make as much. maybe i should go work for the​ competition." how could someone making​ $30 an hour be less satisfied with his pay than someone making​ $15 an hour and be less motivated as a​ result?
The management task of ___ involves grouping related activities together and assigning employees to perform them.
You look up the phone number of the new pizza restaurant down the street and repeat the number silently in your head until you find a pad of paper to write it down. the process of actively repeating the number is called
Active rehearsal is the technique of repeating a phone number to transfer it from short-term to long-term memory, often supported by chunking, which organizes the information into smaller, manageable groups.
Explanation:The process of actively repeating a phone number until you can write it down is referred to as active rehearsal. This technique is a cognitive strategy employed to move information from short-term memory to long-term memory. By constantly repeating the number, you are engaging in a form of maintenance rehearsal, which helps in retaining the information in your short-term memory. This method is often reinforced by another technique called chunking, where the information is broken down into manageable bits or groups, making it easier to remember.
Another memory strategy related to this process is elaborative rehearsal, which involves linking new information to existing knowledge. For instance, associating an area code with a specific geographic location you are already familiar with.
The acronym audience serves to remind you of what to consider when analyzing an audience. in the acronym, what does the d stand for?
The acronym audience serves to remind you of what to consider when analyzing an audience, in the acronym audience D stands for demographics
An acronym is often made up of the first letter of each word in a sentence and is pronounced like a word.
Acronyms and abbreviations are condensed versions of certain words or phrases. They help to make writings simple to read and comprehend. Additionally, by reducing word repetition and helping to stick to precise word counts, they make the text easier to read.
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Many innovative technology products are released as​ a(n) _____ test to allow usage and feedback from a small number of users who are willing to test the product under​ normal, everyday conditions of use.
_____ is high when customers have many choices and low when they have few choices.
Answer: Supply
Explanation:
Supply is something that is made available for use. Also, something needed or wanted.
I guess the proper answer is supply. The quantity of goods and services to be supplied will increase as customers' choices increase.
A good business person will make arrangements for availability of various different quantity of such goods and services demanded to meet the rising choices of customers. Since there are various choices made available for the customer, sales will increase as the customer sees what he/she is willing to buy.
A bond is convertible at $20 and is purchased for $1,100. if the common stock of the issuer appreciates and is currently selling for $25 per share, what is the conversion value of the common stock?
In a group of 60 employees, some employees earn $75 per day, while others earn $100 per day. the total amount of weekly earnings for all 60 employees is $4,800. based on the information provided above, what is the ratio of employees earning $75 per day compared to those earning $100 per day?