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%.
If an externality is present resulting in market failure then
Then the private benefit from consumption will will not be the same as the social benefit from consumption.
An externality is the impact of a buy or choice on a man group who did not have a choice in the occasion and whose interests were not considered. Externalities, at that point, are overflow impacts that fall on parties not generally engaged with a market as a maker or a buyer of a product or service. Externalities can be negative or positive, and externalities can come about because of either the production or the utilization of a good, or both.
Which form of business ownership is the most common in the united states? master limited partnership corporations s corporation sole proprietorship?
____ loans do not have to be repaid until after you graduate from college.
The best price index to use in calculating real gdp is
Scenario
b. at a business convention, you meet the managers of many organizations. you find that they hold different job titles. paul is the vice president for human resources at his company and amanda is the regional vice president for eastern united states at her firm. derek is the coordinator for sales and he reports to his marketing supervisor, as well as, to his department supervisor. in the context of scenario b above, paul works for a _____ organization.
Which of these statements is not true about business markets?
a. the purchase is always made by more than one individual
b. they can also be referred to as organizational markets
c. the purchase may be made to use in production of another product
d. the purchase may be made to resell the item
e. the purchase may be made to use in general daily operations?
What is especially difficult when shooting high-definition video?
Willard is driving down a toll road. Instead of stopping to pay the $0.50 toll, he drives past the toll collectors. 2 weeks later, he receives a fine of $500 for refusing to pay a toll on a toll road.
Which term BEST describes the $500 fine Willard was charged?
A) positive incentive
B) entrepreneurship
C) freedom of choice
D) negative incentive
Answer: The correct answer is choice D - a negative incentive.
Explanation: When someone is assessed a fine or a fee for not doing something the fine or fee is considered a negative incentive. Negative incentives cost a person money and leaves them worse off financially because of being required to pay.
Rules that prevent the creation and behavior of are called antitrust laws.
It's easy to get discouraged on the job when things don't work out. True or not true?
The liquidity premium on a us treasury debt security is normally considered to be
Which terms represent a vector quantity and its respective unit?
Vector quantities such as displacement, velocity, acceleration, and force include both magnitude and direction, and their units reflect the magnitude aspect, like Newtons for force. Scalars differ by having only magnitude and no direction.
Explanation:Vector Quantities and UnitsVector quantities like displacement, velocity, acceleration, and force represent more than just a size or magnitude; they also include direction. For example, the vector quantity for force is represented by the vector F, and its unit could be Newtons (N), which signifies the magnitude. The direction for vector F could then be given by an angle. Vectors are essential in fields such as physics and engineering because they describe phenomena that cannot be represented by magnitude alone, such as the direction of a force or the trajectory of a moving object.
In contrast to vector quantities, scalars only have a magnitude but no direction, such as temperature or distance. In mathematics, vectors are represented by arrows with a length proportional to the vector's magnitude and pointing in the direction of the vector, relative to a reference frame or a coordinate system.
A mineral that occurs in a quantity that is economically worthwhile to mine is called __________. an ore
its ore
you ansered it lolol
Paul suarez's checking account balance is $212.02. he owes his friend charlie moore $37.00. he owes his mother $35.00 and his father $15.00. if paul writes checks to all three people, what is the new balance he should have in his check register?
If you subtract $37.00, $35.00, and $15.00 from $212.02 then you will get $125.02 the new balance he should have in his check register
What is the Balance?Equilibrium or equipoise; an even distribution of weight, quantity, etc.; a counterpoise employed to establish equilibrium. stability of the mind or the emotions; a propensity for calm behavior, judgment, etc. a condition of balance in the body: He dropped down the steps after losing his footing.
A check register is a record of all transactions made in your bank account, together with a running balance that shows how much cash is available for withdrawal.
The journal that keeps track of all the checks, cash, and cash outlays made during an accounting period is referred to as a check register, also called a cash disbursement diary. A check register typically contains the dates, check number, payer information, account names, credit, and debit amounts, and payer information.
Therefore, Thus option ( B) is correct.
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A list of sources used in your presentation is called the
to have demand, what must you have a) a desire for the item. b) the ability to pay for the item. c) the desire and the ability to pay for the item. d) a basic need and a constant supply of the item.
Suppose the albedo of a planet is measured to be 40 percent. this means that:
True or false? the major advantage of a mass market strategy is recognizing people's differences in shopping patterns.
If real rates were higher than nominal rates in 2009, the implication is that
Bundling is expected to provide greater profits when the two bundled goods are: i. substitutes. ii. goods that have high fixed costs and low marginal costs. iii. very close complements.
Bundling is expected to provide great profits if the two bundled goods are;
· They are goods that has fixed cost that are high and has a marginal cost that are low
· They have complements which are close
- Bundling is considered to be a strategy in marketing that is responsible of having to join or put together products or services that produces them to be a single unit that are combined.
Tate and Anna have two children who need orthodontic treatment of braces and retainers, which insurance should they purchase?
Tate and Anna should search for dental insurance that covers orthodontic treatment like braces and retainers, comparing plan costs and coverage details to find the best option for their family's needs.
Tate and Anna are looking to purchase insurance for their children who require orthodontic treatment such as braces and retainers. They should consider looking for a dental insurance plan that covers orthodontics, which often includes braces and retainers. These plans are specifically designed to reduce the financial burden on families as they navigate the often costly journey of orthodontic care. It is important for them to compare different plans and find one that offers a significant amount of coverage for orthodontic procedures, taking into account the premiums, out-of-pocket maximums, and any deductibles. Market prices for these insurance plans can act as vital signals that help Tate and Anna assess the value and cost-effectiveness of the coverage in light of their family's needs.
John prints parking passes for the baseball stadium a week in advance. Three home games are scheduled next week. The stadium parking lot holds 15,000 vehicles. How many parking passes does John need to print?
the answer is: 45,000 parking passes
Total number of vehicles that the stadium can hold = 15,000 vehicles.
Since the match happen in different days, John need to print the parking passes 3 times for each dates.
This means that the amount of parking passes that john need to print:
15,000 x 3
= 45,000 parking passes
Summer lay-by and christmas were two occasions in which ______ could look forward to for recreation and relaxation.
The ability and willingness to sell specific quantities of a good at alternative prices in a given time period, ceteris paribus is the definition of
The phrase 'the ability and willingness to sell specific quantities of a good at alternative prices in a given time period, ceteris paribus' refers to the concept of supply in economics. It illustrates how quantity supplied is influenced by price under the assumption that all other factors remain constant (ceteris paribus). Changes in other variables can shift the supply curve, altering the quantity supplied at any given price.
The ability and willingness to sell specific quantities of a good at alternative prices in a given time period, ceteris paribus, is the definition of supply. The concept of ceteris paribus, or 'holding all else constant', is crucial in understanding supply, as it allows us to isolate the effect of price changes without the complications of other variable factors which might influence supply. Therefore, if other variables such as technology or input costs change, the supply curve itself could shift, reflecting a change in the quantity supplied at every price level.
Key Takeaways
The quantity supplied is determined by the price and is the amount sellers are willing to offer in the marketplace.
Ceteris paribus is essential when considering the relationship between price and quantity supplied, as it implies a simplification where other factors are held constant.
Changes in other factors, like input costs or technology, would shift the supply curve, indicating a different quantity supplied at the same price.
A _____ economy is based on personal choice.
Answer:
A Market economy is based on personal choice.
Explanation:
Edge 2021-2022
Kali owns dog trotters, a dog-walking business that she started to earn money after school and supplement her allowance. she planned to keep all the profits, and has kept things simple by putting a flier on the bulletin board at the local grocery store announcing that she was available to provide this service. kali's business is a:
Kali’s business is considered to be sole proprietorship. This type of business is where one person handles the business that he or she owns and that he or she is liable with the debts and in running the business that he or she owns or has established.
A price cap regulation is often combined with _______ in case the regulator sets the cap too high.
The one that the price cap regulation is being combined with when there is in case of regulator sets the cap too high is the earning sharing regulation. The earning sharing regulation is a way of having the regulator of allowing its operator of having their portion in which can be some of it to be kept as these are also earnings that it gains from its market.
Final answer:
A price cap regulation, where regulators set a maximum price that a firm can charge, is often paired with measures to prevent regulatory capture, especially if the cap is set high. This allows firms to potentially earn higher profits if they can reduce costs and thus incentivizes efficiency.
Explanation:
A price cap regulation is often combined with mechanisms to prevent regulatory capture, as this is a concern if the cap is set too high. Price cap regulation is a method where a regulator sets a maximum price that a firm can charge over a period of time, often with the requirement that the price decreases slightly over time. This incentivizes a firm to reduce costs and increase efficiency. Contrarily, regulatory capture occurs when the industries that are meant to be regulated end up heavily influencing the regulation to their benefit, often through the promise of future employment for the regulators. In order to ensure a balance and prevent firms from benefiting unduly from high price caps, these regulations may be supplemented with comparisons to market prices in other areas, and periodic reviews based on firm performance.
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Explain the difference between mandatory and discretionary spending? provide an example of each kind of spending"
Answer:
Medicare- net interest payment
Defense- discretionary spending
Debt- mandatory spending
Explanation:
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Q 8.20: foti co. accepts a $1,000, 3-month, 12% promissory note in settlement of an account with bartelt co. the entry to record this transaction is as follows: