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ceceshelby2635
06.04.2020 •
Business
The Cozy Chair Company believes it can sell 200 chairs at $200 per chair, or 300 chairs at $150 per chair. Using the midpoint formula, you can calculate that the price elasticity of demand (to the nearest tenth) for Cozy Chairs is:
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Ответ:
1.4
Explanation:
Given that
Q1 = 200
P1 = $200
Q2 = 300
P2 = $ 150
Recall that
Midpoint formula = Q2 - Q1/(Q2 + Q1)/2 ÷ P2 - P1/(P2 + P1)/2
= 300 - 200/(300 + 200)/2 ÷ 150 - 200/(150 + 200)/2
= 100/250 ÷ -50/175
= 0.4 ÷ 0.285
= 1.4
Ответ:
1.4 elastic
Explanation:
the midpoint formula for calculating price elasticity of demand (PED) is:
PED = {(Q2 - Q1) / [(Q2 + Q1) / 2]} / {(P2 - P1) / [(P2 + P1) / 2]}
PED = {(300 - 200) / [(300 + 200) / 2]} / {(150 - 200) / [(150 + 200) / 2]}
PED = (100 / 250) / (-50 / 175) = 0.4 / -0.29 = -1.4* ⇒ 1.4 price elastic
PED measures how the quantity demanded of a price changes in proportion to a change in its price:
PED > 1, price elastic, meaning that a 1% change in price will result in a proportionally larger change in quantity demandedPED < 1, price inelastic, meaning that a 1% change in price will result in a proportionally smaller change in quantity demandedPED = 1, price unit elastic, meaning that a 1% change in price will result in a proportionally equal change in quantity demanded*PED is measured in absolute terms.
Ответ:
B
Explanation:
All considered in your employment rate:
A, C, and D