![BIGMATHBOY4757](/avatars/20996.jpg)
BIGMATHBOY4757
28.02.2020 •
Business
When the price of hot dogs is $1.50 each, 500 hot dogs are sold every day. After the price falls to $1.35 each, 510 hot dogs are sold every day. At the original price, what is the price elasticity of demand for hot dogs?
Solved
Show answers
More tips
- H Health and Medicine Kinesiology: What is it and How Does it Work?...
- O Other How to Choose the Best Answer to Your Question on The Grand Question ?...
- L Leisure and Entertainment History of International Women s Day: When Did the Celebration of March 8th Begin?...
- S Style and Beauty Intimate Haircut: The Reasons, Popularity, and Risks...
- A Art and Culture When Will Eurovision 2011 Take Place?...
- S Style and Beauty How to Choose the Perfect Hair Straightener?...
- F Family and Home Why Having Pets at Home is Good for Your Health...
- H Health and Medicine How to perform artificial respiration?...
- H Health and Medicine 10 Tips for Avoiding Vitamin Deficiency...
- F Food and Cooking How to Properly Cook Buckwheat?...
Answers on questions: Business
- S Social Studies What was the significance of sergeant William carney receiving the congressional Medal of Honor...
- H History Need help on #29 and #30...
- S Social Studies Contrast the structures of different governments in terms of how many political parties each one allows. HURRY I AM TIMED...
- B Biology According to pet scan results, what do cocaine addicts process less efficiently?...
Ответ:
The correct answer is -0.2.
Explanation:
According to the scenario, the given data are as follows:
When rate = $1.50
Hot dogs sold at $1.50 = 500 units
And When rate = $1.35
Hot dogs sold at $1.35 = 510 units
So, we can calculate the price elasticity by using following formula:
Price elasticity = (%change in quantity ) ÷ ( %change in price )
Where, %change in quantity = (( 510 - 500 ) × 100) ÷ 500
= 1,000 ÷ 500
= 2
and %change in price = ((1.35 - 1.50 ) × 100) ÷ 1.50
= (-10)
So, by putting the value:
Price elasticity = 2 ÷ (-10)
= -0.2
Hence, the price elasticity of demand for hot dogs is -0.2.
Ответ:
•Pastoralism
•Horticulture