DESIREEHANCOTTE10

28.01.2021 • 

Mathematics

Consider the following demand schedule for shoes. Price Quantity Demanded $5 385 $10 365 $15 345 $20 325 $25 305 $30 285 $35 265 $40 245 10. Suppose that the store increases the price of shoes from $25 to $30. Using the mid-point approach, calculate price elasticity of demanded.

11. Suppose that the store increases the price of shoes from $25 to $30. Based on this information, the demand curve would be classified as (select one):
a. inelastic
b. elastic
c. unit elastic

12. Suppose that when the price of laundry detergent decreases from $4.10 to $3.50, quantity supplied decreases from 260 to 180.

Using the mid-point elasticity approach, calculate price elasticity of supply.

Ответ:

teed0ll9

29.09.2022

Mathematics

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The interest rate would be 2.4%.

We start out finding the total amount he pays, including interest. 

78.40/month * 12 months * 5 years = $4704

We take off the amount of principal:
4704-4200 = 504

This is the amount of interest he pays.  Now we use the simple interest formula, I=prt:

504=4200(r)(5)

Multiply 4200 and 5:
504=21000r

Divide both sides by 21000:
504/21000 = 21000r/21000
0.024 = r
2.4% = r

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