When the price of hamburgers increased from $1.50 to $2.75, the quantity demanded decreased from 375 units sold to 250 units sold. Using the midpoint method, hamburgers are said to be:

Using the midpoint method, hamburgers are said to be inelastic.

Explanation:

The mid point is measured as the required percentage variation in quantities divided by the cost percent variation.  It is thus best to utilize the midpoint approach if one need to measure change in percentage and price elasticity between two points on a curve.

Inelastic is an concept of economics that refers to the amount of a product or service that is stagnant when the cost increases. Inelastic implies that the purchasing practices of customers remain exactly the same when the cost goes up, and the purchasing habits of consumers remain constant as well when the price falls.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

mauve company permits employees to occasionally use the copying machine for personal purposes