Business, 30.06.2021 01:10 unknown6669

Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws

Answers: 1

Show answers

Answers

Answer from: 24jameb

The price elasticity of demand is -9.00.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

The table below shows the weekly demand for machine screws at the local hardware store.

Price (dollars per pack of 100 screws) Quantity (packs of 100 screws)

$5.00 0

4.50 60

4.00 120

3.50 180

3.00 240

2.50 300

2.00 360

1.50 420

1.00 480

0.50 540

0.0 600

Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws:

The explanation of the answer is now provided as follows:

New quantity = 120

Old quantity = 60

New price = $4.00

Old price = $4.50

Using the formula for calculating the starting point method for elasticity of demand, we have:

Price elasticity of demand = ((New quantity - Old quantity) / (New price - Old price)) * (Old price / Old quantity) = ((120 - 60) / (4.00 - 4.50)) * (4.50 / 60) = -9.00

Therefore, the price elasticity of demand is -9.00.

Answer from: Quest

Buy this now or get it now

Answer from: Quest

the answer is a. $209,000

Another question on Business

Business, 22.06.2019 09:30

Which of these is not a result of regular exercise

Answers: 1

Answer

Business, 22.06.2019 10:20

Asmartphone manufacturing company uses social media to achieve different business objectives. match each social media activity of the company to the objective it the company achieve.

Answers: 2

Answer

Business, 22.06.2019 10:40

At cooly cola, we are testing the appeal of our new diet one cola. in a taste test of 250 randomly chosen cola drinkers, 200 consumers preferred diet one cola to the leading brand. assuming that the sample were large enough, the large-sample 95% confidence interval for the population proportion of cola drinkers that prefer diet one cola would be:

Answers: 1

Answer

Business, 22.06.2019 13:40

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?

Answers: 2

Answer

You know the right answer?

Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a p...

Questions