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the first term represents the % change in quantity and the second term represents the % change in price
% change in quantity = (100-120) / (220/2) = -2/11 x 100 = -18.1818%
% change in price = (7-5) / (12/2) = 33.3333%
price elasticity = 18.1818/33.3333 = 0.55
Note that the price elasticity is usually taken as an absolute value.
The price elasticity of demand is calculated using the midpoint method and comes out to about 0.55. This indicates that the demand is inelastic as the elasticity is less than 1.
Explanation:We need to use the midpoint method to calculate the price elasticity of demand. The formula to do this is the percentage change in quantity demanded divided by the percentage change in price using the midpoint as the base for both the price and quantity. We have two price points: at $5 the quantity demanded is 120 units, and at $7 the quantity demanded is 100 units.
The percentage change in quantity demanded is calculated as follows:
Change in quantity demanded = 120 - 100 = 20 unitsAverage quantity = (120 + 100) / 2 = 110 unitsPercentage change in quantity demanded = (20 / 110) x 100 = 18.18%The percentage change in price is calculated as:
Change in price = $7 - $5 = $2Average price = ($7 + $5) / 2 = $6Percentage change in price = ($2 / $6) x 100 = 33.33%Now we divide the percentage change in quantity demanded by the percentage change in price to find the elasticity:
Price Elasticity of Demand = 18.18% / 33.33% = 0.5454 or approximately 0.55.
Therefore, the price elasticity of demand is about 0.55, which matches option d.
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Related Questions
Assume that in 2014, an 1871 $20 double eagle sold for $17,000. what was the rate of return on this investment?
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A = $17,000, the value in the year 2014
t = 2014 - 1871 = 143 years, the duration.
Let r = the yearly return on the investment.
If we assume that the compounding is performed yearly, then
P(1 + r)¹⁴³ = A
That is,
20(1 + r)¹⁴³ = 17000
(1 + r)¹⁴³ = 850
[tex]1+r=850^{1/143}= 1.0483[/tex]
r = 0.0483 = 4.83%
Answer: 4.83%
Which browsers are preferred when completing sam activities? (choose all that apply)?
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There is also minimum interference from the browser side.
These are two most used browsers in today's world. And SAM works very perfectly in these browsers as long as popups are allowed.
Debra notes that theo chocolate has started holding its own operations to the same imo standards of fair trade to which it holds its suppliers. this type of sends a powerful message to employees and customers.
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Theo Chocolate upholding fair trade standards imbibes ethical practices, nurturing equitable and sustainable relationships in the global trade system, highlighting the importance of fair trade in achieving corporate social responsibility and alignment with broader societal objectives.
Explanation:The concept under discussion here is fair trade and its application within a company's own operations, as well as its supply chain. By adhering to fair trade standards, Theo Chocolate is committing to ethical business practices that are typically designed to support sustainable development and offer better trading conditions to marginalized producers and workers in developing countries. This approach directly benefits farmers and their families by ensuring they receive fair prices and wages, contributing to community development and environmental sustainability.
By holding itself to the same International Fair Trade (IMO) standards it requires of its suppliers, Theo Chocolate sends a message that it values corporate social responsibility and is willing to participate actively in creating equitable global trade relationships. This has far-reaching implications on their brand, customer loyalty, and employee engagement, and also connects with wider societal goals like those outlined in the Sustainable Development Goals for improving conditions in developing countries.
Companies like Fairtrasa are highlighted as they not only emphasize fair trade but also the empowerment of women and sustainable agricultural practices. Thus, this discussion encompasses the impact of fair trade on ethical production, environmental considerations, and social benefits.
One of your customers is delinquent on his accounts payable balance. you’ve mutually agreed to a repayment schedule of $750 per month. you will charge 1.9 percent per month interest on the overdue balance. if the current balance is $18,000, how long will it take for the account to be paid off?
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Using the PVA equation: PVA =C({1 – [1/(1 +r)t]} /r
$18,000 = $750{[1 – (1/1.019) t] / 0.019}
Then solve for t:
1/1.019t= 1 − {[($18,000)/($750)](0.019)}
1/1.019t= 0.544
1.019t= 1/(0.544) = 1.838
t= ln 2.193 / ln 1.019 = 32.34 months or 2.7 in years
Calculating the time it takes to pay off a loan with a monthly repayment and interest requires applying the formula 'balance = balance - repayment + (balance x interest)' in an iterative process until the balance equates to zero. This usually requires software or spreadsheet tools as it is not a straightforward mathematical operation.
Explanation:This question pertains to the field of finance mathematics, particularly involving loan repayment with interest. To answer it, we need to factor in the repayment amount, the interest rate, and the current balance. In this case, the borrower has agreed to pay $750 per month on the $18,000 balance, with an interest rate of 1.9% per month.
Given that the loan amount is being reduced by the repayment amount minus the interest added each month, we need to apply an iterative process using the formula: 'balance = balance - repayment + (balance x interest)', until the balance equates to zero.
However, this would require specific mathematical software or spreadsheet calculations, as it involves iterative procedures rather than a simple mathematical formula. In practical terms, a person trying to calculate this in a real-world situation might use an online loan calculator or consult with a financial adviser.
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What is one of the best indicators of the momentum for continued population growth?
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Explanation: Continues population increases as a result of a large segment of a population being young. this generation will produce more children than their parents generation
Melissa is the supervisor of customer service and she directly oversees the work of four customer service specialists. melissa would be categorized as a(n) _______ manager.
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"a good with many substitutes will have a _____ curve that is relatively _____ elastic than a good with few substitutes."
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The rise of internet marketing has become particularly important in doing business in the b2b markets.
a. True
b. False
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One way to avoid _______ is to choose a large enough sample size.
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One way to avoid researcher bias is to choose a large enough sample size. Researcher bias is also known as experimenter bias.Researcher bias is a method or process in which to present a certain results, scientists performs the research that influenced upon the result.
A researcher randomly assigns 50 students to two groups of 25. group 1 is given computers and educational software to take home and use, while group 2 is given educational workbooks to take home. two months later, the researcher gives each group standardized achievement tests. what is the research design?
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A company that finds itself “stuck in the middle” between a low cost strategy and a differentiation strategy can utilize value innovation to push toward or past the efficiency frontier. consider the example of eddie bauer in the text. how might the company introduce a value innovation to move closer to the efficiency frontier?
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Answer:
It must find a way to reduce its costs without sacrificing style and other elements of its differentiation
Explanation:
The company needs to move along the low-cost axis to a place where it can be profitable, while still appealing to the same customer set with its current level of differentiation.
General mills partnered with weight watchers to develop progresso light soups, the first consumer packaged product in any grocery category to carry the weight watchers endorsement with a 0 points value per serving. this is an example of
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General Mills partnering with Weight Watchers to develop Progresso Light soups is an example of a strategic alliance or brand collaboration in the business world.
Explanation:This partnership between General Mills and Weight Watchers to develop Progresso Light soups is an example of brand collaboration or strategic alliance in the business world.
Brand collaborations occur when two or more companies work together to create a product or service that combines their expertise and resources. In this case, General Mills, the producer of Progresso Light soups, partnered with Weight Watchers, a well-known weight management program, to develop a soup that aligns with the Weight Watchers program's principles and carries their endorsement.
This collaboration is aimed at attracting health-conscious consumers who are following the Weight Watchers program or are looking for low-calorie options.
What are the effects of intentional virus setting?
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Intentional virus setting leads to several negative effects including system disruption, data loss, and unauthorized information access. Some viruses cause continuous damage, affecting the overall system operation. Protection against these viruses comes in the form of antivirus software.
Explanation:Intentional virus setting, that is, intentionally releasing or creating a computer virus, leads to several detrimental effects on both individual computer systems and broader networks. Initially, viruses, similar to biological viruses, follow the method of attachment, penetration, uncoating, replication, assembly, and release
Viruses primarily cause disruption in normal system operations, data loss, and unauthorized access to system information. In severe cases, computer viruses can render systems non-functional. They typically do this by attaching themselves to host programs and executing code when the user launches the infected program. The damage inflicted varies - a virus can be relatively harmless, merely displaying a message, or potentially catastrophic, deleting data or causing system crashes.
Furthermore, some computer viruses called 'oncogenic viruses', like their biological counterparts, can cause continuous damage over time. These viruses can introduce changes at a system level, affecting the overall operation of the computer. Malware and ransomware are examples of such damaging computer viruses.
Finally, just like in biology, vaccines (in this case antivirus software) are used to prevent the virus from damaging the system. Antivirus software can identify and neutralize viruses before they can infect the system, providing a vital protection layer.
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Conversion cost per unit equals $6. total materials cost equal $90000. equivalent units of production for materials are 10000. how much is the total manufacturing cost per unit?
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The total manufacturing cost per unit is calculated by adding the material cost per unit ($9) to the conversion cost per unit ($6), which results in a total manufacturing cost per unit of $15.
Explanation:To find the total manufacturing cost per unit, you need to add together the cost of materials and the conversion cost per unit. The question has given us the total materials cost ($90,000) and the equivalent units of production for materials (10,000 units), as well as the conversion cost per unit ($6).
First, you calculate the material cost per unit by dividing the total materials cost by the equivalent units of production for materials:
Materials Cost per Unit = Total Materials Cost / Equivalent Units of Production for Materials
Materials Cost per Unit = $90,000 / 10,000 units
Materials Cost per Unit = $9
Next, you add the conversion cost per unit to the materials cost per unit to get the total manufacturing cost per unit:
Total Manufacturing Cost per Unit = Materials Cost per Unit + Conversion Cost per Unit
Total Manufacturing Cost per Unit = $9 + $6
Total Manufacturing Cost per Unit = $15
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the part of the twist drill that is held in an electric drill chuck is the
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The shank is the part of a twist drill bit that is held in an electric drill chuck, offering a secure connection between the drill bit and the drill to prevent the bit from slipping during use.
Explanation:The part of the twist drill that is held in an electric drill chuck is known as the shank. The shank is the section of the drill bit that is gripped by the chuck of a drill. The purpose of the shank is to provide a secure connection between the drill bit and the drill, ensuring that the bit does not slip during drilling operations. There are different types of shanks, such as straight shanks and hexagonal shanks, each designed to fit into specific types of chucks. Understanding the importance of the shank is crucial for choosing the right drill bit for the task at hand, whether it be for woodworking, metalworking, or masonry.
As vp of sales and marketing, debra is very interested in the likely impact of corporate social responsibility (csr) on customers’ willingness to buy theo chocolate products. she asks you for your opinion. what do you tell her? check all that apply.
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Corporate Social Responsibility (CSR) can have a positive impact on customers' willingness to buy Theo Chocolate products through enhanced brand reputation, increased customer loyalty, and attracting conscious consumers.
Explanation:As the VP of Sales and Marketing, Debra is right to be interested in the likely impact of Corporate Social Responsibility (CSR) on customers' willingness to buy Theo Chocolate products. CSR refers to a company's initiatives to operate in an ethical and sustainable manner, taking into account the social and environmental impacts of its activities. Implementing CSR practices can have several positive effects on customers' willingness to buy a company's products:
Enhanced brand reputation: When customers see that a company is committed to CSR and making a positive impact, it can enhance the brand's reputation and build trust with customers. This can make customers more willing to support the company by buying their products.Increased customer loyalty: Customers who align with the values and ethical practices of a company are more likely to develop a sense of loyalty and continue buying their products. CSR initiatives can help in building that emotional connection and loyalty with customers.Attracting conscious consumers: Many consumers are becoming more socially and environmentally conscious in their purchasing decisions. By implementing CSR practices, companies can attract these conscious consumers who prioritize products from companies that align with their values.Overall, by prioritizing CSR, Theo Chocolate can not only positively impact society and the environment but also gain a competitive edge by attracting and retaining customers who value sustainability and ethical practices.
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bailee had a gross income of $2358.33 during each pay period in 2009. if she got paid monthly, how much of her pay was deducted for FICA in 2009?
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Answer:
She got deducted $2164 for FICA in 2009.
Explanation:
FICA's deductions are as follows:
6.2% for Social Security
1.45% for Medicare
So, over the yearly payment, there is a 6.2+1.45 = 7.65% deduction.
Bailee's yearly payment is:
2358.33*12 = 28299.96.
How much of her pay was deducted for FICA in 2009?
28299.96*0.0765 = 2164.95.
She got deducted $2164 for FICA in 2009.
What factors might be considered when creating a tax that is considered fair by most people in a society? explain?
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(table: pumpkin market) there are two consumers, andy and ben, in the market for pumpkins. their willingness to pay for each pumpkin is shown in the table pumpkin market. there are two producers of pumpkins, cindy and diane, and their costs are also shown. the equilibrium price for pumpkins is $8 and the equilibrium quantity is 5. at the equilibrium price and quantity, total consumer surplus is:
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From the table, we can actually see that:
Andy’s willingness to pay = $ 8
Ben’s willingness to pay = $ 7
So a total of $ 15. Since the equilibrium quantity is 5, therefore the surplus is:
$ 10
Final answer:
The question seeks to calculate the total consumer surplus in a pumpkin market at an equilibrium price of $8 and quantity of 5, which involves understanding consumer savings compared to their willingness to pay.
Explanation:
The question involves understanding the concepts of Consumer Surplus, Producer Surplus, and Social Surplus within the context of a hypothetical pumpkin market with two consumers (Andy and Ben) and two producers (Cindy and Diane). The equilibrium price is given as $8, and the equilibrium quantity is 5. To calculate the total consumer surplus at this equilibrium, we need to look at the area above the equilibrium price and below the demand curve, representing the difference between what consumers are willing to pay and the market price they actually pay. The provided information, however, lacks specific details about individual willingness to pay and costs, preventing us from calculating an exact total consumer surplus figure. Instead, the explanation focuses on the general principle that consumer surplus is the area of savings consumers experience by paying the equilibrium price rather than their maximum willingness to pay.
The task environment of top-notch sewing consists of just two groups, customers and stockholders, who give the employees and management of top-notch the daily tasks that the company's employees will handle.
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Final answer:
The concept of task environment in businesses relates to the various stakeholders influencing a company's daily operations. Modern businesses divide tasks among different roles to maintain efficiency and have economic connections with outside entities. This affects the company's ability to thrive in a competitive market.
Explanation:
The student's question revolves around the concept of task environment in businesses, specifically referring to Top-Notch Sewing. This environment includes various stakeholders, notably customers and stockholders, who influence the daily tasks of the company's employees and management. To understand this, it's essential to recognize how modern businesses are structured and the way they divide tasks among employees to achieve efficiency and maintain strong economic connections with other entities like suppliers and partners.
Within the task environment of a business, like the example of a restaurant, there is a division of labor ranging from highly skilled positions such as top chefs to less-skilled positions including kitchen help and janitors. Each role contributes to the overall function of the business, and effective management of these tasks is critical to the company's success. Similarly, more complex businesses, such as manufacturing factories or hospitals, may have hundreds of job classifications, each with specific responsibilities that support the broader organizational goals.
The economic connections between a business and its external entities, such as suppliers and stockholders, also play a crucial role in the task environment. These relationships impact the daily operations, resource availability, and ultimately, the sustainability of the business in the competitive market.
Imari brown is attending community college. she has 1000 of educational expenses. she claims herself on her tax return. she is trying to decide between the tuition and fees deduction or an education credit. if imari is in the 15% bracket, which should she chose
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In the marketing mix, place includes ________.a. advertising
b. packaging
c. logistics
d. sales promotion
e. discounts
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In marketing mix, place includes letter a, advertising. It is because a marketing mix is where a company influence its own consumers into having their products that they sell to be sold or purchase with the use of factors that they control and one of example of that is advertising.
Final answer:
In the marketing mix, 'place' includes logistics, which involves distribution channels and transportation that facilitate the movement of products from the manufacturer to the consumer.
Explanation:
In the marketing mix, 'place' refers to how a product is distributed and how it reaches the customer. Among the offered choices, place includes c. logistics. This component covers the distribution channels, transportation, warehousing, and logistics that move the product from the manufacturer to the consumer. 'Place' in the marketing mix can also refer to the strategic positioning of a business's location to gain advantages in attracting customers, as seen in the example of a gas station at a busy intersection selling more gas due to high visibility and traffic flow.
Why does a stock dividend require a formal journal entry in the financial accounting records when a stock split does not?
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Someone may choose to own a car instead of leasing because
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Will get it dirty
Dont want to go through the process every few years
Explain the advantages of a trade agreement and how it might impact a company like red fish-blue fish.
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Describe an advertisement you've seen that uses a desire-based marketing message. what desire does this ad appeal to? tip: this can be any type of ad, such as a tv commercial, a radio ad, a magazine ad, a billboard, an internet ad, or another type of ad. (2-4 sentences)
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Understanding market segmentation is an important step in formulating business-level strategies because:
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Overtime, the nature of business’s relationship with its stakeholders often:
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For example, during initial investment, the Stakeholders may not expect any return so the company could focus all of its capital on growth.
In later stage, the stakeholders tend to demand more profit from the company as the exchange for the investment that they made in the past.
When joseph, a restaurant manager, plans, he sets goals and then decides how to achieve them. this is the definition of planning?
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The government imposes a $2.50 per-unit tax on the production of good x. as a result the