If a 10% decrease in the price of one product that you buy causes an 8% increase in quantity demanded of that product, will another 10% decrease in the price cause another 8% increase (no more and no less) in quantity demanded?

Answers

Answer 1

Answer:

No

Explanation:

to determine if another 10% decrease in the price cause another 8% increase (no more and no less) in quantity demanded, we have to determine the price elasticity of demand.

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price

8% / 10% = 0.8

demand in inelastic so a 10% reduction in price would lead to a less than 8% change in quantity demanded  

Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one


Related Questions

If the Fed increases the discount rate, which of the following accurately describes the system, finally leading to a decline in money supply?
A. Excess reserves j: Reserves: Coans J: Deposits : Money supply
B. Reserves J: Excess reserves J: Loans J: Deposits ;Money supply
C LoansJ:DepositsJ:Reserves J:Excess reserves |: Money supply
D. Deposits J: ReservesJ:Excess reservesI:Loans J:Money'supply

Answers

Answer:

B

Explanation:

Reserves J: Excess reserves J: Loans J: Deposits ;Money supply

Loren has a $200 annual (calendar year) deductible on her health insurance plan. By the end of 2018, she had paid $175 in medical expenses. On January 4, 2019 she went to the doctor for the first time that year and was charged $60 for an office visit. How much of that must she pay for herself

Answers

Answer:

$60

Explanation:

Based on the information given about Loren the amount that she must pay herself will be $60 reason been that the amount of $175 she paid for her medical expenses at the end of 2018 was based on her health insurance plan, while the $60 was the amount of money she paid her self or the amount she was charge her for visiting the doctor for the first time on January 4, 2019.

Generally, deductibles are calculated on a calendar year basis. This means that, excluding copays, coinsurance, and non-covered charges, your health care bills must surpass your deductible between January and December for the insurance provider to begin paying.

Based on the information given about Loren the amount that she must pay herself will be $60 reason been that the amount of $175 she paid for her medical expenses at the end of 2018 was based on her health insurance plan, while the $60 was the amount of money she paid her self or the amount she was charge her for visiting the doctor for the first time on January 4, 2019.

To know more about health insurance plan, refer to the link:

https://brainly.com/question/1577165

Which of the following is a cloud computing element that gives a service provider the ability to dynamically allocate shared physical resources to multiple customers based on each customer's usage demand?
A. On-demand.
B. Resource pooling.
C. Measured Service.
D. Rapid Elasticity.

Answers

Answer:

B. Resource pooling.

Explanation:

-On-demand means that clients can get the service when and where they need it.

-Resource pooling refers to grouping resources to provide the service to different customers in a way in which the resources are assigned according to the demand of each client.

-Measured Service is when a company monitors the service that is providing for different purposes like billing.

-Rapid Elasticity is the ability that the company providing the service has to modify the resources according to the demand.

According to the definitions, the answer is that the cloud computing element that gives a service provider the ability to dynamically allocate shared physical resources to multiple customers based on each customer's usage demand is resource pooling.

Lawrence recently bought a brand new Bentley Mulsanne, a very expensive car, but he is suffering from buyer's remorse. He wishes he would have bought something that made a bigger impression on the ladies at the Taco Bell drive­through. Howard, however, recently purchased a pre­owned '86 Camaro with a flame job on the hood from a car dealer, and when he rolls through Taco Bell with the T-tops off, the drive-through ladies are always staring at his car and his mullet hairdo. Howard is far more satisfied with his car than Lawrence. From a marketing point of view, which of the following concepts has contributed to Howard feeling satisfied with this purchase?
a. CRM implementation
b. Howard's full partnership with his '86 Camaro
c. Perceived value of the car
d. Customer loyalty

Answers

Answer:

The marketing concept that contributed to Howard feeling satisfied with his purchase of "a preowned '86 Camaro with a flame job on the hood" is

c. Perceived value of the car

Explanation:

Howard evaluates the merits of this preowned '86 Camaro as it has the ability to satisfy his needs for winning the attention of the drive-through ladies at Taco Bell.  When he "rolls through the Taco Bell with the T-tops off the ladies keep staring at his car."  It is this attention that he needs.  And the car investment ensures that he achieves this attention from the ladies.  Howard's feeling of satisfaction is accentuated the more when compared with the less-than-impressive attention that Lawrence pools with the girls, while driving his expensive Bentley Mulsanne through the same Taco Bell.

If the Administrator were examining the actions of a particular agent to determine whether the agent engaged in churning a client's account, focus would be placed upon A) the number of complaints received relating to that agent B) the amount of profits generated in the client's account C) the client's objectives, financial resources, and the character of the account D) the length of time the account had been opened

Answers

Answer:

C) the client's objectives, financial resources, and the character of the account

Explanation:

While at the time of examining the actions of a specific agent by the administrator with respect to the commission earned would be depended upon the objective of the client, his financial resources,and the character of the account.

The character of the account represents the type of account in which the client is interest as different accounts have different commissions

So these three above objectives should be required

Hence, the option c is correct

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