The following graph shows the market for widgets in a local hardware store.
a) identify whether the price of widgets from $8 to $7 is elastic, unit elastic, or enelastic. Explain.
b) what is the price of widgets that maximize the hardware store’s revenue? Explain.
c) The price of widget is $9. If the hardware store wants to increase its revenue, how should it change the price? Explain.
d) using the midpoint formula, calculate the price elasticity of demand for widgets when price increases from $7 to $8. Identify the coefficient as elastic, unit elastic or inelastic.
e) using the midpoint formula, calculate the price elasticity of demand for widgets when price decreases from $6 to $5. Identify the coefficient as elastic, unit elastic or inelastic.
f) based on the scenario in part E, how does the decrease in price affect the hardware store’s revenue?
Answers
From the information given, the price of widgets is price elastic. This is because a reduction in price translated to change in revenue.
What is the explanation for the above?Note that
Price of widgets= $8
Recall that
Total revenue = P*Q; thus
= 8*12
= $96
Where price is $7;
Therefore,
Total revenue(TR) is derived as;
= 7 x 16
= $112
Hence, the fall in price led to a rise in TR. This means that the demand is price elastic.
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Related Questions
How was Greek society organized politically? What were the most important city-states?
Answers
Answer:
Greece is a parliamentary representative democratic republic, where the President of Greece is the head of state and the Prime Minister of Greece is the head of government within a multi-party system. Legislative power is vested in both the government and the Hellenic Parliament.Some of the most important city-states were Athens, Sparta, Thebes, Corinth, and Delphi. Of these, Athens and Sparta were the two most powerful city-states.In ancient Greece, the social system started off fairly simple. Athenian society was ultimately divided into four main social classes: the upper class; the metics, or middle class; the lower class, or freedmen; and the slave class. The upper class consisted of those born to Athenian parents.Explanation:
:)
Word Bank
Rocks formed deep
underground while under extreme
temperature and pressure
A. Sedimentary
rock
B. Metamorphic
rock
2.
Rocks formed when super-heated
magma or lava cools and hardens
6. Igneous rock
B.
Rocks formed by the processes of
deposition, compaction, and
cementation
Answers
2. Igneous rock
3. Sedimentary rock
Article I, Section 8, Clause 11 of the U.S. Constitution grants Congress the power to declare war. This is an example of: *
Answers
The correct answer to this open question is the following.
Although there are no options attached we can say the following.
Article I, Section 8, Clause 11 of the U.S. Constitution grants Congress the power to declare war. This is an example of the Powers of the legislative branch or Congress, also known as the Expressed powers of Congress. These powers are established by the United States Constitution.
The US Constitution has 27 expressed powers. Among the most important is the power to create legislation, the power to declare war, the ówer to borrow money, the power to tax, the power to coin money in the American territory, the power to regulate trade between the states and foreign trade, among others.
Direction: choose the letter of the best answer
1. Which of the following groups would contain the largest number of organisms? a. Class
b. family
c. Genus
d. Order
2. If two organisms are in the same phylum, they must also be in the same:
a. Order
b. Class
c. species
d. kingdom
3. These group of organisms can survive on extreme conditions
a. Fungi
b. Eubacteria
c. Archaebacteria
d. Anaerobic bacteria
4. Which of the following groups would be the smallest?
a. Family
b. Genus
c. Species
d. Order
5. Which of the following is NOT a characteristic of Eukaryotes?
a. DNA in the nucleus
b. Sexual reproduction is common
c. Genome consists of few chromosomes
d. Unicellular or multicellular
Answers
Answer: 1) (a)
2)(a)
3)(d)
4)(c)
5)(a)
Explanation:
Pretend that you are an unread book. You can not come alive unless or until someone "reads you". Convince your future readers that reading you is imperative and that reading anything is essential. Start with, "Dear Reader," and write a persuasive letter outlining three reasons why reading is so important.
Answers
Answer: Dear Reader, I want to give you some reasons why reading is importance. What you know can place you where you're going to, and you can only know when you read.
Explanation:
Dear Reader, I want to give you some reasons why reading is importance. What you know can place you where you're going to, and you can only know when you read.
Here are some few reasons to consider reading more;
- Reading is a journey that makes you learn from people's experience. Reading books can help you avoid mistakes you'll make by reading people's failure and learning from them.
- You learn new things; there is nothing that can't be learnt by reading. When you read, you learn various fields of life.
- Exposure: Someone said you can travel the world by reading a book, and I concur with that, books makes you travel through people's culture and tribe.
I hope this points can make you read better than before or start reading
b) List any four current affairs of world and their effects in human life.
Answers
Answer:
you just got coconut malled...can i be the brainiest so i can coconut mall more people?
when did the proclamation of 1763 end?
Answers
hope this helps,
The Dutch, the French and the English were trading companies from
(a) America
(b) Australia
(c) Asia
(d) Europe
Answers
Answer:
(D) Europe
Explanation:
Hope that helps!
New York requires all middle school students to study American history
delegated
reserved
concurrent
Answers
Answer:
Concurrent
Explanation:
I think it may be concurrent but i could be wrong
how did many enslaved people manage to assert their humanity
Answers
Answer:
by engaging in passive resistance
An important responsibility of Georgia’s lieutenant governor is to
A. serve as speaker of the house.
B. serve as president of the senate.
C. give announcements to the public.
D. give the “state of the state” address.
Answers
Answer:
I think the answer is B second one
Answer:
B) serve as president of the senate.
Explanation:
What term refers to the governmental allocation and collection of money within the state, as well as the ways the government spends, allocates, distributes, and collects money? A. lens of scarcity B. global trade C. fiscal policy D. capital
Answers
Answer:
C
Explanation:
In order to control and influence the economy of a country, fiscal policy is the means by which a government changes its expenditure levels and tax rates. It is the sister monetary policy approach by which a central bank impacts the money supply of a country.
The correct option is C. Fiscal policy refers to the governmental allocation and collection of money within the state, as well as the ways the government spends, allocates, distributes, and collects money.
Why is fiscal policy important?The fiscal policy uses taxation to mobilize a sizable quantity of funding for its multiple objectives. Fiscal policy also contributes to stimulating the savings rate. The fiscal policy provides the private sector with sufficient incentives to increase its operations.
The use of taxation and expenditure by the government to affect the economy is known as fiscal policy. Fiscal policy is typically used by governments to encourage robust, long-term growth and to lower poverty.
Economic stability, price stability, full employment, efficient resource allocation, speeding the rate of economic development, promoting investment, and stimulating capital formation and growth are a few of the major goals of fiscal policy.
Thus, the ideal selection is C.
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who were the first civilization in india, what were they skilled at, what is a sacred river to the hindus
Answers
Answer:
Vedic civilization
Explanation:
The Vedic civilization is the earliest civilization in the history of ancient India. It is named after the Vedas, the early literature of the Hindu people. The Vedic Civilization flourished along the river Saraswati. The River Ganges, also known as the Ganga, flows 2,700 km from the Himalaya mountains to the Bay of Bengal in northern India and Bangladesh. Regarded as sacred by Hindus, the river is personified as the goddess Ganga in ancient texts and art.
what is good governance?
give me short answer plz
Answers
Answer:
A good governance is one that listens to the views of its people and does associate its self with any form of corruption
What geographic feature caused most factories to be built in the North?
Answers
Answer:
The Suez Canal is an artificial sea-level waterway running north to south across the Isthmus of Suez in Egypt to connect the Mediterranean Sea and the Red Sea. The canal separates the African continent from Asia, and it provides the shortest maritime route between Europe and the lands lying around the Indian and western Pacific oceans.
Explanation:
Which form of discrimination affected both African Americans and Mexican
Americans in Texas in the early 1900s?
A. Neither group was allowed to form social organizations.
B. Both groups were prohibited from sharecropping.
C. Both groups were kept out of labor unions.
D. Both groups were subject to Jim Crow laws.
Answers
Answer:
D:Both groups were subject to Jim Cow laws
Explanation:
I took the K-12 test
The form of discrimination that affected both African Americans and Mexicans is that both groups were ayv to Jim Crow laws. The correct option is d.
What are the Jim Crow laws?The word "Jim Crow" is a derogatory nickname for an African American and refers to state and local legislation that enforced racial segregation in the Southern United States in the late 19th and early 20th centuries.
These restrictions were still in effect in the 1960s. Although several states beyond the South had outlawed discrimination in public accommodations and voting, formal and informal segregation policies nevertheless existed in other regions of the United States. Southern laws were passed by state legislatures with a white Southern Democrat majority to revoke the political and economic advancements gained by Black Americans during the Reconstruction era.
Jim Crow laws required racial segregation in all public spaces in the former Confederate States of America's states and in some others, beginning in the 1870s.
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what are the different typhoon categories and their relationship to their speed and extent of damage
Answers
Answer:
i'm not 100% sure if im right but this is what i know
Explanation:
The wind speeds of a moderate typhoon are 85-104 kn (44-54 m/s; 98-120 mph; 157-193 km/h), while the winds of a super typhoon are 100 kn (51 m/s; 120 mph; 190 km/h). In May 2015, the term Super Typhoon was adopted and used by PAGASA for systems with winds greater than 120 kn (62 m/s; 140 mph; 220 km/h).
How often does it rain in the
Arabian Peninsula?
Answers
Answer:
Across the Arabian Peninsula, the mean annual rainfall is less than 200 mm, thus classifying the climatic conditions of the Peninsula as semi‐arid, arid and hyper‐arid ) However, the rainfall in the southwest of the Peninsula ranges from 200 to 400 mm
Explanation:
Coastal regions and some highlands, however, are subject to high summer humidity, with dew and fog at night or early morning. Rainfall throughout the desert averages less than 4 inches (100 mm) a year but can range from 0 to 20 inches (0 to 500 mm).
sorry if wrong
have a good day :)
Answer:
The rainfall amount is very low generally around 100 mm (3.9 in), and the driest areas can receive between 30 and 40 mm (1.6 in) of annual rain.
Explanation:
If the direction of the net force acting on an object is opposite to the direction of movement, the object will speed up
Answers
Answer:
Centripetal force causes an object in circular motion along a straight path. Unbalanced forces can cause an object in motion to accelerate. If the direction of the net force acting on an object is opposite to the direction of movement, the object will speed up,.
Explanation:
Which of the following was an effect of Rome's removal of the property requirement for joining the army? Slaves revolted and demanded their freedom. > O Wealthy citizens gained more power in the Senate. Poor Romans rioted and began farming public lands. Soldiers became more loyal to their general than to Rome. 25 pts D Question 2
Answers
Answer:
Soldiers became more loyal to their general than to Rome.
Explanation: Before people owned property had been allowed to join. As a result of this change, thousands of poor and unemployed citizens joined Rome's army. Because Marlus was a good general, his troops were more loyal to him than they were to Rome.
34, 25, 16, 7, -2 . . .
,
Answers
Compare and contrast life in Athens and Sparta, including government, the status of citizens, the status of women, and views of foreigners. 3 - 4 sentences
Answers
Explanation:
Athens government is a democracy, which means citizens have the power.
Athens treatment of women, woman in athens could not chosse their husbands, coudnt socialize, couldnt go out alone. They managed households and raised girls to cook and clean
Requirements to be on the council in Athens,30 + years old citizens only--no woman or slaves or foregners.
most people in Sparta they were soldiers. Sparta the city-state liked to conquer.
Athens government is a democracy, which means citizens have the power. Athens treatment of women, woman in athens could not chosse their husbands, coudnt socialize, couldnt go out alone. They managed households and raised girls to cook and clean Requirements to be on the council in Athens,30 + years old citizens only--no woman or slaves or foregners. most people in Sparta they were soldiers. Sparta the city-state liked to conquer.
I did kinda copy but i put it together for you guys
Which leader would be most suitable for "head chef in a restaurant"?
○Autocratic
○Democratic
○Laissez-Faire
Answers
Answer:
I believe that will be Laissez-Faire
Explanation:
I remember my teacher saying something similar to this question. I might be wrong though.
pls pls pls answer
What did Richard Russell and Carl Vinson have in common?
A. They strongly supported civil rights throughout their careers.
OB. They played important roles in increasing the strength of the United States military.
C. They strongly resisted the entrance of the United States into World War II.
D. They served as governors of Georgia during periods of social unrest.
Answers
Answer:
They played important roles in increasing the strength of the United States military.
Explanation:
They both served as senators and wanted to make U.S army stonger and more prepared
Richard Russell and Carl Vinson have in common as they played important roles in increasing the strength of the United States military. The correct option is (B).
Who was Richard Russell?Richard Russell played a key role in increasing the defense budget while serving as chair of the Armed Services Committee during two significant conflicts, from 1955 to 1969 and 1951 to 1953, respectively.
He supported the creation of new energy sources and wrote the National School Lunch Act of 1946, which was later reauthorized and named for Russell.
Russell co-wrote the Southern Manifesto with Strom Thurmond and advocated for racial segregation. Russell used the filibuster to prevent the passage of civil rights legislation with the support of 17 other Democratic senators and one Republican.
Therefore, Richard Russell and Carl Vinson have in common as they played important roles in increasing the strength of the United States military.
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Explain why Mexico and China are very enthused and optimistic if President
Trump is successful in implementing his economic growth plans for the U.S. Why would China be supportive of President Trump's economic growth plan in increasing wages for the middle class in the U.S.?
Answers
Answer/Explanation:
President Trump’s tax cuts provided a temporary jolt to the United States economy by putting more money into taxpayers’ pockets. The tariffs that Mr. Trump has grown so fond of may have the opposite effect.
Two new analyses show that the tariffs Mr. Trump is using to punish China, Mexico, Europe and other governments would more than wipe out any gains from his $1.5 trillion tax cut for low- and middle-income earners, leaving them with less money to spend into a consumer-driven economy. Higher earners would fare only slightly better, with their tax gains significantly eroded but not entirely washed away.
Mexico and china are entrusted and optimistic if the president is Trump is successful in implanting the economic growth plans n the US.
China wants to be supportive this decision as president trump's tax cut provides them a jolt and puts more money into the taxpayers pockets. As U.S investments are made in china is on the basis of manufacturing, finance, and wholesale. rump is punishing china and Mexico from taking Money out of America.Hence this explains that Mexico and China are interested in economic growth plans.
Learn more about Mexico and China are very enthused and optimistic.
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Why did emilio aguinaldo help the us fight the spanish in the philippines and why did his opinion of united states change after the spanish american war
Answers
Answer: He saw a possibility that the Philippines could gain independence through the war
Explanation:
Aguinaldo joined forces with U.S to fight the Spanish because he saw it as an opportunity for the Philippines to gain their independence but aguinaldo later discovered during the war that the U.S had no interest in their independence, he then withdrew his troops from the war, declared independence for the Philippines.
Why did John Calvin believe that people should lead God-fearing, religious lives?
help me and ill give you a crown
Answers
Explanation:
Because no one knows who god has chosen for salvation... The ideas of luther and calvin are similar because they both expressed that one should not cheat on their own life
Answer:
John Calvin believed that people should lead good lives because no one knows who god has chosen for salvation.
Which of the following was an effect of the printing press?
A.
Literacy declined because few people could afford the new books.
B.
Censorship increased because the church did not like the material that was being printed.
C.
Books were concentrated in areas where people could afford to print them.
D.
Printing became quicker but more costly.
Answers
Answer:
A
Explanation:
The printing press was the most important invention in human history. It ushered in the enlightment age.
what is good governance?
give me short answer plz
Answers
Answer:
In international development, good governance is a way of measuring how public institutions conduct public affairs and manage public resources in a preferred way. Governance is "the process of decision-making and the process by which decisions are implemented (or not implemented)".
Explanation:
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Which of the following is the best example of natural selection? A population of arctic foxes undergoes a seasonal coat color change from brown to white as soon as snow covers their habitat. Field mice born during a year with excess wheat will gain muscle mass and thus have offspring that have an increased muscle mass. Trout that are born with darker scales are better able to survive in the shadows among the river rocks.
Answers
The natural selection can be seen in trout that is of dark colors and is able to survive in the shadow of river rocks.
What is natural selection?The natural selection is an aspect of species diversity and allows for the growth and development of the species.
As the species themselves select their environments which in turn offers the diverse advantages and this natural trait to select leads to a process of natural selection. The example of the arctic fox is one such.
Find out more information about natural selection.
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