What is the elasticity of demand for season ski passes? When the price of a season ski
Question:
What is the elasticity of demand for season ski passes?
When the price of a season ski pass is $400, buyers, whose demand curve for passes is linear, wish to purchase 10,000 passes per year, but when price falls to $380, the quantity demanded rises to 12,000 passes per year. At the original price, what is the price elasticity of demand for ski passes? Is the demand for ski passes elastic with respect to price?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (2 reviews)
Answered By
Muhammad Salman Alvi
Well, I am a student of Electrical Engineeing from Information Technology University of Punjab. Just getting into my final year. I have always been good at doing Mathematics, Physics, hardware and technical subjects. Teaching profession requires a alot of responsibilities and challenges.
My teaching experience started as an home tutor a year ago. When I started teaching mathematics and physic subjects to an O Level student. He was about 14 years old. His name was Ibrahim and I used to teach him for about 2 hours daily. Teaching him required a lot of patience but I had to be polite with him. I used to give him a 5 min break after 1 hour session. He was quite weak in basic maths and calculation. He used to do quite a lot of mistakes in his homework which I gave him weekly. So I decided to teach him basics from scratch. He used to say that he got the concept even if he didn't. So I had to ask him again and again. I worked on his basics for a month and after that I started taking a weekly test sesions. After few months he started to improve gradually. Now after teaching him for about a year I can proudly say that he has improved alot. The most important thing was he managed to communicate all the difficullties he was facing. He was quite capable and patient. I had a sincere desire to help him reach to its full potential. So I managed to do that. We had a very good honest relationship of a student and a teacher. I loved teaching him as a tutor. Now having an experience of one year teaching I can read students quite well. I look forward to work as an online tutor who could help students in solving their all sort of difficulties, problems and queries.
4.90+
29+ Reviews
43+ Question Solved
Related Book For
Principles Of Microeconomics
ISBN: 9780073517858
6th Edition
Authors: Robert Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz
Question Posted:
Students also viewed these Business questions
-
CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...
-
True or False: 1. If a small change in quantity demanded results from a huge change in price, then demand is said to be elastic. 2. A segment of a demand curve has an elasticity less than 1 if the...
-
The price elasticity of demand for oatmeal is constant and equal to 1. When the price of oatmeal is $10 per unit, the total amount demanded is 6,000 units. (a) Write an equation for the demand...
-
Question 1 Not yet answered Paints out of 1.00 P Flag question Question 2 Not yet answered Paints out of 1.00 P Flag question A project has the following activities, with specified precedents and...
-
Below is a variable costing income statement for the Wilner Glass Company, a maker of bottles for the beverage industry. For the coming year, the company is considering hiring two additional sales...
-
You have learned the importance of making sure that requirements are correctly identified. Hut how do you know when you have a correct requirement-that is, what criteria must each requirement meet in...
-
In 1940, the family of Thomas Back entered into an oil-and-gas lease with the Inland Gas Corporation. The lease held that Inland would pay to Backs family 12 cents per thousand cubic feet of gas...
-
Peninsula Candy Company makes three types of candy bars: Chewy, Chunky, and Choco-Lite (Lite). Sales volume for the annual budget is determined by estimating the total market volume for candy bars...
-
A 5-year housing project costing P500,000 is projected to give the following annual returns: Year 1 - P 75,000 Year 2 - 150,000 Year 3 - 225,000 Year 4 - 300,000 Year 5 - 350,000 Will you accept the...
-
What is the price elasticity of demand when P = 4 on the demand curve in Figure 4.4? Data from Figure 4.4 FIGURE 4.4 Calculating Price Elasticity of Demand. 20 (8/3)x(1/4) The price elasticity of...
-
Use human capital theory to explain why graduation rates for women's basketball players are so much higher than those for men's basketball players
-
Explain the difference between the terms interest rate and discount rate used in the economic analysis for determining a profitability of investment in a capital project.
-
Zimbardo details "A Ten-step Program to Resist Unwanted Influences" (p. 451 in T he Lucifer Effect ). Each of the steps - "I am mindful;" "I am responsible;" "I will be more frame vigilant;" etc. -...
-
Question 1 Provide three (3) examples of existing and emerging technologies that assist organisations with knowledge and information management. Describe for each example what kind of information...
-
1- What do you understand by self-reflection. Give a detail explanation of Self-Reflection Counseling Beliefs. Self-discovery and reflection are cornerstones of not only the counseling course, but...
-
t 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 x 0 3.05 2.04 0.34 0.63 0.95 1.60 2.27 1.60 0.44 0.75 1.13 1.82 2.20 0.56 0.54 0.86 1.32 2.18 y 1 0.28 0.18 0.32 0.38 0.46 0.35...
-
You are a Manufacturing Engineer in an aerospace company, and you are working on a task to perform an end milling operation on Titanium Ti 6 - 6 A 1 4 1 - 4 V workpiece. You are aware that Titanium...
-
In the planetary gear system shown, the radius of the central gear A is a = 24 mm, the radius of the planetary gears is b, and the radius of the outer gear E is (a + 2b). A clockwise couple of...
-
The area of a rectangle is 30 cm 2 and its perimeter is 26 cm. Find the length and width of the rectangle.
-
Diminishing marginal product explains why, as a firms output increases, a. the production function and total-cost curve both get steeper. b. the production function and total-cost curve both get...
-
Farmer Greene faces diminishing marginal product. If she plants no seeds on her farm, she gets no harvest. If she plants 1 bag of seeds, she gets 3 bushels of wheat. If she plants 2 bags, she gets 5...
-
Xavier opens up a lemonade stand for two hours. He spends $10 for ingredients and sells $60 worth of lemonade. In the same two hours, he could have mowed his neighbors lawn for $40. Xavier earns an...
-
Question 2 (a) Two wide plates are fabricated from a 4340 alloy steel. Each of these plates is then subjected to a different heat treatment to yield a different set of mechanical properties. Table...
-
QUESTION 3. (10 points) Each time an event occurs (e.g. button push), the program needs to time a duration of 0.25 seconds (using ACLK=32 KHz) and raise an interrupt when this duration elapses. Note...
-
Consider the case in which we want to sample from the following target distribution: 0.9x=0 fx(x)=0.02x=1 10.08 x = 2 and we choose to use the acceptance rejection algorithm. In particular, in order...
Study smarter with the SolutionInn App