When the price of flour was $10 per unit, total spending on flour was $100,000 per day.
Question:
When the price of flour was $10 per unit, total spending on flour was $100,000 per day. When the price of flour fell to $8 per unit, total spending on flour rose to $125,000 per day. In this price range, the demand for flour is
a. Perfectly inelastic.
b. Inelastic.
c. Elastic.
d. Unitary elastic.
e. Perfectly elastic.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (4 reviews)
To determine the elasticity of demand for flour in this price range we can use the following form...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Introduction To Economics Social Issues And Economic Thinking
ISBN: 9780470574782
1st Edition
Authors: Wendy A. Stock
Question Posted:
Students also viewed these Business questions
-
When the price of used cds is $4, Daphne buys five per month. when the price is $3, she buys nine per month. Daphne's demand for used cds is a. Elastic and her demand curve would be relatively flat...
-
In Gas Pump, South Dakota, there are two kinds of consumers, Buick owners and Dodge owners. Every Buick owner has a demand function for gasoline DB (p) = 20 5p for p 4 and DB (p) = 0 if p > 4....
-
The following table shows hypothetical demand schedules for sugar for three separate months. To help make the distinction between changes in demand and changes in quantity demanded, choose the...
-
What are the premises for successful paleostress analysis?
-
Discuss the circumstances under which a non-U.S. buyer may choose a U.S. corporate structure as its acquisition vehicle. A limited liability company. A partnership.
-
Write up the accounts to record the following transactions: May 1 Started business with \( 1,500\) cash and \( 18,000\) in the bank. 2 Received a loan of \( 4,000\) from T. Fox by cheque. 3 Bought a...
-
Your audit client, Household Appliances, Inc. operates a retail store in the center of town. Because of lack of storage space Household keeps inventory that is not on display in a public warehouse...
-
The Runabout Boat Company is considering the purchase of several units of an expensive new machine for its production facilities around the country. Before committing to this purchase, Runabout wants...
-
Taylor Swift hired Harry Styles to play guitar on her scheduledtour for 2022. The band were all told to be safe and were maskswhen appropriate. Harry never wore a mask. When thetour got to Seattle,...
-
The price elasticity of demand is a measure of the a. Relative change in the demand curve in response to a change in price. b. Responsiveness of demand to a change in the price of a substitute good....
-
The motto "take from the rich, give to the poor" is an example of which resource allocation priority? a. Equity b. Liberty c. Efficiency d. Austerity e. All of the above
-
Dividend reinvestment plans (DRIPs) enable stockholders to automatically reinvest dividends received back into the stock of the paying firm. In addition, many DRIPs allow their shareholders the...
-
The management of Advanced Alternative Power Inc. is considering two capital investment projects. The estimated net cash flows from each project are as follows: Year Wind Turbines Biofuel Equipment 1...
-
Londoloza Ltd ( Londoloza ) is one of the world's largest medical equipment providers to hospitals and is listed on the Johannesburg Stock Exchange. Londoloza developed a highly specialised 3 D...
-
Question 4 The construction cost of a proposed Tollgate on an existing busy road network is R1.5 million. Table 4 provides estimated operation and maintenance costs as well as expected income for the...
-
Byer & Peak, CPAs has been requested to perform a limited reporting engagement. The auditing firm has been asked by Snow, Inc. ( a public company ) to audit and express an opinion on the balance...
-
Bowers accumulated information on upscale retail garden stores from a number of sources, talked to suppliers, looked at potential locations, and established a banking relationship with the Campbell...
-
There are two binary compounds of mercury and oxygen. Heating either of them results in the decomposition of the compound, with oxygen gas escaping into the atmosphere while leaving a residue of pure...
-
Global.asax is used for: a. declare application variables O b. all other answers are wrong O c. declare global variables O d. handle application events
-
In your own words, discuss the integrated marketing communications concept. Explain what its emphasis on consistent and complete messages implies with respect to promotion blends.
-
Relate the three basic promotion objectives to the four jobs (AIDA) of promotion using a specific example.
-
Discuss the communication process in relation to a producers promotion of an accessory productsay, a new electronic security system businesses use to limit access to areas where they store...
-
Using the following data to determine the total dollar amount of assets to be classified as current assets. Ace Supply Company Balance Sheet December 31, 2025 Cash $126000 Accounts payable $165000...
-
A bank agrees to buy T-bills from a securities dealer for $983,468, and promises to sell the securities back to the dealer in 6 days for $983,687. What is the yield on this reverse repo for the bank?
-
Can someone help me with this: Find the expected rate of return of the stock: Given:Stock is selling for $160 and constantly yielding $6 dividend
Study smarter with the SolutionInn App