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Author Question: Explain how to calculate the slope of a line. What does the slope measure? What will be an ideal ... (Read 64 times)

krzymel

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on: Jun 29, 2018
Explain how to calculate the slope of a line. What does the slope measure?
 
  What will be an ideal response?

Question 2

Suppose that the price elasticity of demand for an ice cream cone is -1.9 . If the local ice cream shop owner wants to increase total revenue, what would you recommend he or she do?
 
  What will be an ideal response?


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momolu

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The slope of a line is a measure that indicates whether the relationship between the variables is positive or negative. It tells us how much of a response there is in variable y (on the vertical axis) when variable x (on the horizontal axis) changes. The slope is calculated by taking the change in variable y and dividing by the change in variable x.

Answer to Question 2

The owner should lower the price of ice cream cones. Since demand is elastic, the percentage increase in quantity demanded will be larger than the percentage decrease in price. Therefore, total revenue will rise.


krzymel

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

Dinolord

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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