This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Suppose that at a price of 55, 100 units were sold while at a price of 33, 153 units were sold. ... (Read 138 times)

stephzh

  • Hero Member
  • *****
  • Posts: 556
on: Jun 29, 2018
Suppose that at a price of 55, 100 units were sold while at a price of 33, 153 units were sold. Without calculating the price elasticity value, can you determine whether demand is elastic, unit elastic, or inelastic? Explain your answer.
 
  What will be an ideal response?

Question 2

Garrison is the chief financial officer (CFO) of the Colorado Drone manufacturing company and is also on the company's board of directors. Garrison is considered ________ of the company.
 
  A) an inside director B) an outside director C) a financier D) a bondholder


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

mcabuhat

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jun 29, 2018
Answer to Question 1

The first total revenue is (55 )  (100 ) = 5,500 while the second total revenue is (33 )  (153 ) = 5,049. Because total revenue decreased when price fell, demand must be inelastic.

Answer to Question 2

A


stephzh

  • Member
  • Posts: 556
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

gcook

  • Member
  • Posts: 343
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Did you know?

Walt Disney helped combat malaria by making an animated film in 1943 called The Winged Scourge. This short film starred the seven dwarfs and taught children that mosquitos transmit malaria, which is a very bad disease. It advocated the killing of mosquitos to stop the disease.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Did you know?

Certain topical medications such as clotrimazole and betamethasone are not approved for use in children younger than 12 years of age. They must be used very cautiously, as directed by a doctor, to treat any child. Children have a much greater response to topical steroid medications.

Cats sold for meat alongside ducks Cats sold for meat alongside ducks
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896 Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
Repeating Units of DNA and RNA Repeating Units of DNA and RNA
Transport of acetyl units and reducing equivalents used in fatty acid synthesis Transport of acetyl units and reducing equivalents used in fatty acid synthesis
The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ... The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ...
Directions: Fill in the correct number or word(s). Order: Lantus U-100 insulin 68 units subcut ... Directions: Fill in the correct number or word(s). Order: Lantus U-100 insulin 68 units subcut ...
Video: Summation - defined, spatial, temporal & AP generation or not

For a complete list of videos, visit our video library