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

Author Question: Property rights facilitate the development of trade. Indicate whether the statement is true or ... (Read 123 times)

Chloeellawright

  • Hero Member
  • *****
  • Posts: 588
on: Jun 29, 2018
Property rights facilitate the development of trade.
 
  Indicate whether the statement is true or false

Question 2

If the price of suntan lotion increases from 6 to 8 per bottle and quantity demanded decreases from 900,000 bottles to 845,000 bottles, using the midpoint method, what is the price elasticity of demand for suntan lotion?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

coreycathey

  • Sr. Member
  • ****
  • Posts: 333
Reply #1 on: Jun 29, 2018
Answer to Question 1

TRUE

Answer to Question 2

The price elasticity of demand = (percentage change in the quantity demanded)  (percentage change in the price). Use the midpoint method to calculate the percentages. Thus the percentage change in the quantity demanded = (900,000 - 845,000 )  (872,500 ) = 6.3 percent and the percentage change in the price is (8 - 6 )  (7 ) = 28.6 percent. Therefore the elasticity of demand equals (6.3 percent)  (28.6 percent) = 0.22.


Chloeellawright

  • Member
  • Posts: 588
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

sarah_brady415

  • Member
  • Posts: 328
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

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.

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Did you know?

During pregnancy, a woman is more likely to experience bleeding gums and nosebleeds caused by hormonal changes that increase blood flow to the mouth and nose.

Did you know?

More than 50% of American adults have oral herpes, which is commonly known as "cold sores" or "fever blisters." The herpes virus can be active on the skin surface without showing any signs or causing any symptoms.

Did you know?

Stroke kills people from all ethnic backgrounds, but the people at highest risk for fatal strokes are: black men, black women, Asian men, white men, and white women.

A true albino squirrel. Note the pink eyes. A true albino squirrel. Note the pink eyes.
Structure of the ovary and uterine (fallopian) tube. Figure illustrates stages of ovum development a Structure of the ovary and uterine (fallopian) tube. Figure illustrates stages of ovum development a
Example of a patient statement. Example of a patient statement.
Development Strategies Development Strategies
Development of the skull Development of the skull
Seven-week embryo showing development of arm, forearm, and hand Seven-week embryo showing development of arm, forearm, and hand
Video: Hormones and the menstrual cycle Animation

For a complete list of videos, visit our video library