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Author Question: As the price of video games is raised from 40 to 45, their quantity demanded fell from 1.5 million ... (Read 75 times)

olgavictoria

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on: Jul 1, 2018
As the price of video games is raised from 40 to 45, their quantity demanded fell from 1.5 million copies to 1.2 million copies. The elasticity of demand of video games is:
 a. 0.25
  b. 1.89
  c. 1.66
  d. 2.08

Question 2

A payday loan company has decided to open several new locations in the city. To decide where to open these locations it hires consultants and pays them per store opened. At the end of the quarter, the company notices a many of the new stores' sales volume fail to meet expectations. To incentivize the consultants to instead focus on opening profitable stores, the company should have paid them
 a. Per store opened
 b. A percentage of the profit earned per new store
  c. A fixed salary
 d. All of the above


Kimmy

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Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

b


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