If the price elasticity of demand for apples

Assignment Help Business Economics

Reference no: EM131173930

If the price elasticity of demand for apples is 1.3, then a 15% decrease in quantity demanded is caused by a: a. 16.67% decrease in the prices of apples b. 16.67% increase in the price of apples c. 11.54% increase in the price of apples d. 11.54% decrease in the price of apples e. 8.33% increase in the price of apples f. 7.41% decrease in the price of apples Please show your work.

Reference no: EM131173930

Questions Cloud

The change in the interest rate will be percent : You are considering buying a new house, and have found that a $200,000, 30-year fixed-rate mortgage is available with an interest rate of 6 percent. This mortgage requires 360 monthly payments of approximately $1,179 each. If the interest rate rises ..

Compute the present value : Compute the present value of a $500 investment made 4 months, 7 years, and 15 years from now at 4 percent interest. Instruction: Round your answers to the nearest penny (2 decimal places). Present value of investment made in 4 months at 4 percent = $

Fixed-rate mortgage is available with an interest rate : You are considering buying a new house, and have found that a $200,000, 30-year fixed-rate mortgage is available with an interest rate of 6 percent. This mortgage requires 360 monthly payments of approximately $1,179 each. If the interest rate rises ..

Economy can experience high growth-normal growth : Assume that the economy can experience high growth, normal growth, or recession. Under these conditions, you expect the following stock market returns for the coming year: State of the Economy Probability Return High Growth 0.2 60% Normal Growth 0.7 ..

If the price elasticity of demand for apples : If the price elasticity of demand for apples is 1.3, then a 15% decrease in quantity demanded is caused by a: 16.67% decrease in the prices of apples. 16.67% increase in the price of apples. 11.54% increase in the price of apples.

Consider game in which coin will be flipped three times : Consider a game in which a coin will be flipped three times. For each heads you will be paid $100. Assume that the coin comes up heads with probability 4/5. Construct a table of the possibilities and probabilities in this game. Possibilities Probabil..

In the competitive market for hamburgers : Assume that hotdogs and hamburgers are substitute goods. In the competitive market for hamburgers, there is an increase in the price of hotdogs (due to a decrease in the supply of hotdogs), and an increase in the cost of beef, an input used in produc..

Assume that hotdogs and hamburgers are substitute goods : Assume that hotdogs and hamburgers are substitute goods. In the competitive market for hamburgers, there is an increase in the price of hotdogs (due to a decrease in the supply of hotdogs), and an increase in the cost of beef, an input used in produc..

Compute the price you expect to receive for the loan : You are an officer of a commercial bank and wish to sell a car loan that the bank owns as an asset to another bank. Using the following equation, compute the price you expect to receive for the loan if the annual interest rate is 6 percent, the car p..

User Account

All Pages