Business, 30.06.2021 01:10 unknown6669

Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws

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Answer from: 24jameb

The price elasticity of demand is -9.00.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

The table below shows the weekly demand for machine screws at the local hardware store.

Price (dollars per pack of 100 screws) Quantity (packs of 100 screws)

$5.00 0

4.50 60

4.00 120

3.50 180

3.00 240

2.50 300

2.00 360

1.50 420

1.00 480

0.50 540

0.0 600

Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws:

The explanation of the answer is now provided as follows:

New quantity = 120

Old quantity = 60

New price = $4.00

Old price = $4.50

Using the formula for calculating the starting point method for elasticity of demand, we have:

Price elasticity of demand = ((New quantity - Old quantity) / (New price - Old price)) * (Old price / Old quantity) = ((120 - 60) / (4.00 - 4.50)) * (4.50 / 60) = -9.00

Therefore, the price elasticity of demand is -9.00.

Answer from: Quest

net worth is the difference between what you own and what you have. if you exceed your liabilities you have a positive net worth. if your liabilities are greater than your assets you have a negative net worth. its a snapshot of your financial situation. if you calculate your net worth you will see the end result of everything you've earned and spent as of now. net worth statements and all you asked of can you determine where you are, how to get where you want to be, if your spending to much. honestly it can tell you a lot of things. i can go on, but you can paint the picture from here.

explanation:

Answer from: Quest

They are enjoying the advantage of independence while running their own small business. they can go where they want when they want to, because they control the restaurant's hours. they can also make time for life emergencies, and set the hours to be when they do the best cooking.

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Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a p...

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