The following graph shows the market for widgets in a local hardware store.

a) identify whether the price of widgets from $8 - $7 is elastic, unit elastic, or inelastic. Explain.

b) What is the price of widgets that maximize the hardware stores revenue? Explain.

c) The price of widgets is $9. If the hardware store wants to increase its revenue, how should it change the price? Explain.

d) using the midpoint formula, calculate the price elasticity of demand for widgets when price increases from $7 - $8. identify the coefficient as elastic, unit elastic, or inelastic.

e) Using the midpoint formula, calculate the price elasticity of demand for widgets when price decreases from $6 - $5. Identify the coefficient as elastic, unit elastic or inelastic.

f) Based on the scenario in part E how does the decrease in price affect the hardware stores revenue?

The Following Graph Shows The Market For Widgets In A Local Hardware Store. A) Identify Whether The Price

Answers

Answer 1

From the information given, the demand for the widget is elastic because the price elasticity computed is above 1. The actual answer is 2.

What is the calculation that supports the above assertion?

Pe = (Percentage ΔQ)/Q/(Percentage ΔP)/P

Pe = (4/12) %/(1/8) %

Pe = 2.667

Because the the answer above is greater than 1, therefore, we can conclude that the demand for Widgets are price elastic.

What is the price of widgets that maximize the hardware stores revenue?

The price at which the the supplier will maximize revenue is derived by computing the revenue for all the price points. This is because we are not given a function of the revenue.

Price 1  - 10 * 2 = $20

Price 2 - 9 * 6 = $54

Price 3 - 8 *12 = $ 96

Price 4 - 7 * 16 = $ 112

Price 5 - 6 * 18 = $ 108

Price 6 - 5 * 20 = $100

From the above, it is clear that the price at which revenue is maximized is $7 as this yields a total revenue of $112.

The price of widgets is $9. If the hardware store wants to increase its revenue, how should it change the price?

Because the price is elastic and the price point form the above calculation at which price is maximized is $7, the firm should thus consider a reduction in it's price to $7.

Using the midpoint formula, calculate the price elasticity of demand for widgets when price increases from $7 - $8

Recall the formula given above.

Thus:
Price elasticity of demand (Pe) = ((96-112)/(112+96)/2)) ÷((8-7)/(8+7)/2))

Pe = -2.14

From the above, we can conclude that the price is elastic because the result albeit negative is greater than 1. The negativity of the result is an indicator that show the product is at this time perceived as an inferior good.

Using the midpoint formula, calculate the price elasticity of demand for widgets when price decreases from $6 - $5

Note that when

price=$6,

Quantity=18; and

When Price=$5,

Quantity= 20

Hence,

Price elasticity of demand (Pe) = ((20-18)/(20+18)/2)) ÷((5-6)/(5+6)/2))

Pe = - 0.58

Because the results here are less than one, it shows that the demand is now inelastic at those price points.

Based on the scenario in part E how does the decrease in price affect the hardware stores revenue?

Yes the decrease in price affects revenue. This is because the goods is now being perceived as inferior good and the consumers are quick to act according to the Substitution Effect, where they opt for a substitute goods at the former price or a price that is slightly higher.

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Related Questions

the market for yam is in equilibrium ,show how the following events will affect the market. 1. Research has shown that eating more yam cut the risk of cardiovascular diseases. 2. there is an increase in the cost of fertilizer​

Answers

Answer:

Scenario 1 ⇒ Demand for yam will increase.

If people found out that eating yams reduced the risk of them getting cardiovascular diseases, they would demand more of it so they can benefit from this reduced risk.

This will lead to a rise in price because the Demand curve will shift to the right and intersect with the Supply curve at a higher equilibrium price.

Scenario 2 ⇒ Supply of yam will decrease.

With the cost of fertilizer increasing, farmers of yam will have to incur more cost to be able to produce yams. They will therefore reduce their production levels so that they incur less cost thereby decreasing supply.

This decrease in production levels will lead to a rise in price because the supply curve will shift to the left and intersect with the Demand curve at a higher equilibrium price.

Attempt 1 of 2
Use the graph below to answer question 7.
Average Costs
18
14
10
Q
6
2
0
5
20
25
10 15
Quantity
Which of these firms is most likely to have an LRATC shaped like the one
shown above?
tiladi

Answers

Explanation:

ver un ratito la respuesta de esto sería una como de 20:30 Porque da lo mismo resultado como las otras Cómo es matemáticas pero son números

How did coal mining affect the development of the steam locomotive? please put detail into answer

Answers

Answer:

The steam locomotive changed transportation by allowing us to ship goods and travel faster than ever before. It gave us the ability to create new industries and mold transport into what it has become today. The steam locomotive was an icon of the industrial revolution in many countries throughout the world.

Explanation:

What inspired the blockbuster TV series ​The Crocodile Hunters ​and led to a complete body of work for Steve Irwin and his wife?

Answers

Answer:

The Crocodile Hunter is a wildlife documentary television series that was hosted by Steve Irwin and his wife, Terri. The show became a popular franchise due to Irwin's unconventional approach to wildlife. It spawned a number of separate projects, including the feature film The Crocodile Hunter: Collision Course and two television spinoffs: Croc Files and The Crocodile Hunter Diaries. The series was presented on Animal Planet, becoming the network's highest-rated series at the time, and was in international syndication on networks worldwide.[4] The series aired 64 episodes during five seasons, from 1997 through 2004, with a pilot episode in 1996 and 13 specials into 2007; with a nearly 11-year run, the series is the second longest-running program of any Discovery Communications network, behind MythBusters.

Explanation:

What is the differences in international world trade companies?

Answers

Answer:

International business encompasses all commercial activities that take place to promote the transfer of goods, services, resources, people, ideas, and technologies across national borders. ... International trade is the exchange of capital, goods, and services across international borders or territories.

Which expression is a factor of x2 – 3x – 4?

Answers

Answer:

(x-4)(x+1)

Explanation:

Ito ang unti unting paglipat ng kapangyarihan sa mga Pilipinong mamuno sa sariling bansa a. Pinasyon b. Batas jones c .Ang Saligang Batas ng 1935

Answers

Answer:

A. Pinasyon

Explanation:

#nasa pic ang explanation mga lodz

#carry on learning

How did German territorial losses lead to World War II?

The Soviets were angry about not receiving territory, leading to expansion attempts in Eastern Europe.
Ethnic divisions in Czechoslovakia caused conflicts between competing international alliances.
Germans resented losing territory to the new Poland, which fueled nationalistic tendencies.
French grievances about Germany’s nonpayment of war damages caused France to demand more land.

Answers

The correct answer is C) Germans resented losing territory to the new Poland, which fueled nationalistic tendencies.

German territorial losses lead to World War II in that Germans resented losing territory to the new Poland, which fueled nationalistic tendencies.

After losing World War I, German was forced to accept the terms of the Treaty of Versailles. As part of the peace treaty, Germany was forced to give territory to Poland, Belgium, and Czechoslovakia. Of course, Germany was forced to pay reparations for the damage caused during the war.

These factors and the fact that the Weimer Republic did not work out as expected, created the conditions for the rise of the Nazi Party and the arrival of Adolph Hitler as the leader of Germany in 1933.

Answer:

C is correct, tried it

Explanation:

Psychology is the scientific study of human behavior and mental processes. Which of these research methods
are used most often by modern psychologists?
Select one:
a. Experimentation and observation
b. Causation studies
c. Interviews
d. Problem solving

Answers

Answer:

C. Interviews.

Explanation:

psychologists has an interview with patients and listening for an hour about what's the issue or consulting situation. He or She make questions to the patient and help him/ her to find a way to feel better or find a solution .

The final line of "Bartleby, the Scrivener" – "Ah, Bartleby! Ah, humanity!" -
can best be read as suggesting:
O A. the narrator is tired.
B. the narrator feels guilty about his treatment of Bartleby.
C. Bartleby is an unusual case and not representative of humanity in
general.
D. the narrator feels Bartleby's fate may also be humanity's.
O E. the narrator thinks Bartleby is unimportant.

Answers

Answer:

D

Explanation:

Which of the following countries are compact states
PLEASE HELP WILL GIVE BRAINLIEST!!

Answers

Answer: Botswana and Zimbabwe, also is you look up APHG 7 flash cards quizlet it should help you for you class i was once in the same boat as you.

PLEASE HELP ASAP!


What must a person have in order to overcome a sense of helplessness that is associated with the repeated occurrence of negative events?

A sense of personal control
Learned helplessness
An ability to be introspective
Reciprocal determinism
An external locus of control

Answers

Answer:

The answer is "A sense of personal control

".

Explanation:

In the given question, the sense of personal control is also known as the intellectual connection with the friendly underlying conditions and enthusiastic trouble. It is an individual control for the discernment like one's reality is formed independently and activities. It must control the individual need to defeat feeling with the powerlessness which relates with the rehashed event of negative occasions.

Answer:

a sense of personal control

pesticides aee toxic to ___.

a) weeds
b) only pest insects
c) plants and animals
d) food crops
e) soil

Answers

Answer:

C - Plants and animals

Explanation:

According to research, pesticides can harm more than just “pests.” So, not only can they harm plants and animals, they can harm other people.

Answer:

Plants and Animals

Explanation:

Compared to a short-term investment, a long-term investment is generally considered

Answers

Answer:

Compared to a short-term investment, a long-term investment is generally considered to have similar returns. to be equally as risky. to have greater risk. to offer lower returns

Explanation:

Answer:

The answer is C. to have greater risk

Explanation:

why does school exist?

Answers

If this is an actual question then ...
Why school as a concept, our schools in particular and our classrooms exist is a matter of great importance to designing classrooms that teach (higher order thinking) skills and successfully challenge students. We do it so we can challenge students' existing skills and help them grow as a result.

If not then it’s because people want to hurt us by making us go to school.

Answer:

Explanation:

If this is a real question the the answer is that we are teachers for reasons bigger than ourselves: to develop our community, to break generational poverty, to develop mutual respect and thinking and reasoning skills, to help students grow, and to transform their thinking and their knowledge and their ability into something greater

if not then people want us to depressed all day everyday

Define what a genetically modified organism (GMO) is

Answers

Answer:
Genetically Modified Organism or GMO- A GMO is an organism whose genome has been altered by the techniques of genetic engineering so that its DNA contains one or more genes not normally found there.

Short answers:
An organism with foreign DNA inside its genome.

AP Human Geography

In the fundamentals of central place theory, which of the following terms is
defined as the maximum distance a consumer will travel to acquire a good or
service?
-Cost-to-distance ratio
-Threshold
-Distance decay
-Relative location
-Range

Answers

Answer:

Distance decay

Explanation:

thats uow i know it

In the fundamentals of central place theory, distance decay is defined as the maximum distance a consumer will travel to acquire a good or service. The correct option is c.

What is Distance decay?

Distance decay is the term used to explain how a relationship between two individuals, places, or systems weakens as their distance from one another grows.

The degree of connectedness between things in a spatial process is often determined by some sort of quantifiable interaction or implicit similarity.

According to the theory of distance decay, places that are close to one another interact more than those that are far apart. The spread of an idea is more likely to take place nearby the hearth than it is farther away.

Therefore, the correct option is C. Distance decay.

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I WILL GIVE BRAILY PLUS 20 points only if it is wrote out correctly and not just told what I already know ,
Im am becoming a psychologist and I need some help, I never as for help I help others. Any ways

the question is How will your attitude to the learning process help or hinder the achievment of your career goal?
Do you need to make some adjustments?
why or why not. you mess on my page just for points inwill report you.​

Answers

Answer:

1.it was on my attitude to the learning process but still its just based on the persons learning process, its just the same . pwede rin naman if you want to have the achievement of your career goal.

yes, sometimes i need some adjustments because you need to adjust that surrounds you not the others who needs to adjust wanna know why? it would be hard for you if theyre adjust , you need to be the first one to adjust if youre just new in that enviromment .

the answer is just based on my mind

btw sorry for grammatical errors. and wrong spells

Rank the following regions from least developed (1) to most developed (10)

Answers

The following are ranked as follows using HDI.

Sub-Saharan AfricaSouth AsiaSoutheast AsiaMENA (Middle East and North Africa)Latin AmericaEastern Europe and Central AsiaOceaniaEast AsiaNorth AmericaWestern Europe.

What is the basis of the above ranking?

This rating is based on the Human Development Index (HDI), which considers things like life expectancy, education, and income. Other rankings may differ based on the indications and criteria employed.

The Human Development measure is a statistical composite measure combining data such as life expectancy, education, and per capita income that is used to classify nations into four levels of human development.

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I'm what sense can ethics be regarded as a system of knowledge?

Answers

A book of ehtics is a history system of knoledge

What do behaviorists emphasize in their approach to personality?

Answers

Answer:

Explanation:

Behavioral theorists view personality as significantly shaped and impacted by the reinforcements and consequences outside of the organism. People behave in a consistent manner based on prior learning.

Which pair of excerpts correctly matches an idea in the novel Wonder with a probable inspiration from Natalie Merchant's song "Wonder"?

Novel: But I know ordinary kids don't make other ordinary kids run away screaming in playgrounds.
Song: disbelieving what they're seeing
Novel: The last surgery I had was eight months ago, and I probably won't have to have any more for another couple of years.
Song: and as far as they can see they can offer
no explanation
Novel: “The kid's got a killer handshake," Mr. Tushman agreed, and everyone laughed above my head.
Song: I'm over your heads
how I confound you and astound you
Novel: "So if you ever need anything, August, I'm the one to ask. And you can ask me anything."
Song: Newspapers ask intimate questions
want confessions

Answers

Answer:

C

Explanation:

could you also give the formula you used

Answers

The marginal cost of the sixth boat will be $2000.

How to calculate the marginal cost

In the question, we are told that the fixed and variable costs for 5 units of the sailboats are $4,000 each which equals $8000 in the summation.

Now for the sixth boat, the marginal cost can be obtained by subtracting the total cost for the 5 units with the new cost of $10,000. When we subtract the new cost from the old cost, we will get $2,000 and this is the marginal cost for the sixth boat.

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Which type of query join is used within a single table?
O inner join
O outer join
O self join
O right join​

Answers

A query join used within a single table is Inner join

what grade does 5th graders be in?

Answers

Scientifically in the United States fifth graders would be in fifth grade

that you do on purpose friend

Can new knowledge change established values or beliefs?

Answers

Answer:

Updating beliefs with new knowledge should be heavily influenced by motivation and epistemological values. Those who are affectively motivated to form beliefs independent of conceptual coherence will have little motivation to revise those beliefs in light of new ideas that could increase coherence.

Anna is an 18-year-old senior in high school and is pregnant. Her principal suggests almost daily that she will be more comfortable if she drops out. Is the principal within his rights to do so?


Yes; Title I of the Elementary and Secondary Education Act of 1965 maintains that schools are not appropriate places for pregnant minors.

No; Title II of the Americans with Disabilities Act Amendment Acts of 1990 lists pregnancy as a disability.

No; Title IX of the Education Amendments of 1972 prevents discriminatory acts against pregnant students.

Yes; Title VI of the Civil Rights Act of 1964 maintains that school officials cannot ask students under the age of 16 to leave school.

Answers

Answer:

Yes; Title VI of the Civil Rights Act of 1964 maintains that school officials cannot ask students under the age of 16 to leave school.

Complete the statement below.



In a neutralization reaction,
and hydroxide ions react to form
.

Answers

Answer:

Salt and water.

Explanation:

Neutralization is a chemical reaction in which acid and base are introduced together to form salt and water. In this reaction hydrogen + ions react with hydroxide - ions to form the salt. This is an exothermic reaction as heat is released during this chemical reaction.

Answer:

hydrogen and water

Explanation:

Explain how you would filter the dog dataset traversal to have a filtered list of dogs who live long lives

Answers

Answer:

This can be done using Excel. Filtering lists means selecting from the entire list only those records whose field values satisfy the specified conditions. In our case, we need to select dogs that live long.

MS Excel allows you to perform filtering with three tools that have different functionality.

Excel has three tools for filtering lists - AutoFilter, which is applied in case of simple selection conditions, Custom AutoFilter, and Advanced filter for more complex selection conditions.

Explanation:

South Africa
NA
VE
Public Domain
Which of the following countries are compact states? (1 point)
O Malawi and South Africa
O Somalia and Liberia
O Nigeria and Liberia
O Cameroon and Somalia
O The Gambia and Malawi
will give brainliest!! please help

Answers

Answer: Nigeria and Liberia

Explanation:

A compact state is one where the distance from the center of the country is more or less the same to all the boundaries of the country.

Nigeria is a compact state with the center being in the capital of Abuja. Its compact nature allows for roads to be built easier. Liberia to the west of Africa is also a compact state with its shape being decided by European powers when they were scrambling for Africa in the Berlin Conference.

Other Questions
58. Because of an attractive tax rebate, a homeowner decides toreplace an oil furnace heating system with expensive solarpanels. The trade-offs involved in making this decision include(1) high cost of solar panels, reduced fuel costs, and lower taxes(2) low cost of solar panels, increased fuel costs, and highertaxes(3)increased use of fuel, more stable ecosystems, and lessavailability of solar radiation(4) more air pollution, increased use of solar energy, andgreater production of oil Discussion TopicOption 1Have you ever watched online tutorials about how to create an art project, how to do atrick, or how to use a new strategy in a game?Think about a tutorial that you could create for other students. Your purpose will be tohelp someone your age complete the steps in the tutorial. Write, edit, and revise a shortscript. Be sure to include specific details. You also may want to include some props,diagrams, or images to communicate your instructions.Option 2In an informational text, the author's primary purpose is to inform readers. The authoruses clear language that can be organized in a variety of structures, such aschronological or compare and contrast, to effectively present the information.Think about an event that will be happening in your school or community that you'd liketo inform others about. How would you present this information to students and othersin your community? What is your topic? What organizational structures, word choice,print and graphics, or other elements could you use? Write a description of how youwould present the information. 1. For each statement, circle Tor F for true or false. In eachblank, write the number of theSENTENCE that gives the bestevidence for the answer.a. Frogs, lily pads, and fish areparts of a pond community.T. Or. F. Sentence ________b. An ecosystem includes only aliving things.T. Or. F. Sentence ________c. All the barn owls in a statepark make up a population ofowls.T. Or. F. Sentence ________d. Squirrels and mice are twodifferent populations ofanimals.. Or. F. Sentence ________ e. A desert community is made upof cactus, sand, and camels.. Or. F. Sentence ________f. A desert ecosystem caninclude cactus, sand, andcamels.T. Or. F. Sentence ________2. What is the most likelymeaning of interact as it isused in sentence 8?a. affect each otherb. grow togetherc. reproduced. breatheWrite the number of the othersentence (not sentence 8) thatgives the best evidence for theanswer.3. Name an ecosystem.__________________________List 5 populations of organisms youwould expect to find in it_______________________________________________________________________________________________________________________________________4. A taiga is an ecosystem thatis cold in the winter, cool inthe summer, has little rainfall,and supports evergreen trees,moose, and weasels. Which otherecosystem does it most resemble?__________________________5. Complete the diagram belowto compare the populations inthe desert and the rain forestecosystems.COMPARING ECOSYSTEMSReason for comparing:Know more about the populationsWhat is being compared?____________ vs ___________How same?___________ _________________________________VS.How different?____________________________________________Conclusion ____________________no Determine whether each expression represents the size relationship between the number of rabbits that resulted from a single rabbit after 6 years and after 3 years. Select Yes or No for each statement. Data ____ involves changing or manipulating a file to conceal information. a. recovery b. creep c. integrity d. hiding. help plssssssssssssss using the young-old implicit attitudes test, researchers discovered that which of these political tactics would most likely be used by an interest group?- participating in sit-ins or other protests- creating a hashtag that people can use to post information about and support their cause- organizing a large march to demonstrate support for their cause- sharing fact sheets, briefs, and research reports with Congress members and staffers Dr. Bruce Banner has Tony Stark review a questionnaire that he is going to give to a sample of Marvel characters. What type of validity is enhanced by doing this?concurrent validityconstruct validitycontent validitypredictive validity Help! I need to write a Plot Mountain with 10 Separate events about the book It Ends With Us! checkpoint 11.11 write a statement that defines a product structure variable named chips. Evidence of focused or concentrated use of certain body segments that may give an anthropologist some insight into a persons occupation before death can be found in: a.discrete markers such as facets and grooves on certain bones b.modifications to areas of muscle insertion c.all of the above d. the pattern of minor stress fractures In evaluating a client's response to nutrition therapy, which laboratory test would be of highest priority to examine?a) Albumin levelb) Lymphocyte countc) Serum potassium leveld) CBC differential a glucose molecule enters aerobic respiration and all the six carbons are oxidized to co2. What happens to the six carbons in a glucose molecule as the molecules go through aerobic cellular respiration?a. they are given off as waterb. they become carbons of ATPc. they are given off as carbon dioxided. they are destroyed completely money markets are used to buy and sell assets that are short-term in duration but higher risk than ordinary assets.True/False what types of goods were being transported from africa to the west indies? when a cold front or a warm front stays in place without invading another front, it is called aa. stationary frontb. cold frontc. warm frontd. occluded front cluster sampling is a. a nonprobability sampling method b. the same as convenience sampling c. a probability sampling method d. none of these alternatives is correct. Larry has fifteen creditors. To force Larry into bankruptcy proceedings, at least three creditors must join the petition and their unsecured claims must add up to at least a. $15,333. b.$16,325. c. $15,325. d, $17,445. relative to no trade situation with the rest of the world results in