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

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

b) what is the price of widgets that maximize the hardware store’s revenue? Explain.

c) The price of widget 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 to $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 to $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 store’s revenue?

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

Answers

Answer 1

The fall in price leads to a rise in total revenue, which means demand is elastic

How to illustrate the information?

a. Price of widgets= $8

Total revenue= P*Q= 8*12= $96

Price= $7

Total revenue= 7*16= $112

A fall in price leads to rising in total revenue, which means demand is elastic.

b. Price=$7 maximizes the total revenue. Total revenue when price=$7, total revenue= Price* quantity= $7*12=$112.

c. When the price is equal to $9, the demand is elastic. So there should be a decrease in price in order to increase total revenue.

d. Price elasticity of demand= ((96-112)/(112+96)/2)) ÷((8-7)/(8+7)/2))

= -2.14

This is an elastic demand.

e. When price=$6, Quantity=18

When Price=$5, Quantity= 20

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

= - 0.58

This is a inelastic demand.

f. Total revenue falls from $108 to $100 when the price falls from $6 to $5.

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Related Questions

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.

N2 + 3H2 2NH3

If N2 is reacting at a rate of –0.40 M/s, what is the rate by which NH3 is being produced? (Also, show calculations.)

-0.80 M/s
+0.40 M/s
+0.80 M/s
+1.20 M/s

Answers

Answer:

+0.8M/s

Explanation:

We are given that

[tex]N_2+3H_2\rightarrow 2NH_3[/tex]

Rate of reacting of N2, d/dt([N2])=-0.4M/s

We have to find the rate by which NH3 is being produced.

We know that

[tex]-\frac{d[N_2]}{dt}=\frac{1}{2}\frac{d[NH_3]}{dt}[/tex]

Using the formula

[tex]-(-0.4)=\frac{1}{2}\frac{d[NH_3]}{dt}[/tex]

[tex]\frac{d[NH_3]}{dt}=0.4\times 2[/tex]

[tex]\frac{d[NH_3]}{dt}=0.8M/s[/tex]

Hence, the rate  by which NH3 is being produced=0.8M/s

Option C is correct.

0.8M/s

“The wing is a part of a bat.”
A. The "is" of a part-whole relationship
B. The "is" of predication
C. The "is" of identity

Answers

the answer is c


yeah

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.

Describe what projective tests are, and then explain how projection is used in the thematic apperception test (TAT) and the Rorschach inkblot test. How effective are these tests?

Answers

Answer:

Projective tests are a type of personality test that is designed to have a person react to ambiguous stimuli to potentially reveal hidden emotions that are projected onto the test. In the Rorschach Inkblot Test a person is shown a series of ten black and white cards and asked to report the first thing that comes to mind. The participant then says what came to mind and may project some emotions onto the inkblot that were previous unmentioned. The person administering the test then records aspects of their reactions like gestures and tone of voice. In a thematic apperception test or TAT a person is shown an ambiguous scene and asked to create a story around it. The person can then reveal emotions that they did not previous mention in the story by stating how the characters feel and how the story ends. In a projective test a lot is up for interpretation based on the individual and how they are feeling at that time making the test lack both reliability and validity because of no grading scale being set in stone and results being inconsistent.

Explanation:

I just did this on edge. Brainliest?

A projective test is a test that's used to show the emotions of an individual.

What is a projective test?

It should be noted that a projective test simply means sets of ambiguous stimuli that are designed to show one's emotions.

In a thematic apperception test, it is used to show an ambiguous scene and a story is created around it. This is vital to show emotions.

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Working in a community mental health center, Dr. Thatcher treats adults who suffer from severe depression. Dr. Thatcher is most likely a(n) ________ psychologist.

Answers

Answer:

clinical

Explanation:

Working in a community mental health center, Dr. Thatcher treats adults who suffer from severe depression. Dr. Thatcher is most likely a clinical psychologist.

A clinical psychologist is specialized in the diagnosis and psychological treatment of mental, emotional illnesses, and behavioral.

Emotional illnesses include obsessive-compulsive disorder (OCD) as well.

A biker goes from 15 ms -1to 0 ms -1after hitting a brick wall. Its rate of acceleration is -50ms -2 . Calculate the time taken for the bike to decelerate.

Answers

Answer:

Time taken t = 4.167 seconds (Approx)

Explanation:

Given:

Initial Speed u = 12 m/s

Final speed v = 0 m/s

Acceleration a = -50 m/s²

Find:

Time taken t

Computation:

v = u + at

0 = 12 + (-50)t

t = 4.167 s

Time taken t = 4.167 seconds (Approx)

In what sense can ethics be regarded as a system of knowledge?

Please I need a lot of people it’s an open question:)

Answers

Answer:

Ethics is regarded as a system of knowledge because it’s concerned with the moral principles governing or influencing conduct.

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

japanese believed that instead of throwing lucky items in trash they shoul burn it​

Answers

Answer:

okayyyyyyyyyyyyyyyyyy

Nice fact! If that is a fact.

Question 1 of 10
What does democratized knowledge mean?
A. Everyone can vote to determine what knowledge should be
shared.
B. Everyone has equal access to knowledge that they can also
contribute to.
C. Everyone has a right to own a computer with Internet access.
D. People decide together what information the public needs to
know.

Answers

Answer:

find a A Book of ethics it can be find in theyre trust me

Answer:

B - Everyone has equal access to knowledge that they can also contribute to.

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.

In 1848, the Frankfurt Assembly
a. gained the support of Austria.
b. declared its solidarity with revolutionary France.
C. succeeded in making Prussia's Frederick William IV president of a united Germany.
X d. unanimously adopted a Grossdeutsch solution for the Germanies.
e. failed in its attempt to create a united Germany.

Answers

Answer:

And the answer is E im pretty sure

Map of German Territorial Changes Versailles Treaty, 1919. A dark line marks the border of Germany's territory before World War 1. A thin light line and dark shaded area marks Germany's territory after the Versailles Treaty. Germany, East Prussia, Poland, Czechoslovakia, France, and the Netherlands are labeled. Clockwise parts labeled are Ceded to Denmark, Ceded to Poland, Ceded to Czechoslovakia, Administered by the League of Nations until 1935, Returned to France, Returned to Belgium, Demilitarized Zone 1919 to 1936.

Which of the following best explains the main motivation for removing territory from German control after World War I, as shown on the map?

New borders were drawn strictly to separate people according to their nationality.
Allied nations wanted to diminish Germany’s economic and military power.
Allied powers took land to compensate themselves for the damages of the war.
Buffer zones were put in place to protect Germany’s neighbors from future aggressions.

Answers

Answer:

Allied nations wanted to diminish Germany’s economic and military power.

Explanation:

The allied nations, some of which included the United States, France, and the Great Britain, who proved victorious after World War 1 implemented several punishments against the Germans and one of these was the loss of their acquired territories. Their main reason for doing this was to diminish Germany's economic and military power.

Rhineland was demilitarized, Alsace-Lorraine was returned to France, Denmark got back Northern Schleswig, amidst several other losses. Germany found these punishments humiliating and proceeded to plan for a second world war.

Answer:

Allied nations wanted to diminish Germany’s economic and military power

Explanation:

This is the correct answer of edge as I got a 2/2 (100%) on this section of the test. There is further proof that I am correct in the file attached.

An excerpt from history.com: "The Treaty of Versailles held Germany responsible for starting the war and imposed harsh penalties in terms of loss of territory, massive reparations payments and demilitarization."

If you read this carefully it matches the answer I have provided.

What is the link between the Enlightenment, the Industrial Revolution and the rise of
socialism?

Answers

Answer:

The Industrial Revolution was the transition to new manufacturing processes in Europe and the United States, in the period from about 1760 to sometime between 1820 and 1840

E. Explain the degree to which religion may contribute to ethnonationalism within the country shown in Image 2.

Answers

Answer:

there no image

Explanation:

no image ok so plz so us so we can help you have a great say

How can a population pyramid tell you about where a country has been and where it is headed?

Answers

Population pyramids show the structure of a population by comparing relative numbers of people in different age groups. Population structures differ markedly between Less Economically Developed Countries LEDCs and More Economically Developed Countries MEDCs. Population pyramids are used by demographers as a tool for understanding the make-up of a given population, whether a city, country, region, or the world. A population pyramid does not tell you the actual population in numbers. Rather, it displays percentages and shows what portion of people fall into each cohort.

For what value of k is the expression x4+kx2+49 a perfect square?

7

14

49

98

Answers

Answer:

the value is 43

Explanation:

how is your mom


Describe the origins of Christianity and Islam.

Answers

Explanation:

Christianity was born from within the Jewish tradition, and Islam developed from both Christianity and Judaism. While there have been differences among these religions, there was a rich cultural interchange between Jews, Christians, and Muslims that took place in Islamic Spain and other places over centuries.

ty

Christian

Christianity began in the 1st century AD after Jesus died and resurrected, as a small group of Jewish people in Judea, but quickly spread throughout the Roman empire. Despite early persecution of Christians, it later became the state religion. In the Middle Ages it spread into Northern Europe and Russia.

Islam

Although its roots go back further, scholars typically date the creation of Islam to the 7th century, making it the youngest of the major world religions. Islam started in Mecca, in modern-day Saudi Arabia, during the time of the prophet Muhammad's life. Today, the faith is spreading rapidly throughout the world.

When you do a vehicle check, what do you NOT need to keep an eye on?

Answers

The correct answer is B, because your are going to do a check is more important to verify the other options than the cleanliness of the vehicle.
The answer is 100% B hope this helps

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:

whats a good romance anime to watch

Answers

Answer:

whisker away..silent voice.. weathering with you...

Explanation:

there are alot of it

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.

how to do magic......................................????????????????????<<<<<

Answers

Answer:

manefestation is a kind of magic .

Explanation:

Answer:

ion know

Explanation:

What African resources drove European imperialism in the 1750 to 1900 time period?

Answers

Answer:

These include, land, labor, people, minerals

Explanation:

During the time frame 1750 to 1900, industrialization and the development of private enterprise carried with it new strategies for acquiring monetary flourishing and development. During the 1800s, land outside of Europe was overwhelmed by European colonialism The term dominion is characterized as the arrangement of expanding a nation's force and impact by misusing another country through strategy or military power for monetary addition. Basically, when a nation imperializes another region, it takes over either financially or forcibly and secures land. Colonialism was generally uncontrolled in Africa, where European nations were running left and option to snatch any land they could.

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:

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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what are the three distinctive characteristics of a terrorist?

Answers

Answer:

The two researchers analyzed various academic and official definitions of terrorism and identified three main elements as being vital to define terrorism; (1) the use (or threat) of violence1, (2) political objectives and (3) the intention of sowing fear in a target population as a means of achieving these political

Conspiracy for Gravity Fall fans about Dipper

1: Do you think he had cancer and Gravity Falls is him coping

2: Dipper and Wendy we actually on each others symbols on the cypher

Answers

Awww if it’s the first one that’s so sad
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