If a decrease in price from R50 to R40 causes the quantity demanded to increase from 2500 to 3000 units, then using the arc elasticity of demand, the price elasticity...
1 Answers 1 viewsPrice: 50, Quantity:50 = -5Q + 705Q = 70 -505Q = 20Q = 4Price: 40, Quantity:40 = -5Q + 705Q = 30Q = 6Price: 30, Quantity:30 = -5Q + 705Q...
1 Answers 1 viewsPrice Elasticity of Demand (Ed) = Percentage Change in Quantity Demanded / Percentage Change in Price(-)0.2 = -10 / Percentage Change in PricePercentage Change in Price = -10 / -0.2...
1 Answers 1 viewsa. demand; left supply; right
1 Answers 1 viewsdecrease increase
1 Answers 1 viewsa) Supply decreases and demand is constant. In this case the supply curve will shift upward and the demand curve will remain unchanged, therefore, the equilibrium price will rise, the...
1 Answers 1 viewsEquilibrium price and Equilibrium quantity will increase. If market demand increases by 50% while supply increases by 40% it means that there would be shortage of product. Demand is higher...
1 Answers 1 views1) Demand - the desire to own the ability to buy a product.2) Demand Schedule - listing (table) showing the quantity demanded at each price.
1 Answers 1 views3) quantity demanded 4) directly
1 Answers 1 viewsThe law of demand states - when price increases, quantity demand will decrease.When price decreases, the quantity demanded will increase.
1 Answers 1 views