Given the demand function P = 20 – 5Q, find the price elasticity of demand when price of the commodity is 5 Birr per unit. Mention if the demand is price elastic or inelastic at this point​​

Answers

Answer 1

The price elasticity of demand is -0.33 and it is price inelastic.

Since the price function is given as:

P = 20 - 5Q

where, P = 5

Then the quantity will go thus:

P = 20 - 5Q

5 = 20 - 5Q

5 - 20 = - 5Q

-15 = -5Q

Q = -15/-5.

Q = 3

The price elasticity of demand will be:

dQ/dP × P/Q = -1/5 × 5/3 = -1/3 = -0.33

In conclusion, the price elasticity of demand is -0.33.

In this case, the demand is said to be price inelastic since the price elasticity of demand is less than 1.

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Related Questions

Karen decides to wake up 2 hours earlier to study with the expectation of raising her grade to a B. Do you agree with that decision? Why or why not? (Use the chart to answer the questions

Answers

Answer:

yes I do agree with that decision

Explanation:

Because when she does so she will always be able to pass through her work and understand more

Karen decides to wake up 2 hours earlier to study with the expectation of raising her grade to a B. I agree with his decision.

What is Decision-making process?

Determining a decision, acquiring data, and weighing potential solutions are all steps in the decision-making process.

In order to find the optimal answer to a problem, the decision-making process enables the examination of all potential solutions. The steps involved in making a decision are defined, identify, assess, consider, implement, and evaluate.

Planning, organizing, staffing, and directing are all examples of managerial decisions that fall within the decision-making category. In order to reach a goal, a decision is a process that is actively selected from a range of desirable options.

Therefore, I agree with his decision.

Learn more about Decision-making process, here;

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Which of the following statements in support of divine command theory is true?


Divine command theory cannot provide clear motivations for being moral.

Divine command theory can be a source of comfort.

Divine command theory does not provide a clear basis for ethics.

The ultimate basis for divine command theory ethics can be found in the empirical world.

Answers

The answer to the question is that the Divine command theory can be a source of comfort. This theory tells us that an action has to be commanded by God first for us to know if it is good.

The divine command theory has a religious undertone. This theory teaches that A person has to follow the command of a divine entity called God.

This theory proposes that a persons morality is fully based on what is commanded by God.

To the followers of this theory it can be a source of comfort because it teaches that God loves humans, he is compassionate and also fair.

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Land, labour and………. are the factors of production - a)Physical capital
b). Working capital
c) capital​

Answers

Answer:

C

Explanation:

because the factors of production as follow

land,labour and capital

Name any two mountaineer district of Lumbini province? ​

Answers

Answer:

1 wikipedia, Napal

Explanation:

this is your ans

Answer the following questions. (Short answer type questions) 1. What difficulties do we face if there is no means of transport? Mention any six difficulties. 2. What are the problems of transport in your district? Write some measures to solve them. the roads arenor black topped 3. Make a list of important highways of Nepal and name the places they lin stranim animals, causes several acara Explain about railways and rope ways in Nepal. ​

Answers

Answer:

Lack of drainage and water course croossing damage to health and detriment to farming productivity from dust. Damage to road users and equipment from rough roads

Suppose that your brother or sister decided to next waste because it costs $20.000 less than a comparable bouse elsewhere . Was do you say to him or her?

Answers

Answer:

The answer is..

Explanation:

Is saving money really worth the price of your life?

four attitude that encourage the progress in society​

Answers

Answer:

Decisive Open minded Thoughtful towards others

Devoted Tolerant Trusting

Determined Optimistic Unpretentiousness

Perseverance Positive Unselfish

Endurance Practical Willingness

Explanation:

this are the positive attitude ways

Because progressive reformers attacked political machines with campaigns for more efficient urban management, they were often

A.
rejected by progressive education reformers who relied on political insiders.

B.
attacked as cold and heartless by those who felt supported by the political machines.

C.
celebrated by the masses of new immigrants who felt alienated by the city government.

D.
embraced by low-level bureaucrats who wanted to profit from their government positions.

Answers

For this question the answer is B.

In terms of the evolution of the vertebrate brain, one trend that is evident, especially if one compares the brains of amphibians with those of mammals is the complete covering of the __________ by the __________:
a. brain/spinal cord.
b. midbrain/forebrain.
c. midbrain/hindbrain.
d. fourbrain/fivebrain.
e. none of the above.

Answers

It’s the answer (B) Midbrain/forebrain) hope this helps!

Porque en el desarrollo en la vida del hombre es absolutamente necesaria la lógica.

Answers

Answer:

La lógica constituye una herramienta para la aplicación y obtención de conocimientos dentro de cada ciencia. En ese sentido es un requisito para el desarrollo de ésta. Y, entre las disciplinas que han precisado de una particular utilización de la lógica cabe incluir al Derecho, como modo para la obtención de razonamientos jurídicos lógicos. La aparición de la lógica jurídica es consecuencia de las exigencias de las propuestas y soluciones en el Derecho. Con el fin de dotar de racionalidad, objetividad y justificación a los sistemas jurídicos, se ha empleado esta herramienta bajo diversas concepciones y contenidos, de modo que resulta oportuno estudiar la conexión que se da entre Lógica y Derecho (

Explanation:

You are feeling overwhelmed by class this month. Who could you contact to provide help or advice?​

Answers

Answer:

a teacher, close friend, any online service that can support you, phone lines like lifeline etc.

What is it called when an economic player avoids a choice because the opportunity cost is too high?(1 point)

positive incentive


trade-off


rational decision


negative incentive


Question 2
A) What occurs when individuals make decisions in which benefits exceed costs?(1 point)

They are removing the opportunity costs of decisions.


They are using a rational decision-making model.


They are making irrational economic decisions.


They are eliminating all trade-offs of the decision.


Question 3
A) What occurs when people make economic decisions in which the costs exceed the benefits?(1 point)

They are losing the benefits of negative externalities.


They are taking advantage of opportunity costs.


They are using their time and resources efficiently.


They are making irrational economic decisions.


Question 4
A) Which of the following is not one of the steps of the rational decision-making model?(1 point)

performing an analysis


defining the problem


identifying alternatives


determining productivity


Question 5
A) Kareem wants to make the most logical choice about what do after high school. Which advice would help him do that?(1 point)

Make a choice based on costs exceeding benefits.


Make a choice with no opportunity cost.


Make a choice based on a rational decision-making model.


Make a choice with no trade-offs.

Answers

1. An economic player that avoids a choice because the opportunity cost is too high is known as rational decision. Rational decision means that an economic entity has to choose the best course of action.

2]. When individuals make decisions in which benefits exceed costs, they are using a rational decision-making model.

3. When people make economic decisions in which the costs exceed the benefits, they are making irrational economic decisions.

4. The option that is not one of the steps of the rational decision-making model is determining productivity.

5. Since  Kareem wants to make the most logical choice about what do after high school, I will inform him to make a choice based on a rational decision-making model.

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Which of the following statements is NOT TRUE about economic systems?

Answers

Answer: In a command economic system, the answers to the questions are determined by the interactions of buyers and sellers.

Explanation:

Research indicates that television advertisements show

Answers

Answer: a product that they want you to buy

Explanation:

Do you agree that most rewarded people have the most dangerous or important job in society? why or why not?​

Answers

Answer:

I disagree that the most rewarded people have the most dangerous or important job in society because there are people who are rich and have a successful life made their future by buisness or working very on their career. But as solider, who has a perilous job aren't being treated as importanted as they should be. They put their lives on the line, such as police officers, firemen, etc.  And they are not being rewarded by either the government or citizens as much as they should be.

6. Write any five features of preasent society?​

Answers

Answer:

The five features of present society are;

1) Development of art, literature, etc

2) Scientific inventions

3) Mutual cooperation and understanding

4) Development of language etc

Please mark me as brainlist

Answer:

Some of the features of present socienty include:

1.It has been marked by significant developments in the field of science, literature, art, politics,warfare, technology etc.

2.It is known as an age of globalization and discovery.

3.It also saw the rise of European powers and their dominance over colonial powers.

Nêu điều kiện bắn bài 1 súng tiểu liên AK? Tại sao khi ngắm bắn và bắn bài 1 súng tiểu liên AK lại thường chọn cách lấy thước ngắm 3 - điểm ngắm chính giữa mép dưới mục tiêu

Answers

Answer:

Those reaction in which one element replaces another element form its place is called Single displacement reaction

đặc điểm của quy luật là

Answers

Answer:

ạkuwgvd

j

Explanation:

federalism importance 1 eassy​

Answers

Answer:

Explanation:

Federalism, and other forms of territorial autonomy, is generally seen as a useful way to structure political systems in order to prevent violence among different groups within countries because it allows certain groups to legislate at the subnational level.

7. Name the physical boundaries protecting Iran from attack by its neighbors.

Answers

Answer:

Land. Iran is bounded to the north by Azerbaijan, Armenia, Turkmenistan, and the Caspian Sea, to the east by Pakistan and Afghanistan, to the south by the Persian Gulf and the Gulf of Oman, and to the west by Turkey and Iraq.

Answer:

The northeastern highlands begin just south of a line drawn from Mosul to Kirkuk and extend to the borders with Turkey and Iran. High ground, separated by broad, undulating steppes, gives way to mountains ranging from 1,000 to 3,611 meters (3,281 to 11,847 ft) near the Iranian and Turkish borders.

if there were no hills in nepal,the rainfall would not occur and nepal would remain like desert​

Answers

Answer:

due to high pressure Nepal get rain

Explanation:

Nepal gets more rain due to high pressure.

Summer Monsoon Rainfall is variability from the months of June to September over Nepal that is moisture carried with eastern arm of low pressure during Northeastern India.

Over the Nepal Himalaya, greater rainfall is central-eastern part with the most aspects to the high. Western part of country receives more rain than the east.

Read the following cases and classify them as behavioral, cognitive or social learning theory and give a brief justification for your answer a. Suppose a one-year old child is playing with a toy near an electric out-let. He sticks part of the toy into the out-let. He gets shocked, becomes frightened, and begins to cry. For several days after that experience, he shows fear when his mother gives him the toy and he refuses to play with it. (3 points) b. Every time the wife makes her husband's favorite dish, he gets into a good mood and takes her out for a romantic evening. (3 points) c. When the first kid starts crying because of the pain of the needle piercing through his/her body, all kids down the line start to cry and eventually, every kid on the line is crying even before they see the needle because they associate it with an illness. (3 points)

Answers

Answer:

Okay! got you

Explanation:

Professions in medical are not practiced for money but for public welfare. Do you support this statement? Explain.​

Answers

Answer:

yes, i support this statement that professionals in medical are practiced for public welfare

hope this helps :))

A brokerage firm that buys stocks using clients' deposits in order to earn a
profit is which type of financial institution?
A. Fractional institution
B. Contractual institution
C. Investment institution
D. Depository institution








Answers

Answer:

A es la correcta por que si

What is Medevial Age?​

Answers

Answer:

Medival age is also known the time between the fall of Imperial Rome and the beginning of the Early modern Europe.

Explanation:

In the history of Europe,the middle ages or medieval period lasted approximately from the 15th to the 15th centuries.

dùng sơ đồ tư duy để mô tả tất cả những gì em cho rằng liên quan đến doanh nghiệp

Answers

Answer:

The process by which plants make their own food in the presence of air water chlorophyll and sunlight in leaves is called photosynthesis

it's product are oxygen and glucose

The Assertion that, non formal institutions have no role to play in the processing stage at the system theory is an empty rhetoric​

Answers

Answer:

happy friend ship day

2. Would you expect more cooperation
or conflict?

Answers

Answer:

ok course,I will expect more cooperation than conflict because conflict harms but cooperation makes you more stronger

Explanation:

hope that helped you and you liked my answer

Define scarcity, Choice, and opportunity cost?​

Answers

Whenever a choice is made, something is given up. The opportunity cost of a choice is the value of the best alternative given up. Scarcity is the condition of not being able to have all of the goods and services one wants.

HOPE SO IT HELPS YOU

A high school student earns $65 for mowing one customer's lawn. If he mows 13 lawns in one week, how much money will he earn for that week?

Answers

Answer:

$845

Explanation:

Since he earns 65$ per lawn, all you have to do is multiply 65 by 13= 845

He earns $65 each lawn that he mows. So if he does it 13 times (65•13) he earns $845 that week
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