brandonbruner7299 brandonbruner7299

04-09-2020
Business

contestada

The elasticity of demand for oil is –0.5 and the elasticity of supply is 0.20. If the demand for oil increases 10 percent, what happens to the price of oil?

Respuesta :

Tundexi Tundexi

05-09-2020

Answer:

The price of oil will decreases by 20 percent.

Explanation:

Elasticity of demand =-0.5

% change in demand = 10%

% Change in price = % change in demand / Elasticity of demand

% Change in price = 10% / -0.5

% Change in price = -20%

Answer Link

Otras preguntas

The base of a cone shaped glass is 12 inches and it is 18 inches tall. You fill the glass with soda to the top of the glass. What is the amount of liquid in ter

Which of these is the algebraic expression for the verbal expression "twelve times the difference of a number and four?" (4 points) 12 ⋅ x − 4 x − 4 ⋅

can someone please tell me how to do equal values?

HELP PLEASE 32,34,35

What is the order of the tops of nuclear radiation from lowest to highest energy

bacteria are taken into cells by?

Three-tenths of the total volume, v, of water in a bucket spills. Which statement explains why 3/10x and 0.3x can each find the volume of the water that spill

You toss a coin twice. Which calculation proves that landing on tails for the first toss and heads on the second toss are independent events?

1. Is heart disease an inevitable part of growing older?

A 4-year old child is speaking on the phone with her grandmother, and instead of verbally responding to her grandmother's questions, she shakes and nods her hea