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

write a java program to input two double type numbers and by using suitable mathematical functions print the maximum and minimum numbers out of the two numbers.

combine the sentence "the house is empty now. I used to live there"

I need D and E please I know the rest

There are no secrets to success essay

* Identify the organelle that makes energy for the cell O Nucibus O Mitochondria O Golgi Apparatus O Cell Membrane

A muchas personas aqui? Conocer or saber?

HEY BESTIES, HOW DOES AN OUTLIER AFFECT THE DISTRIBUTION OF A DATA SET?

I need help with this

What range of possible sizes for side x? Give the correct answer and I will give you brainlist

Countries need the right resources to create products. Which of the following factors is NOT a resource that a country might need in order to produce something