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

4c + 5d - 10c +12 - 11d + c

100 POINTS FOR ANWSER Investigating Heat Capacity If you do not have the supplies to do this, look up specific heat. 1) What is it? 2) Find the specific valu

Factor each expression by grouping( 5x3 - 10x2) (+7x-14)

Which is the correct thesis of your brain on movies

Is 5/5 equivalent of 3/3

Work out the size of an interior angle of a regular nine sided figure.

PLEASE HELP!!! 50 POINTS!!! Graph the image of this figure after a dilation with a scale factor of 2 centered at the origin.

Multiply. 5/8 * 3/5. Simplify the answer, if possible

Can b- donate to A+ blood

The hormone needed for Phase II detoxification is:a) Glutathioneb) Estrogenc) Testosteroned) Insulin