Questions: Question 44 (1 point) Refer to the graph above. Area F is larger than areas B and C, because demand is elastic between 10 and 30 larger than areas B and C, because demand is inelastic between 10 and 30 smaller than areas B and C, because demand is elastic between 10 and 30 smaller than areas B and C, because demand is inelastic between 10 and 30

Question 44 (1 point) Refer to the graph above. Area F is larger than areas B and C, because demand is elastic between 10 and 30 larger than areas B and C, because demand is inelastic between 10 and 30 smaller than areas B and C, because demand is elastic between 10 and 30 smaller than areas B and C, because demand is inelastic between 10 and 30
Transcript text: Question 44 (1 point) Refer to the graph above. Area F is larger than areas B and C, because demand is elastic between $\$ 10$ and \$30 larger than areas $B$ and $C$, because demand is inelastic between $\$ 10$ and $\$ 30$ smaller than areas B and C, because demand is elastic between $\$ 10$ and $\$ 30$ smaller than areas B and C, because demand is inelastic between $\$ 10$ and $\$ 30$
failed

Solution

failed
failed

Solution Steps

Step 1: Identify the Areas on the Graph
  • The graph shows a demand curve with areas labeled A, B, C, D, E, and F.
  • The price axis ranges from $0 to $60, and the quantity axis ranges from 0 to 60 units.
Step 2: Determine the Price and Quantity Ranges for Each Area
  • Area F is located between the price range of $0 to $10 and the quantity range of 30 to 60 units.
  • Areas B and C are located between the price range of $10 to $30 and the quantity range of 0 to 30 units.
Step 3: Analyze the Elasticity of Demand
  • Elasticity of demand measures how much the quantity demanded responds to a change in price.
  • Between $10 and $30, the demand is likely to be more elastic because the percentage change in quantity demanded is higher relative to the percentage change in price.

Final Answer

Area F is smaller than areas B and C, because demand is elastic between $10 and $30.

Was this solution helpful?
failed
Unhelpful
failed
Helpful

Questions asked by other users

failedAnswered
A psychologist determined that the number of sessions required to obtain the trust of a new patient is either 1,2 , or 3. Let x be a random variable indicating the number of sessions required to gain the patient's trust. The following probability function has been proposed. f(x) = x / 6 for x=1,2, or 3 a. Consider the required conditions for a discrete probability function, shown below. f(x) ≥ 0 sum f(x) = 1 Does this probability distribution satisfy equation ( 5.1 )? Yes, all probability function values are greater than or equal to 0 Does this probability distribution satisfy equation (5.2)? Yes. the sum of all probability function values equals 1 b. What is the probability that it takes exactly 2 sessions to gain the patient's trust (to 3 decimals)? 1 / 3 c. What is the probability that it takes at least 2 sessions to gain the patient's trust (to 3 decimals)?
failedAnswered
Why did the framers establish a system of separation of powers and checks and balances? Multiple Choice To minimize the threat of tyranny To increase voter participation To concentrate judicial power To weaken state governments
failedAnswered
A student weighs out 20.93 grams of sodium permanganate, NaMnO4. How many moles of NaMnO4 is this? The molar mass of NaMnO4 is 141.93 g / mol. Use the standard abbreviation for the units.
failedAnswered
Question An economist is studying salaries for high technology companies and wants to test the claim that the average salary for high tech employees is less than 70,000. The economist selects a sample of 35 random employees from various high tech companies and records their salaries. Based on past studies, the economist determines that the population standard deviation is 8,500. The economist conducts a one-mean hypothesis test at the 5% significance level to test the claim that the average salary for high tech employees is less than 70,000. The setup for the null and alternative hypothesis is given as: H0: μ ≥ 70,000; Ha: μ<70,000, which is a left-tailed test. The sample data for 35 salaries is shown in the dataset below. Use Excel to test the claim that the average salary for high tech employees is less than 70,000, where α=0.05. Calculate the test statistic, z, and the p-value, rounding to three decimal places.
failedAnswered
Wound Locations Medial Lateral The wound is to the right ear. The wound is to the nose.