BUSINESS HIGH SCHOOL

Tonya consumes 40 steaks a year when her yearly income is $40,000. After her income falls to $35,000 a year, she consumes only 35 steaks a year. Calculate her income elasticity of demand for steaks.

Answers

Answer 1
Answer:

Answer:

1

Explanation:

Tonya consumes 40 steaks a year when her monthly income was $40,000

After her income drops to $35,000 she consumes 35 steaks

The first step is the calculate the percentage change in the quantity of steaks demanded

= 40-35/40 × 100

= 5/40 ×100

= 0.125 ×100

= 12.5

The percentage change in income can be calculated as follows

= $40,000-$35,000/$40,000 × 100

= $5,000/$40,000 × 100

= 0.125 × 100

= 12.5

Therefore the income elasticity of demand for steaks can be calculated as follows

= 0.125/0.125

= 1

Hence the income elasticity for the demand of steaks is 1

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Answers

Answer:

Excludable from Burr's gross estate

Explanation:

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Answers

Answer:

Linear programming model is 1.90 C2 + 1.70 B3 + 1.40 A4 + 1.30 D5

Explanation:

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Bt = Money invested to B t years  ---- (t = 1,2,3)

C2 = Money invested to C in year 2  ----

D5 = Money invested to C in year 2  ----

R2 = Money not invested in t years  ---- (t = 1,2,3,4)

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A2 + B2 +R2 = R1 -------> Year 2

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D5 = 1.4 A2 + 1.7 B2 + R4 -------> Year 5

ii) Non- Negative Constraints

At > 0 for t = 1,2,3,4

Bt > 0 for t = 1,2,3

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Answers

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A. consumer
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Answers

Answer:

American history relevant to American economy is discussed below.

Explanation:

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Answers

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Through the laws of national traffic
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