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2 years ago

There are _____ individual food establishments in the United States.

Business

2 answers:

anygoal [31]2 years ago

8 0

it should be a because the answer for 2018 247,191

nataly862011 [7]2 years ago

6 0

D.) 970,000. Rereading the text i found this! "The restaurant industry is an enormous business, with 970,000 individual food establishments that generated $1.7 billion daily, according to the National Restaurant Association's 2012 Restaurant Industry Overview."

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Which of the following statements about high-LPC leaders is most likely true?

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Several years ago, Nicole Company issued bonds with a face value of $1,030,000 for $960,000. As a result of declining interest r

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2 years ago

Suppose physical capital per worker increased to $60,000 between 1990 and 2000 and output per worker increased by $45,000 over t

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2 years ago

When the price of a bar of chocolate is $1.00, the quantity demanded is 100,000 bars. When the price rises to $1.50, the quantit

Bas_tet [7]

Answer:

a. -1.25

b. -1.25

Explanation:

Price elasticity is used to measure the change in demand as a result of a change in price.

Formula is;

= % change in Quantity/ % change in Price

a. Suppose the price increases from $1.00 to $1.50. The price elasticity of demand is:

% change in Quantity using the midpoint formula;

$=\frac{Q2 - Q1}{\frac{Q1 + Q2}{2} } \\\\= \frac{60,000 - 100,000}{\frac{100,000 + 60,000}{2}} \\\\= -0.5$

% Change in Price using midpoint formula

$=\frac{P2 - P1}{\frac{P1 + P2}{2} } \\\\= \frac{1.5 - 1.00}{\frac{1.00 + 1.50}{2} } \\\\= 0.4$

= -0.5/0.4

= -1.25

b. Suppose the price decreases from $1.50 to $1.00. The price elasticity of demand is:

% change in Quantity using the midpoint formula;

$=\frac{Q2 - Q1}{\frac{Q1 + Q2}{2} } \\\\= \frac{100,000 - 60,000}{\frac{100,000 + 60,000}{2}} \\\\= 0.5$

% Change in Price using midpoint formula

$=\frac{P2 - P1}{\frac{P1 + P2}{2} } \\\\= \frac{1.00 - 1.50}{\frac{1.00 + 1.50}{2} } \\\\= -0.4$

= 0.5/-0.4

= -1.25

7 0

2 years ago