The own price elasticity of demand for apples is -1.5. if the price of apples falls by 6 percent, what will happen to the quantity of apples demanded

a. it will increase 4 percent.

b. it will decrease 4 percent.

c. it will increase 9 percent.

d. it will decrease 9 percent.

Option (C) is correct.

Explanation:

Given that,

own price elasticity of demand = -1.5

Percentage change in price of apple = 6 percent

Therefore,

Own price elasticity of demand = Percentage change in quantity demanded ÷ Percentage change in price

1.5 = Percentage change in quantity demanded ÷ 6

Percentage change in quantity demanded = 1.5 ×  6

                                                                       = 9 percent

Hence, the quantity demanded for apple increases by 9 percent when the price fall by 6 percent.

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%