When the price of apples is $1.00 each a local farmer sells 500 apples. When the farmer increases the price of apples to $1.20 she only sells 450 apples,
Please enter your answers as numeric responses (ie. 5 or 5%, not "Five" or "Five percent"). Do not
enter negative numbers rather just use the absolute value for all percentage changes (ie, if the
quantity decreases by 5% just enter 5% and not -5% or (5%)).
By what percentage did the price of apples increase? 20%
By what percentage did the quantity of apples sold decrease? 10%
What is the Price Elasticity of Demand (PED) for apples? 0.5
If the price of apples had increased by 10% by what percentage would quantity demanded have
fallen? 5

20%

10%

0.5

5%

Step-by-step explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price  

Percentage change in price = (1.2/1) - 1 = 20%

Percentage change in quantity demanded = 450/500 - 1 = 10%

.24

step-by-step explanation:

the probability is   .24

the first player had the highest probability of getting a silver marble

the game could be made fair by adding back the marble that was drawn after each draw

answer: it actually depends on which is the independent variable and which is the dependent variable. let us say we're looking at a linear equation. y=2x+3. we theoretically could switch the equation to be x=(y-3)/2 and it would be the same line. so either a causes b or it can be that b causes a. so technically the answer is false

step-by-step explanation: