The operations manager of a company extracted the following annual demand data from the research and development department of the company. Use it to answer questions 23-30. Year Price (¢) Demand 9500 9000 8000 6800 5000 3500 2000 Jan 6 Feb Mar 11 18 April Мay June July 24 32 40 23. What is the percentage change in demand for transport services between Feb and May? (a) 0.44% (b) 4.44% (c) 44,4% (d) 45.4% 24. What is the average demand for the period \(a) 6257 (b) 6527 (c) 6752 (d) 7245 25. The percentage change in price between Jan and May is: Ya) 45.45% (b) 45.54% (c) 54.45% (d) 54.54% 26. How will a passenger pay for this transport service is he travelled six times in May? (a) 44 (b) 84 (c) 144 (d) 244 27. How much more or less will a passenger pay if she travelled five times in April and three times in July? (a) 30- (b) (30) (c) 60 (d) (60) Page 5 of 16 Pew IDLsuppi 636-19 28. What is the price elasticity ofr dømand for this transport service hetween Jan and Muy (a) 0.319 (b) 0.1.39 (c) 0.913 (d) 0,945 29. What does the price elasticity figure mean? (a) A 100%. change in price will bring about a 31.9%% chango in domand (h) A 100% change in price will bring ubout a 13.9% change in demand (c) A 100% change in price will bring about a 91.3% change in demand (d) A 100% change in price will bring about a 94.5% change in demand
The operations manager of a company extracted the following annual demand data from the research and development department of the company. Use it to answer questions 23-30. Year Price (¢) Demand 9500 9000 8000 6800 5000 3500 2000 Jan 6 Feb Mar 11 18 April Мay June July 24 32 40 23. What is the percentage change in demand for transport services between Feb and May? (a) 0.44% (b) 4.44% (c) 44,4% (d) 45.4% 24. What is the average demand for the period \(a) 6257 (b) 6527 (c) 6752 (d) 7245 25. The percentage change in price between Jan and May is: Ya) 45.45% (b) 45.54% (c) 54.45% (d) 54.54% 26. How will a passenger pay for this transport service is he travelled six times in May? (a) 44 (b) 84 (c) 144 (d) 244 27. How much more or less will a passenger pay if she travelled five times in April and three times in July? (a) 30- (b) (30) (c) 60 (d) (60) Page 5 of 16 Pew IDLsuppi 636-19 28. What is the price elasticity ofr dømand for this transport service hetween Jan and Muy (a) 0.319 (b) 0.1.39 (c) 0.913 (d) 0,945 29. What does the price elasticity figure mean? (a) A 100%. change in price will bring about a 31.9%% chango in domand (h) A 100% change in price will bring ubout a 13.9% change in demand (c) A 100% change in price will bring about a 91.3% change in demand (d) A 100% change in price will bring about a 94.5% change in demand
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Solve Question 26, Question 27, Question 28, Question 29
Transcribed Image Text:The operations manager of a company extracted the following annual demand data from the
research and development department of the company. Use it to answer questions 23-30.
Year
Price (¢)
Demand
Jan
6.
9500
9000
8000
6800
5000
3500
Feb
Mar
11
April
May
June
18
24
32
July
40
2000
23. What is the percentage change in demand for transport services between Feb and May?
(a) 0.44%
(b) 4.44%
(c) 44.4%
(d) 45.4%
24. What is the average demand for the period
\(a) 6257
(b) 6527
(c) 6752
(d) 7245
25. The percentage change in price between Jan and May is:
Ya) 45.45%
(b) 45.54%
(c) 54.45%
(d) 54.54%
26. How will a passenger pay for this transport service is he travelled six times in May?
(a) 44
(b) 84
* (c) 144
(d) 244
27. How much more or less will a passenger pay if she travelled five times in April and three times
in July?
(a) 30-
(b) (30)
(c) 60
(d) (60)
Page 5 of 16
Peu IDL/suppi 636-19
28. What is the price elasticity ofľ demand for this transport service hetween Jan and Muy
(a) 0.319
(b) 0.1,39
(c) 0.913
(d) 0,945
29, What does the price elasticity figure mean?
(a) A 100%. change in price will bring about a 31.9% changu in domand
(b) A 100% change in price will bring ubout a 13.9% change in demand
(c) A 100% change in price will bring about a 91.3% change in demand
(d) A 100% change in price will bring about a 94.5% change in demand
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