What is the meaning of perfectly inelastic demand and perfectly elastic demand?
Price elasticity is a measure of the responsiveness of the quantity demanded to a change in price. It is calculated as the percentage change in quantity demanded to a percentage change in price .When quantity demanded is very responsive to a change in price we say demand is elastic; when quantity demanded is not very responsive to a change, we say that demand is inelastic.The following figure illustrates the most extreme cases: perfectly elastic demand ( at a higher price, quantity demanded decreases to zero) and perfectly inelastic demand ( a change in price has no effect on quantity demanded)Which factors affect demand elasticity of a good?Availability of substitutes for this good.When there are few or no substitutes for a good, demand tends to be relatively inelastic. Example: consider a drug that keeps you alive by regulating your heart. If two pills per day keep you alive, you are unlikely to decrease your purchase if the price goes up and also unlikely if the price goes down.When one or more goods are very good substitutes for the good in question, demand will tend to be very elastic. consider two gas stations along your regular commute that offer gasoline of equal quantity. A decrease in teh posted price at one station may cause you to purchase all your gasoline there, while a price increase may lead you to purchase all your gasoline at the other station.Other factors that affect demand elasticity in addition to the quality and availability of of substitutes are:Portion of income spent on a goodTime
Scores are normally distributed with a mean of 86 and a standard deviation of 14. What is the probability that a random student scored below 72?
Hi,Use a Z Score calculator such as this one:Z Score or Standard Value CalculatorRandom Value = 72Mean (u) = 86Standard Deviation = 14You should get this resultUsing a Z Score lookup table:You will see a Z value of 1 = .3413 or 34.13% of the area under the curve.But… to finish the calculation we need to put all the numbers in the right context.The value of .3413 is the area under the curve from “0” (zero, the normalized average of 86) to the value of 100 or 72 (since normal distribution is symmetrical).The number you want is what is the probability of a random student getting a score below 72 (which is 1 standard deviation away from the average, by the way).What we need to do is calculate the percentage (probability) below 72 by subtracting .3413 from .5000 (.5000 is the probability of what is contained in the lower half of the normal distribution and the .3413 is the probability of what is above 72). So .5000 - .3413 = .1587 or the probability that a student scored below 72 is 15.87%.To calculate the probability of a student scoring 72 or better just add the probabilities above the 72 level which would be .3413 + .5000 (upper half of normal distribution which was not affected by our calculations) and we get .8413 or 84.13% probability a student scored above 72.I hope this helps…
Why does the USA Democratic system use electoral votes?
It seems cheap to me, in a land where "All men are created equal", my vote doesn't count on an individual level. Why is a vote in Illinois worth more than one from Idaho? Is my citizenship worth more than another citizens? That's not possible with the way our declaration of independence is written. Our founding fathers spent a long time figuring this out and we're not giving it the respect it desires. How can it be that a president can lose the popular vote and win the election? This is not a game!!! To win! Just like many Sunday football games, where people make a play and everybody congrats the winning team on a good set of downs. This doesn't just affect our own country's well being, this is LIFE OR DEATH for the world's population!! The US, being a "superpower", how come one man's vote doesn’t really matter anym
Which IPL team has the largest amount of fans following them? Why?
IPL itself has huge fanbase around the globe. Now for 2018 , 8 teams are going to participate in it, with the return of 2 prominent teams Rajasthan Royals (season 1 winner) and Chennai Super Kings (2010,2011 winners, 4 time finalist so most decorated ever)As far as fan base goes , Let me tell all teams have certain players who are loved throughout the world, Explaintion-1) CSK- MSD,Raina,Bravo, Shane Watson.2) MI - Rohit Sharma,Pollard, Hardik pandya, Bumrah3) RCB - Virat Kohli, AB Deviliers, Chahal.4) KKR- Dinesh Kartik, king khan.5) SRH - Shikhar Dhawan , David Warner, Bhuvi, Kane Williamson, Rashid Khan.6) KXIP- Yuvraj, R Ashwin, Gayle, K L Rahul.7) RR - Ajinkya Rahane,Smith.8) DD - Gautam Gambhir, Rishab Pant.Now with respect to the following of the above mentioned players on social media viz Facebook, Instagram, Twitter and their involvement with fans : most popular teams with huge fan base are: -#1) RCB (mainly due to VK with largest following of a cricketer on Instagram and Twitter ~55 million followers(21 million on Instagram)+ AB Deviliers ~11 million fans)#2) CSK ( mainly due to MSD ~35 million fans combined + Suresh Raina ~10 million fans)#3) MI ( Rohit and Pandya most famous)#4)KXIP ( Yuvraj name says it all + R Ashwin )#5) SRH ( Dhawan + Warner starfactors)(ofcourse Warner is not playing even though…)#6) KKR ( only team having owner impact king khan + Dinesh Kartik+ …)#7) RR ( only thing famous in this season about this team is their return)#8) DD( poor performance over the years places them at the bottom despite of presence of GG)Hope, you all got it folks!
The ratio of the angles of triangle ABC is 2:3:5. What are the angles?
Let common factor of ratio of angles is X.Ratios are 2:3:5 given.So, 2*X+3*X+5*x=180° — sum of three angles of a triangle.Now,10*X=180°So, X=18°.Hence angles are 36° , 54° and 90°.
Stay by sugarland?
It's a nice area!!
In India, which state has the highest forest?
India has a total geographical area of 3.28 million sq. km.Out of which 21.34% or 701,000 sq. km is occupied by forests (Moderately dense, Very Dense, Open forest, Shrubs,etc.)The State having the highest forest area is Madhya Pradesh ( 77,462 sq. km of the total 308,245 sq. km) (i.e. 25.13%)Followed by Arunachal Pradesh which has 67,248 sq. km land under forest cover. (.i .e 80.3%)then comes Chhatissgarh, with 55,586 sq. km of the total 135,191 sq km covered by forests. (.i.e 41.12%)Percentage wise, Mizoram has the highest ratio of forest cover to geographical area.Over 88.93% of the total area of Mizoram is occupied by natural forests. (21,081 → 18,748)Followed by Arunachal Pradesh where forest cover is 80.3% of its land. (83,743 → 67,248)Union territories like Lakshadweep and Andaman & Nicobar islands also have a large percentage of their area covered by forests, 84.56% and 81.84% respectively.The above data and values has been cited from State forest report 2015.
Why is the city of Dubai so wealthy?
If you are thinking that Dubai is very rich due to its oil reserves, I think you are wrong. Because Dubai, which is part of UAE is so small that they can't have that much of oil which makes them this rich. In that way Saudi Arabia must be the richest country in the world. Which is not.The main reason behind Dubai's richness is its vision. The officials of dubai thought well before they ran out of oil. They started developing Dubai as a Tourist / Financial / Trad City. Plus Dubai is tax free, so that makes it the most favorite shopping lover's city. They invested in infrastructure and allowed foreigners to buy property in Dubai, by this they brought Billions of money in Dubai (Plam islands, world islands, Burj Khalifa). Some projects are just for status symbol. Ex- celebrities are buying houses in palm island just to show their wealthiness.And By a superb strategy of Emirates Airlines they brought number of people as travelers into UAE. And UAE is the biggest Gold Trader in the world. So in short there are main 3 reasons of Dubai's wealth.1. Infrastructure2. Tourism3. Gold trading.