If the price elasticity of demand for used cars priced between $3,000 and $5,000 is –1.2 (using the mid-point method), what will be the percent change in quantity demanded when the price of a used car falls from $5,000 to $3,000?

the decrease in price of used cars from $5000 to $3000 will lead to a rise in the demand of used cars by 60%

Explanation:

Mid-point method

The midpoint formula for calculating elasticity calculates change in quantity demanded and divides it by the change in the the price

The original formula is

(Q2-Q1) / (Q2-Q1)/2   / (P2-P1)  / (P2-P1/2)

Q2 is new Quantity

Q1 is old quantity

P2 is new price

P1 is old price

Since we already have the Price elasticity of demand as -1.2

the formula changes to

Percentage Change in QUantity = Price Elasticity of demand x ( (P2-P1)  / (P2-P1/2)

= -1.2 x (P2-P1)  / (P2-P1/2)

= -1.2 x (3,000-5000)  / (5000-3000/2)

-1.2 x (-2000/4000) x 100

= 60%

Therefore, the decrease in price of used cars from $5000 to $3000 will lead to a rise in the demand of used cars by 60%

ans.

heterothermic organisms include those organisms that can switch between homeothermic (having body temperature higher than environment) and poikilothermic (having variation in internal body temperature) strategies.

some migratory birds show heterothermy as they decrease their metabolic rate during cold nights to keep their body temperature low. drop in metabolic rate allows increase in production efficiency of birds that reduces the internal body temperature to make it equal to external cold temperature during cold nights.

thus, the correct answer is 'birds allow their temperature drop in order to increase their production efficiency.'

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