Business, 26.03.2020 21:50 michaellangley

The quantity demanded of video game controllers increased from 1,800 to 1,900 when the price of video game consoles decreased from $300 to $275. What is the estimated cross-price elasticity of demand for video game controllers? Round your answer to the nearest hundredth. If elasticity is negative, make sure to include the "-" sign in your answer.

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Answer from: jetblackcap

-0.67

Explanation:

Given that,

Initial quantity demanded for video game controllers = 1,800 units

New quantity demanded for video game controllers = 1,900 units

Initial price of video game consoles = $300

New price of video game consoles = $275

Percentage change in quantity demanded for video game controllers:

= (Change in quantity demanded ÷ Initial quantity demanded) × 100

= (100 ÷ 1,800) × 100

= 5.56%

Percentage change in price of video game consoles:

= (Change in price ÷ Initial price) × 100

= (-25 ÷ 300) × 100

= -8.33%

Therefore, the estimated cross-price elasticity of demand for video game controllers is as follows:

= Percentage change in quantity demanded for video game controllers ÷ Percentage change in price of video game consoles

= 5.56 ÷ (-8.33%)

= -0.67

Answer from: Quest

answer; ///i believe the correct answer is (c) laissez-faire;

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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The quantity demanded of video game controllers increased from 1,800 to 1,900 when the price of vide...