An metal rod heated from 30°C to 80°C. The final length of the metal is 115 cm and the coefficient of linear expansion is 3 × 10⁻³ K⁻¹. What is the…
An metal rod heated from 30°C to 80°C. The final length of the metal is 115 cm and the coefficient of linear expansion is 3 × 10⁻³ K⁻¹. What is the original length and the change in length of the iron?
Price elasticity of demand measures responsiveness of quantity demanded to price change. Elastic (E > 1): quantity changes more than price. Inelastic (E < 1): quantity changes less than price.
Formula: % change in quantity demanded / % change in price. Determinants: substitutes available (more = more elastic), necessity vs luxury (necessities inelastic), proportion of income (larger = more elastic), time (more elastic over time).
Business application: if demand is elastic, raising price reduces revenue; if inelastic, raising price increases revenue. Essential for pricing decisions. Total revenue = price × quantity.
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