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If timber prices fall by 30%, what will be the expected % change in demand for timber in the economy if the Price Elasticity of Demand is -0.5, and explain the effect on revenue for a timber-selling firm.

Price Elasticity of Demand (PED) is a measure of the responsiveness of demand to a change in price. A PED of -0.5 suggests demand is price inelastic – as Price falls by 1%, Demand will increase by 0.5% (l...

HC
Answered by Harry C. Economics tutor
1725 Views

Core 1: Given that y = x^4 + x^2+3. Find dy/dx

First what we need to do is we need to think of what the question is asking us to find. In this case it is dy/dx but what is this. This is the rate of change of y with respect to x.  For understanding pur...

DS
Answered by David S. Maths tutor
2844 Views

Write x^2 + 8x + 7 in the form (x + a)^2 + b

We work from right to left (x + a)2 = x2 + 2ax + a2 2a = 8 [coefficients of x must match] a = 4 (x + 4)2 = x2 + 8x + 16 [substitute in a = 4] x2...

WM
Answered by Will M. Maths tutor
12739 Views

How do I do definite integrals?

A definite integral is an indefinite integral with set limits. If we consider integration as a way of calculating the area under a curve, a definite integral calculates the area under the curve between tw...

CJ
Answered by Charlie J. Maths tutor
3051 Views

How does a signal move from one neurone to another and how does this process change for different motor responses?

The transmission of an action potential- the signal- from one neurone to another occurs over the synapse. The structure of a synapse is as follows; there is a presynaptic bulb, a post synaptic bulb and th...

AH
Answered by Amy H. Biology tutor
2416 Views

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