Question

When lolly pops cost Rs 1 each, Alice is willing to buy 10 lolly pops, and Joe is willing to sell 10 lolly pops. When they cost Rs 1.50 each, Alice is willing to buy 6 lolly pops, and Joe is willing to sell 20. calculate price elasticity of demand and supply.

Answer 1

Explanation:

didn't understand please explain the question clearly

Answer 2

Answer:

Let the cost of a gumball be G, the cost of a chocolate bar be C, and the cost of a lollipop be L

Let the cost of a gumball be G, the cost of a chocolate bar be C, and the cost of a lollipop be LFrom the question stem, we can form the three equations,

Let the cost of a gumball be G, the cost of a chocolate bar be C, and the cost of a lollipop be LFrom the question stem, we can form the three equations,G + L = 74 | C + L = 92 | G + C = 124

Let the cost of a gumball be G, the cost of a chocolate bar be C, and the cost of a lollipop be LFrom the question stem, we can form the three equations,G + L = 74 | C + L = 92 | G + C = 124Adding the three, we get 2(G + L + C) = 124 + 74 + 92 = 290 -> G + L + C = 145

Let the cost of a gumball be G, the cost of a chocolate bar be C, and the cost of a lollipop be LFrom the question stem, we can form the three equations,G + L = 74 | C + L = 92 | G + C = 124Adding the three, we get 2(G + L + C) = 124 + 74 + 92 = 290 -> G + L + C = 145Since we need the cost of a chocolate bar, we need to reduce the cost of the lollipop and gumball.

Let the cost of a gumball be G, the cost of a chocolate bar be C, and the cost of a lollipop be LFrom the question stem, we can form the three equations,G + L = 74 | C + L = 92 | G + C = 124Adding the three, we get 2(G + L + C) = 124 + 74 + 92 = 290 -> G + L + C = 145Since we need the cost of a chocolate bar, we need to reduce the cost of the lollipop and gumball.Therefore, the cost of one chocolate bar is 145 - 74 = 71 cents