Economics Questions and Answers

When price is 15.0, quantity demanded =

Qd = -0.5(15.0)+ 20

Qd = -7.5 + 20 = $12.5

When the coefficient of price elasticity of demand is equal to zero, it means demand is perfectly inelastic. This means that demand for a good does not change in response to price.

A market economy is an economic system in which the forces of demand and supply determine major economic decisions and the prices of goods and services

In this type of system, there is no central planning authority that determines what should be produced, but rather, private individuals and businesses are in charge of productive resources. Now we all know, private businesses are in business for the main purpose of making profits. A market economy is characterized by business owners who go into business for the sole aim of making profits.

Mean is gotten as the sum of the terms divided by the number of terms. That is, 

sum of the terms
number of terms

The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, hunting, fishing, and mining. This sector of the economy has the highest number of human labour in a developing economy, as it doesn't involve skilled labour and acquisition of a former education.