Economics Problem Solving Quiz

To calculate the percentage discount on a $4 item when you buy it at the checkout aisle for $4.60, you need to find the difference between the two prices ($0.60), then divide that difference by the original price ($4). Finally, multiply the result by 100 to express it as a percentage.

To determine the percentage increase in used car prices, find the difference in price ($30k - $20k = $10k) and divide it by the original price ($20k). Multiply the result by 100 to express it as a percentage, which is 50% in this case.

To find the number of years it takes for an investment to double at a simple interest rate of 4%, represent the interest rate as a decimal (0.04), and then calculate the number of years it takes to double the initial investment by dividing the initial investment ($3) by the interest amount ($0.12). The result is 25 years.

To calculate the interest earned on a $100 investment at a 12% annual interest rate paid monthly, first determine the monthly interest rate by dividing the annual rate by 12 (12% / 12 = 1%). Calculate the interest earned over three months by multiplying the monthly interest by the investment amount ($100 * 1% = $1) and then multiplying that amount by the desired duration of 3 months, which results in a total interest earned of $3.

In this scenario, the revenue is calculated using the equation y = 5x - 3, where x represents the units produced. To find the revenue when x = 5, substitute 5 for x in the equation and solve for y.

The given data set represents the units produced and their corresponding profit. To estimate the profit when 30 units are produced, you can use methods like interpolation or regression analysis. However, without further information or context, it's difficult to provide a precise estimate.

The expression (x - y) represents the difference between the original amount sold (x) and the amount sold after the price increase (y). This difference is significant because it shows how the change in price affects the sales volume.

The expression (r - 5) represents the cost of a vanilla cupcake, which is $5 less than the cost of a red velvet cupcake (r). The term 'v' represents the number of vanilla cupcakes purchased. This expression calculates the total cost of all the vanilla cupcakes.

Marshalls offers a discount of 10% on purchases under $50 and a 20% discount on purchases over $50. The given scenario states that the cart total is currently $46, which falls under the $50 threshold, meaning a 10% discount will be applied.

The given equation represents the expression for calculating the revenue when the price of a chicken bake is increased from $3 to $4. (x-y) represents the difference in sales volume before and after the price increase. By analyzing this expression, you can understand the impact of the price increase on revenue.

The equation 𝑟(𝑣 + 1) + (𝑟 − 5)𝑣 represents the total cost of cupcakes, where 'r' is the price of a red velvet cupcake, 'v' is the number of vanilla cupcakes, and (r - 5) is the price of a vanilla cupcake. The cost for all vanilla cupcakes can be extracted from this equation as (𝑟 − 5)𝑣.

The provided information describes a scenario where Marshalls offers a 10% discount on purchases under $50 and a 20% discount on purchases over $50. The cart total, which is $46, falls under the $50 threshold, meaning a 10% discount will be applied. This scenario helps illustrate different discount levels and their application based on total purchase amount.