The Installment Price of a Food Processor Is $379

question 45

Multiple Choice

The installment price of a food processor is $379.48 with 18 monthly payments and a down payment of $40. Find the monthly payment.

• A) $339.48
• B) $39.48
• C) $18.86
• D) $0.52

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Definitions:

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing and able to purchase at a given price level in a specified time period.

Price-elasticity of Demand Coefficient

measures how much the quantity demanded of a good responds to a change in the price of that good, calculated as the percentage change in quantity demanded divided by the percentage change in price.

Absolute Value

A number's distance from zero on a number line, without considering its direction; essentially, it is the non-negative value of a number.

Midpoint Formula

A method used in economics to calculate the elasticity of a variable, such as demand, by averaging the initial and final values.