Tutor profile: Zackaria W.
I am having trouble understanding the difference between price elasticity versus price inelasticity. Can you explain the difference to me?
Great question. Elasticity measures changes in demand when there is a change in the price of a good. A product is considered elastic if a 1 percent increase in price leads to a change in quantity demanded by more than 1 percent. A product is considered inelastic if a 1 percent increase in price leads to a change in quantity demanded that is less than 1 percent.
Hello I am taking a finance 101 course and have trouble understanding the TMV formula. Can you please explain it to me?
Great question, having a understanding of this formula and why it is so important in finance will give you the foundation you need as you progress into upper level classes. The formula is: present value = future value / (1 + rate of interest) or pv = fv / (1 + r) To solve for this formula you need two of the three variables. This formula shows us that money have a value over time and that money today can be worth more money in the future. If given the option of $100 today or $107 in 1 year from today, if the rate of interest is 8%, what should we do? With the TMV formula we will be able to know exactly what to do. Let’s plug it in. FV = $107 R = 8% or .08 PV = ? PV = 107 / (1+.08) PV = 107 / 1.08 PV = 99.07 Since the present value of the $107 is worth $99.07 today we should take the $100.
Hello, my name is Sally and I am having issues understanding how to multiply two binomials together. I thought I followed the steps, my teacher showed me, correctly but I am still getting the answer wrong on my homework. What am I doing wrong? Problem: (2x+5)(4x-3)=?
Good evening Sally, I remember having trouble when I first learned how to multiply two binomials too! You need to use the FOIL method to solve your answer. FOIL stands for: First, Outside, Inside, Last. So, we need to multiply the the first numbers in each of the parentheses. 2x * 4x = ? Then, we need to multiply the outside numbers, or the two numbers or either end of the parentheses. 2x * -3 = ? After, we need to multiply the inside numbers. 5 * 4x = ? Lastly, we need to multiply the last numbers in each of the parentheses. 5 * -3 = ? Now our answer should look like: (2x+5)(4x-3) = 8x^2 - 6x + 20x - 15. We want to check to see if we can combine like numbers. Can we? Correct! We can add together the -6x and the 20x. So what will our final answer be? 8x^2 + 14x -15
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