Tutor profile: Kate A.
If the price drops for hot dogs at the store, would the demand increase or decrease for hot dog buns?
Hot dogs and hot dog buns are complementary goods, meaning if the price of one drops, then the demand for the other increases. This follows the basic Law of Demand: demand increases as price decreases. If hot dog prices rise, then people would want to buy those hot dogs since they are less expensive. They would buy the hot dog buns with the hot dogs (complementary goods) and therefore the demand for hot dog buns would increase.
If you deposit $200 into a bank account with 10% interest rate, roughly how much would you have after 2 years? 3 years?
The $200 would accrue over 2 and 3 years by 10% each year by compounding interest. In the first year, the $200 would gain 10%... being 110% greater than the original $200. You can get this amount by multiplying $200 * 1.10 = $220. For 2 years, you would take the $220 and multiply it again by 110% to get $242. For 3 years, you would take $242 * 1.10 = $266.20.
If f(x) = x + 5 and g(x) = 2x+7, what is f(g(x))?
f(g(x)) assumes that the equation for g(x) takes place for x in the equation f(x). This would look like: f(g(x)) = (2x+7) + 5. You can simplify this by following basic order of operations, so that f(g(x)) ultimately looks like: f(g(x)) = 2x+12.
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