Answer: Elasticity of demand is 7.06
Explanation:
P1= $2,750
P2=$2,880
Q1=446,000
Q2=321,000
Elasticity = -0.76
Thus, elasticity of demand for laptops is 7.06. This means that laptops are highly price elastic as it is greater than 1.
Answer:B. Running his own small farm.
Explanation:
Having got the exprience in running a farm, couple with his financial and managerial knowledge from Accounting will help him to be successful.
Answer:
Explanation:
The production possibility curve is a graphical illustration and tool used for economic analysis. It shows the various combination of goods that can be produced given available resources.
The PPC looks like a bow shape and has an inverse relationship, this is because this is because to produce 1 more of product A you need tp be willing to let go of 1 unit of product B(assuming we can only manufacture 2 products) this concept is known aa Marginal Rate of Transformation.
Answer:
D. has its profits taxed as personal income.
Explanation:
Characteristics of a sole proprietorship :
1. It Is Owned by one person
2. The onwer has an unlimited liability.
3. It doesn't usually have an unlimited life. It usually ends with the death of the owner.
4. Profits are taxed as personal income.
5. It is very easy to form. It requires little legal cost.
