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Pachacha [2.7K]
1 year ago
8

what situation is occurring if a 1 percent decrease in price results in more than a 1 percent increase in quantity demand?

Business
1 answer:
Mekhanik [1.2K]1 year ago
3 0

Demand is price elastic, is occurring if a 1 percent decrease in price results in more than a 1 percent increase in quantity demand.

<h3>What is price elastic?</h3>

Price elastic of demand means the measurement of the product's demand with respect to its price.

It is common that if the price of a product will increase, the demand will fall, but some products demand fall more than other products, which is measure by price elastic in demand.

Thus, the correct option is demand is price elastic.

Learn more about demand is price elastic.

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Match each of the following characteristics or scenarios with either the term negative externality or the term positive external
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<u>Answer:</u> a. Negative externality  

b.Positive externality  

c.Positive externality  

d.Positive externality  

e.Negative externality

<u>Explanation:</u>

Positive externatility are the advantages which the people enjoy apart from the marketplace for which they do not pay any money. Negative externality means negative consequences faced by the people outside due to the activities of the firm.

A.In the scenarios given above when resource are over allocated the public resources are depleted and creates negative externality  .

B. Tammy's case by raising garden increases the value of the public property which is positive externality.

C.Market demand is low so prices are low it is positive externality..

D.When resource are under allocated the public resources are not depleted and creates positive externality  .

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According to Miles and Snow, a company that operates in at least two different product-market areas in which one product is stab
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Main Street Ice Cream Company uses a plantwide allocation method to allocate overhead based on direct labor-hours at a rate of $
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Answer:

$1,702 , $1,497, and $1,957

Explanation:

The computation of the total cost is shown below:

Particulars Strawberry Vanilla Chocolate

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Direct Material  $816          $516  $616

Overhead   $120               $140        $200

                        (60 × 2)           (70 × 2)   (100 ×2)

Total Cost   $1,702           $1,497    $1,957

We simply added the direct labor cost, direct material cost and the overhead cost so that the total cost could come

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Answer:

The total monthly fixed cost and the variable cost per hour is $1,540 and $23

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Explanation:

The computation of the fixed cost and the variable cost per hour by using high low method is shown below:

Variable cost per hour = (High Operating cost - low operating cost) ÷ (High service hours - low service hours)

= ($11,200 - $4,300) ÷ (420 hours - 120 hours)

= $6,900 ÷ 300 hours

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Now the fixed cost equal to

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= $11,200 - $9,660

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For computing the contribution margin per hour, first we have to compute the revenue per hour which is shown below:

= Revenue ÷ service hours

= $6,000 ÷ 120 hours

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The contribution per hour = Revenue per hour - variable cost per hour

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