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Solnce55 [7]
2 years ago
14

The total-revenue test for elasticity Multiple Choice applies to the short-run supply curve but not to the long-run supply curve

. does not apply to demand, because price and quantity are inversely related. is equally applicable to both demand and supply. does not apply to supply, because price and total revenue have a positive correlation.
Business
1 answer:
Korvikt [17]2 years ago
4 0

Because price and total revenue always move simultaneously, the total revenue test for elasticity does not apply to supply.

<h3>A total revenue test: what is it?</h3>

A total revenue test calculates the change in total revenue due to a change in a product or service's price in order to estimate the price elasticity of demand.

<h3>What connection does elasticity have with total revenue?</h3>

When demand is elastic (price elasticity > 1), there is a negative relationship between price and total revenue, which means that price increases will result in drops in total revenue. When demand is unit elastic (price elasticity = 1), price changes have no impact on overall revenue.

learn more about total revenue test here <u>brainly.com/question/15842334</u>

#SPJ4

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Once stimuli are in the brain, they are processed by what?
Anastasy [175]
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3 years ago
Richardson Supply's $3.9 million cost of inventory at the end of last year was understated by $1.2 million.
Triss [41]

Answer:

Part a. Was last year's reported gross profit of $2.9 million overstated, understated, or correct? What was the correct amount of gross profit last year?

Gross Profit was Understated by $1.2 million

Correct Gross Profit is $4.1 million

Part b. Is this year's gross profit of $3.6 million overstated, understated, or correct? What is the correct amount of gross profit for the current year?

Gross Profit is Overstated by $1.2 million

Correct Gross Profit is $2.4 million

Part c. Was last year's reported cost of goods sold of $5.4 million overstated, understated, or correct? What was the correct amount of cost of goods sold last year?

Cost of Goods Sold was Overstated by 1.2 million

Correct Cost of Goods Sold is $4.2 million

Part d. Is this year's cost of goods sold of $5.7 million overstated, understated, or correct? What is the correct amount of cost of goods sold for this year?

Cost of Goods Sold was Understated by 1.2 million

Correct Cost of Goods Sold is $6.9 million

Explanation:

Closing Inventory Reduce the Cost of Sales at the end of the year.It is Transferred to the Statement of Financial Position to depict a resource controlled by the entity from which economic benefit is expected to flow in the entity - Asset.

Opening Inventory Increase the cost of Sales because it presents a depletion of Assets of Inventory.

Cost of Sales and Gross Profit have an Inverse Relationship.

6 0
3 years ago
Variations in each product a firm markets in its mix are referred to as the _____ of its product mix.
Allisa [31]
Answer:  "depth" .
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3 0
2 years ago
3.
erastova [34]

Answer:A

Explanation:

3 0
2 years ago
Erin bought stock with company XYZ, deposited money in a CD account, and started investing on a regular basis in a mutual fund.
faust18 [17]

It is true that Erin has a diversified portfolio as he invest in different investment.

<h3>What is a Portfolio diversification?</h3>

This refers to investing of funds in different asset classes and securities in an attempt to minimize the risk of a portfolio.

Hence, It is true & yes that Erin has a diversified portfolio as he invest in different investment.

Read more about diversification

<em>brainly.com/question/417234</em>

#SPJ1

5 0
2 years ago
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