The law of demand implies that consumers will, all other things unchanged, buy more at lower prices.
One of the most fundamental ideas in economics is the law of demand. The law of demand explains how market economies distribute resources and set the prices of goods and services that we see in daily transactions by combining the law of supply. According to the law of demand, the quantity bought varies inversely with the price. In other words, the quantity demanded decreases as the price increases. Because of declining marginal utility, this happens. In other words, consumers utilise the initial units of an economic good they buy to fulfil their most pressing requirements first, and they use the subsequent units to fulfil progressively lower-valued goals.
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Answer:
Cash sales = $233,200 × (100 ÷ 106)
= $220,000
Credit sales = $153,700 × (100 ÷ 106)
= $145,000
Sales tax revenue = ($220,000 + $145,000) × 6%
= $21,900
Therefore, the Journal is as follows:
Sales tax revenue A/c Dr. $21,900
To sales tax payable $21,900
(To record the sales tax payable)
Answer:
A
Explanation:
In this question, we are asked at what value should the land be recorded in White Repair services records.
Technically, the value of land is to be recorded as purchase price plus improvements.
Generally, what we mean by improvements include such fees such as attorney fees. Looking at the question, we cannot find any of the entries that speaks about payment yo an attorney or any general land issue. This means that we only record the value of the land as purchase price only.
Looking at the question, the purchase price is the accepted seller’s counter offer. This value is $115,000. Hence, it is the value at which the land would be recorded in White repair service records
Answer:
The correct answer is a) Sponsorship.
Explanation:
When it comes to sponsorship between two companies, it refers to the agreement they make so that one of the companies helps the others to promote its brand or product, benefiting from an economic incentive or the same product.
For example, in the case of the Livesheer company, they help sponsor the music festival with the agreement that the organizers promote their clothing brand at the festival through advertisements, as well as let them deliver a sample of their product to potential customers. This strategy is achieved through the sponsorship that Livesheer will give to the event organizers.
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b. The optional pricing strategy (O.P.)
More about optional pricing:
When a company uses optional product pricing, it sets a base product at a lower cost and additional, optional products at a higher price to make up for any losses. Optional products are not required for the base product to function, but they typically improve the customer experience.
The two key components of optional product pricing:
- A base product is the main draw for the customer or the reason they are purchasing. It meets the needs of the customer and does not require the optional product to function.
- A complimentary product(s): A product that a customer who purchased the base product is likely to purchase in order to improve their experience with the base product.
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