This is also known as the three duties towards the customer DAD Dealing with Honesty. Accounting for all funds and Disclosing the material facts to the buyer.
<h3>Who is a buyer?</h3>
A buyer is a customer who purchases the goods and or services of a company through which the company generates the revenue and earn profits. The buyer plays a key role in the development and running of a company.
The buyer should be allowed to have all the information about the product or service it is going to purchase, the buyer should be informed about the market rates and the demand of the goods as this is a material fact about the product.
Therefore it is a duty that a seller owes to the buyer to deal with honesty that is not charging high price if they are unaware of the price of the product.
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Answer:
C. Responsiveness of quantity demanded to a percentage change in income.
Explanation:
Income elasticity is defined as the responsiveness of the quantity of a good demanded by an individual as his income changes, all other factors being constant.
Mathematically it is calculated as percentage change in quantity demanded divided by percentage change in income.
Income elasticity is used to find out if a good is a necessity or a luxury good.
The demand for goods that are a necessity does not change with a change in income.
However demand for a luxury good increases as income increases and vice versa
Answer:
C) the difference in prices of the Actual Quantity Purchased (AQP) and the Actual Price (AP) multiplied by the Actual Quantity Purchased (AQP) and the Standard Price (SP) of the input purchased.
Explanation:
Direct Material Price Variance = (Actual Price - Standard Price)
Actual Quantity
Opening the brackets we have
Actual Price
Actual Quantity - Standard Price
Actual Quantity
therefore, from the options provided option C) is correct as Direct Material Price Variance is difference in Actual Cost and Standard Cost of Actual Units
Final Answer
C) the difference in prices of the Actual Quantity Purchased (AQP) and the Actual Price (AP) multiplied by the Actual Quantity Purchased (AQP) and the Standard Price (SP) of the input purchased.