Answer:
$343,000
Explanation:
Given that,
Sales revenue = $385,000
Operating expenses = $65,000
Net loss = $23,000
Gross profit:
= Net loss + Operating expenses
= - $23,000 + $65,000
= $42,000
Cost of goods sold:
= Sales revenue - Gross profit
= $385,000 - $42,000
= $343,000
Therefore, the amount of cost of goods sold for the Lucky is $343,000.
Answer:
Option D.
Explanation:
Given information:
Formula for price elasticity of demand is
Substitute the given values in the above formula.
Absolute value is
The absolute value of the price elasticity of demand for DVD players is 2.67.
Therefore, the correct option is D.
During an external information search, a consumer is most likely to enlarge his search and consider more alternative brands when the<u> perceived risk of the </u><u>product or service </u><u>to be purchased increases.</u>
This is further explained below.
<h3>What is <u>
a product</u>?</h3>
Generally, A physical thing that is offered for sale for purchase, attention, or consumption is referred to as a commodity.
On the other hand, an intangible item that comes from the work of one or more humans is referred to as a service.
In conclusion, When a customer perceives an increased level of risk associated with the product or service that will be bought, he is more likely to broaden the scope of his search and take into consideration a greater number of alternative brands.
This occurs during an external information search.
Read more about <u>product </u>
<u>brainly.com/question/22852400</u>
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Answer:
US specialisation in TV can be stated on the basis of Absolute Advantage, not comparative advantage.
Explanation:
Absolute Advantage is when a country can produce more output per input of a commodity, than other country.
Comparative Advantage is when a country can produce a good at lower opportunity cost (in terms of other sacrifised)
China can produce more (ie 5 units television) per hour employed, compared to US able to produce lesser (3 units) in the same time. So, on the basis of Absolute Advantage, it can be stated that US should specialise in TV production.
However, since other good's details have not been given. So, we cannot attain the relative opportunity costs. Hence, specialisation on the basis of comparative advantage can't be stated.
The basic economic problem is that of scarcity and choice. This is because people have infinite wants in the face of limited resources, therefore decisions have to be made. The basic economic problem ensures that every society has to decide what to produce, how best to produce it, and for whom to produce it.
