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-Dominant- [34]
1 year ago
15

What will the elasticity of resource demand be if unit wages rise by 5 percent and the number of employed workers falls by 12 pe

rcent?
Business
1 answer:
Amiraneli [1.4K]1 year ago
5 0

The correct answer is 2.4.

The simplest way to define elasticity of demand is by using the following formula:

Elasticity of Demand = Change in Demand / Change in Prices

Then, in our question we have:

Demand Elasticity = 12% / 5% = 2.4

Why is it called elasticity of demand?

An elastic product is one in which demand significantly shifts in reaction to price fluctuations. In other words, the product's demand point has expanded significantly from its earlier point. It is inelastic if the amount purchased fluctuates little when the price of the good or service changes.

What Does elasticity of demand tells us?

It reveals how much the quantity needed alters in response to pricing changes made by the company. The price elasticity of demand explains how the amount sought in the market changes when the price changes if we are evaluating a market demand curve.

Learn more about elasticity of demand: brainly.com/question/23301086

#SPJ4

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Answer:

Explanation:

The four primary ways to protect intellectual property are:

Copyrights.

Trademarks.

Patents.

Trade secrets.

5 0
2 years ago
Fleet, Inc. manufactured 700 units of Product A, a new product, in 20Xl. Product Xs variable and fixed manufacturing costs per u
Ulleksa [173]

Answer:

The change in the dollar amount of inventory is $200 due to change in the inventory costing method.

Explanation:

The variable cost per unit is $6.00 while the fixed cost per unit is $2.00

Variable cost per unit = $6.00

Absorption cost pet units = $8.00

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Change in cost = $800 - $600 = $200

3 0
2 years ago
When buyers use ___________________ to draw inferences about the quality of products, then markets may have trouble reaching ___
bagirrra123 [75]

Answer:

Market price; Equilibrium price

Explanation:

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3 years ago
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3 years ago
Retain the small predictable layers of risk and transfer the unpredictable catastrophic layer of risk. Does this statement promo
ELEN [110]

Answer:

Yes the statement does

Explanation:

Retaining small predictable layers of risk and transferring the unpredictable catastrophic layer of risk to a more capable body is a very good approach towards  promoting appropriate risk financing decision making, this is because

Financial risk decisions are decisions taken between alternatives i.e risks associated with business activities . it is more appropriate to take alternatives with a predictable layer of risk,that way it would be easier for the management to handle the risk associated with it, while transferring the unpredictable catastrophic layer of risk to a more capable body ,like the Insurance companies .

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