Answer:
1
Explanation:
Elasticity of demand measures the responsiveness of quantity demanded to changes in price.
Elasticity of demand = percentage change in quantity demanded / percentage change in price
Percentage change in quantity demanded = (30/20) - 1 = 0.5 = 50%
Percentage change in price = (1500 / 3000) - 1 = 0.5 = 50%
50% / 50% = 1
I hope my answer helps you
Answer: Market Economy
Explanation:
A country in which the economic decisions are majorly controlled by individuals or private companies is a market economy.
A market economy is an economic system where there is very little government interference which is in the form of regulations, the economy is controlled mainly by private individuals and production is determined by the forces of demand and supply.
Answer:
b) Fred must maintain records for 6 years from the year the return was filed
Explanation:
A person that prepares tax is required by the Internal Revenue Service to keep tax returns and supporting documents for at least 3 years.
However when the tax preparer fails to report correct income amount they are required to keep records for at least the last 6 years.
The underreported income must be greater than 25% of the income.
In the given scenario the Fred reported $10,000 instead of $13,500.
The unreported amount is $3,500
Percentage not reported = (3,500 ÷ 13,500) * 100 = 25.925%
So Fred will need to keep records for the next 6 years
Answer: The answer is <u>B, a job shortage occurs when there is a higher demand for jobs than there is for labor.</u>
Explanation:
During this type of shortage, the types of jobs being offered do not have the workers that are qualified. Skilled workers are needed for various jobs but they are hard to fill since students are going into high powered fields. Some of the industries that need workers are healthcare, hotels, and construction.
Answer:
a)
revenue = x amount of phones x price
revenue = x(500 - 0.5x)
revenue = 500x - 0.5x²
we find revenue' (derivative):
revenue' = 500 - x
x = 500
the company should sell 500 smartphones to maximize revenue, the selling price = 500 - (0.5 x 500) = $250 per smartphone. Maximum weekly revenue = $250 x 500 = $125,000
b)
profit = revenue - cost
profit = 500x - 0.5x² - 20,000 - 135x
profit = -0.5x² + 365x - 20,000
we must find profit' (derivative):
profit' = -x + 365
x = 365
In order to maximize profits, you have to sell 365 smartphones per week. Maximum weekly profit = -0.5(365²) + 365(365) - 20,000 = -66,612.50 + 133,225 - 20,000 = $46,612.50.
The smartphone's price = 500 - (0.5 x 365) = $317.50
