1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nydimaria [60]
3 years ago
7

Suppose that after hurricane​ Irene, the average income in Cape​ Charles, Virginia decreased by 4 percent. In response to this c

hange in​ income, suppose the quantity of steak demanded in Cape Charles​ (holding the price of steak​ constant) decreased by 2 percent. What is the income elasticity of demand for steak in Cape​ Charles?
The income elasticity of demand for steak in Cape Charles is __________.
Business
1 answer:
9966 [12]3 years ago
8 0

Answer:

The income elasticy of demand for steak is 0.5

Explanation:

The income elasticity of demand formula is:

IED = Δ%Q / Δ%Y

Where:

  • Δ%Q is change in quantity demanded
  • Δ%Y is change in income

So for this case:

IED = 2%/4%

      = 2/4

      = 0.5

You might be interested in
In the context of Lazarus's model of appraisal, which of the following defines the term reappraisal? a. Determining whether reso
gladu [14]

Answer:<u><em>(d.) Evaluation of whether the response made to a demand or threat was effective</em></u>

Explanation:

Richard Lazarus stated that stress is a process where the manufacturing of stressors by the surrounding, and the effect on an individual subjected to these stressors.  

He also stated that these cognitive appraisal will happen when a individual considers two major element that add in his response to stress. These two element are as follow :

The baleful propensity of the stress to the individual, and

The classification of resources required to decrease, endure or decimate the stressor and the stress it produces.

3 0
3 years ago
Gross payroll for the employees of Bannister Enterprises totals $100,000 per week. From this must be withheld Social Security ta
bogdanovich [222]

Answer:

B) $77,350

Explanation:

Gross payroll=$100,000

Social Security taxes =6.20%

6.20/100×$100,000

=0.062×$100,000

=$6,200

Medicare taxes = 1.45%.

1.45/100×$100,000

=0.145×$100,000

=$1,450

federal and state income tax =15%

15/100×$100,000

=0.15×$100,000

=$15,000

Total Withholdings=

$6,200+$1,450+$15,000

=$22,650

Total employee compensation= Gross earnings-total withhold

=$100,000-$22,650

=$77,350

4 0
3 years ago
In the classic downward-sloping demand curve, as price increases, the demand for the product or service
vesna_86 [32]
The demand for a product or service would likely decrease as price increases as far as the classic downward-sloping demand curve is concerned. In addition, this specific type of demand curve characterises increase of consumer demand as the price significantly falls. 
5 0
3 years ago
It is standard procedure to reject a job offer during the interview so you do not waste the time of the interviewer.
vivado [14]

Answer:

False.

Explanation:

In an interview for a job, there is no specific rule to be followed that an interviewee must follow. An interview is a perfect time to get to know more about the company's needs and also to advertise yourself.

But in case the job is no something that you like, then you must call the interviewer back and thank them for their time and also tell them the reason for the job rejection. Moreover, it is unethical to abruptly decline any job offer. Also, rejecting a job during the interview is not a standard procedure, for it will only make you seem more unethical and disrespectful.

Therefore, <u>it is not true that rejecting a job on the spot during an interview is a standard procedure.</u>

6 0
3 years ago
If the investment accelerator from an increase in government purchases is larger than the crowding-out effect, then
Ymorist [56]
<span>If the investment accelerator from an increase in government purchases is larger than the crowding out effect, then the multiplier is probably greater than one. The crowding out effect within economics is defined as a theory that when public sector spending rises, it can drive down or eliminate private sector </span>spending. Public sector spending is government spending whereas private sector spending is for-profit businesses that aren't owned or operated by the government. 
6 0
3 years ago
Other questions:
  • Fuschia company's contribution margin per unit is $12. total fixed costs are $84,000. what is fuschia's break-even point in unit
    9·1 answer
  • You decide to purchase an equal number of shares of stocks of firms to create a portfolio. If you wished to construct an index t
    9·1 answer
  • What does Strategic HR(Human Resource) mean?<br><br> Explain in your own words.
    8·1 answer
  • Ill give brainliest to whoever can guess what number im thinking of 1-10
    8·2 answers
  • In​ 1982-84 dollars, the real average hourly wage rate in 2005 was ​$8.18 and in 2006 ​, it was ​$8.24 . In 2005 ​, the CPI was
    5·1 answer
  • Scott wants to accumulate $3,800 over a period of 11 years so that a cash payment can be made for roof maintenance on his summer
    12·1 answer
  • During January, Luxury Cruise Lines incurs employee salaries of $2.4 million. Withholdings in January are $183,600 for the emplo
    9·1 answer
  • Novak Corporation purchased 380 shares of Sherman Inc. common stock for $12,900 (Novak does not have significant influence). Dur
    14·1 answer
  • Which of the following statements is TRUE?
    13·1 answer
  • 3. John Legend is looking for help to modernize the inventory systems at his company, Green Light. He is looking for information
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!