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VikaD [51]
3 years ago
9

If the price of good X rises and the demand for good X is elastic, then the percentage __________ in quantity demanded is ______

____ the percentage rise in price, and total revenue __________.a. fall; greater than; risesb. fall; less than; fallsc. fall; equal to; remains constantd. rise; greater than; fallse. fall; greater than; falls
Business
1 answer:
Ira Lisetskai [31]3 years ago
8 0

Answer:

e. fall; greater than; falls

Explanation:

Demand is price elastic if a small change in price has a greater effect on the quantity demanded. The coefficient of elasticity is usually greater than one which indicates that the percentage change in quantity demanded is greater than the percentage change in price.

Elasticity of demand = percentage change in quantity demanded/ percentage change in price

If demand is elastic, an increase in price leads to a fall in quantity demanded and total revenue falls.

I hope my answer helps you

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The process of increasing an information stream's redundancy to overcome noise is called
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3 years ago
The Soma Inn is trying to determine its break-even point. The inn has 75 rooms that are rented at $60 a night. Operating costs a
Juli2301 [7.4K]

Answer:

The Soma Inn

a. Determination of the inn's break-even point:

1. number of rented rooms per month:

= Fixed Costs/Contribution per room

= $14,400/$18

= 800 rooms

2. dollars:

= Fixed Costs/Contribution margin ratio per room

= $14,400/0.3

= $48,000

2. Renting average of 50 rooms per day,

a) Monthly margin of safety in dollars

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Break-even Sales = $48,000

Margin of safety = Current Sales minus Break-even Sales

= $42,000 ($90,000 - $48,000)

b) Margin of safety ratio:

= Margin of safety/Current Sales x 100

= $42,000/$90,000 x 100

= 46.67%

Explanation:

a) Data and Calculations:

Fixed costs:

Salaries       $9,700 per month

Utilities          2,700 per month

Depreciation 1,300 per month

Maintenance   700 per month

Total         $14,400 per month

Variable costs:

Maid service  8 per room

Other costs 34 per room

Total          $42 per room ($3,150 = $41 x 75 rooms)

Rent          $60 per room ($4,500 = $60 x 75 rooms)

Contribution per room = $18 ($60 - $42)

Contribution per night = $1,350 (75 x $18)

Contribution margin ratio per room = Contribution per room margin/Rent per room x 100

= $18/$60 x 100

=  0.3 or 30%

The Soma Inn's contribution margin per room is equal to the rent per room minus the variable cost per room.  Similarly, the contribution margin ratio per room is the contribution margin per room divided by the rent per room, and then multiplied by 100.

The Soma Inn's margin of safety is the difference between the rent per month and the break-even sales.  The Margin of safety ratio for the Inn is the ratio of current sales minus the breakeven sales, and then divided by current sales, multiplied by 100.

c) Once the purchases of merchandise have been computed, to compute the cost of goods sold becomes easier.  The cost of goods sold for Ahmed Company is the difference between the cost of goods available for sale and the ending inventories of merchandise.

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vovikov84 [41]

Answer:

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Explanation:

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Answer:

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