On October 5, Loomis Company buys merchandise on account from Brooke Company. The selling price of the goods is $5,000, and the
cost to Brooke Company is $3,100. On October 8, Loomis returns defective goods with a selling price of $650 and a fair value of $100. Record the transactions on the books of Loomis Company.
Assume information similar to that in DO IT! 5-2: On October 5, Loomis Com- pany buys merchandise on account from Brooke Company. The selling price of the goods is $5,000, and the cost to Brooke Company is $3,100. On October 8, Loomis returns defec- tive goods with a selling price of $650 and a fair value of $100. Record the transactions on the books of Brooke Company.
Assume information similar to that in DO IT! 5-2: On October 5, Loomis Com- pany buys merchandise on account from Brooke Company. The selling price of the goods is $5,000, and the cost to Brooke Company is $3,100. On October 8, Loomis returns defec- tive goods with a selling price of $650 and a fair value of $100. Record the transactions on the books of Brooke Company.
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The price of the water needs to be raised by 40% when the consumption of water reduces by 10% and the price elasticity of demand results to 25%.
<h3>What is meant by the price of elasticity of demand?</h3>The price elasticity of demand is determined as the proportionate variation in quantity with respect to variation in the price of a good.
Given values:
Change in water consumption (fall): 10%
Price elasticity of demand: 25%
Computation of percentage change in the price of water:
Therefore, there is an increase in water price by 40%.
Learn more about the price elasticity of demand here:
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