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Lana71 [14]
2 years ago
5

Blake eats two bags of generic potato chips each day. Blake's hourly wage increases from $ 8 to $ 15 , and he decides to stop ea

ting generic chips and instead eats a name-brand potato chip. Use the midpoint method to calculate Blake's income elasticity of demand for generic potato chips. Round your answer to two decimal places.
Business
1 answer:
Oksanka [162]2 years ago
7 0

Answer:

-3.28

Explanation:

Given that,

Initial quantity, Q1 = 2

Final quantity, Q2 = 0

Change in quantity = Q2 - Q1

                                = 0 - 2

                                = -2

Initial income, M1 = $8

Final income, M2 = $15

Change in Income = M2 - M1

                               = $15 - $8

                               = $7

Average quantity:

= (2 + 0) ÷ 2

= 1

Average income:

= (15 + 8) ÷ 2

= 11.5

Therefore,

Percentage change in quantity demanded:

= (Change in quantity demanded ÷ Average quantity) × 100

= (-2 ÷ 1) × 100

= -200%

Percentage change in income:

= (Change in income ÷ Average income) × 100

= (7 ÷ 11.5) × 100

= 60.87%

Income elasticity of demand:

= Percentage change in quantity demanded ÷ Percentage change in income

= -200 ÷ 60.87

= -3.28

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goldfiish [28.3K]

If April 15th falls on a Saturday, the due date for individual tax returns will be on Monday, April 17th (assuming it is not a holiday): TRUE

<h3>What are tax returns?</h3>
  • A tax return is a form or form that is filed with a tax authority and discloses income, expenses, and other relevant tax information.
  • Tax returns enable taxpayers to assess their tax liability, plan their tax payments, and receive refunds for overpayments.
  • In most nations, an individual or corporation having a reportable income, such as wages, interest, dividends, capital gains, or other profits, must file an annual tax return.
  • For example, if April 15th comes on a Saturday, the deadline for individual tax returns is April 17th (assuming it is not a holiday).

Therefore, the statement "if April 15th falls on a Saturday, the due date for individual tax returns will be on Monday, April 17th (assuming it is not a holiday)" is TRUE.

Know more about tax returns here:

brainly.com/question/4210849

#SPJ4

Complete question:

If April 15th falls on a Saturday, the due date for individual tax returns will be on Monday, April 17th (assuming it is not a holiday). TRUE or FALSE

4 0
2 years ago
Current trends indicate that, due to the emerging economies, the world is moving _____ an economic system that is more favorable
Blababa [14]

Answer: closer to

Explanation:

Emerging economies also referred to as developing countries or emerging markets are countries which are investing in more in their productive capacity ans are also gradually moving away from agriculture as it main occupation and there is increase in industrialization.

Due to emerging markets, the world is moving closer to an economic system that is more favorable for international business. There are more quality goods produced by nations and advancement in technology has also helped the economy.

5 0
3 years ago
1. B. Journalize the transactions for May, starting on Page 20 of the journal.*
jeyben [28]

Answer:

Rent Expense (Dr.) $5,000

Cash (Cr.) $5,000

Inventory (Dr.) $35,380

Accounts Payable Martin Co. (Cr.) $35,380

Accounts Receivable Korman Co. (Dr.) $62,000

Sales (Cr.) $62,000

Cost of Goods Sold (Dr.) $48,500

Inventory (Cr.) $48,500

Explanation:

Advertising Expense (Dr.) $21,800

Cash (Cr.) $ 21,800

Cash (Dr.) $62,000

Accounts Receivable Korman Co. (Cr.) $62,000

Customer Refund Payable (Dr.) $31,500

Cash (Cr.) $31,500

Sales Salaries Expense (Dr.) $12,000

Office Salaries Expense (Dr.) $ 38,000

Cash (Cr.) $50,000

Store Supplies Expense (Dr.) $2,200

Cash (Cr.) $2,200

8 0
3 years ago
Company uses the​ percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to ​, and man
yanalaym [24]

Complete Question:

Company uses the​ percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to ​$500,000, and management estimates 2% will be uncollectible. The amount of expense to report on the income statement was $8,000. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $2,000. The balance of Allowance for Uncollectible​ Accounts, after​ adjustment, will be

Answer:

The balance of Allowance for Uncollectible​ Accounts, after​ adjustment, will be

$10,000

Explanation:

a) Data and Calculations:

Net credit sales = $500,000

Uncollectible estimate = 2% of net credit sales

Uncollectible Accounts expense = $8,000

Allowance for Uncollectible Accounts = $2,000 before adjustment

Allowance for Uncollectible after adjustment = $500,000 * 2% = $10,000

6 0
3 years ago
The operating and maintenance expenses for a mining machine are expected to be $11,880 in the first year and increase by $864 pe
nalin [4]

Answer:

The answer is "\$16,441".

Explanation:

First-year operational and maintenance costs = \$11,880.

Operating and repair costs increase inwards=\$864 for the first year

N =15 years machine life

Interest I = 10\%annually combined

Please find the image file.

Its single payment sequence is now provided by:

Amount=(\text{15-year system quantity})\times (\frac{\text{Rate of interest}}{(1-(1+ \text{Rate of interest})- n))}

             = \$522,371.3236 \times (\frac{0.1}{(1-(1+0.1)-15)})\\\\

Uniform payment sequence =\$16441.2477 \approx\$16,441

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