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bearhunter [10]
3 years ago
8

If the percentage change in the quantity of teapots demanded is greater than the percentage change in the price of teapots, then

: A) the price elasticity of demand for teapots is greater than 1 in absolute value. B) the demand for teapots is unit-elastic. C) the price elasticity of demand for teapots is equal to zero. D) the price elasticity of demand for teapots is less than 1 in absolute value.
Business
1 answer:
nalin [4]3 years ago
4 0

Answer:

The correct answer is option A.

Explanation:

The price elasticity of demand is the measurement of responsiveness of demand for a commodity to change in its price level.

The price elasticity is derived by the ratio of change in quantity to change in price.

If the change in the quantity demanded of the commodity is greater than the change in its price, in that case the price elasticity of demand will be greater than 1 in absolute value.

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6 0
1 year ago
27. Average cost curves (except for average fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curve
jasenka [17]

Answer:

Explanation: Both the marginal cost curve and the average variable cost curve are U-shaped. For many firms, this is true because their production exhibits increasing returns at low levels of output and decreasing returns at high levels of output. At the minimum of average cost, the marginal cost curve intersects the average cost curve. This is because when marginal cost is above average cost, average cost is decreasing and when marginal cost is below average cost, average cost is decreasing.

6 0
3 years ago
Read 2 more answers
Accounts receivable from sales to customers amounted to $40,000 and $32,000 at the beginning and end of the year, respectively.
natima [27]

Answer:

a. $118,000

Explanation:

When preparing a cash flow statement, using indirect method we add decrease in current assets and we deduct increase in current assets.

Here it is provided that income reported = $110,000

Opening balance of accounts receivables = $40,000

Closing balance of accounts Receivables = $32,000

Change in Accounts receivables = Closing - Opening = $32,000 - $40,000 = - $8,000

Therefore there is decrease in accounts receivables which is a current asset.

Thus Cash Flow from operating activities

Net Income = $110,000

Add: Decrease in current assets = $8,000

Net cash flow from operating activity = $118,000

Correct option is

a. $118,000

6 0
3 years ago
2. Statistically, consumers tell more people about negative experiences in business encounters than about positive experiences.
sergey [27]
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3 years ago
GINNY: I think itâs safe to say that, in general, the savings rate of households in todayâs economy is much lower than it really
zhuklara [117]

Answer:

Taxing polluters is one of the best ways to protect the environment

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