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Luba_88 [7]
3 years ago
15

Suppose that the price of product x rises by 20 percent and the quantity supplied of x increases by 15 percent. The coefficient

of price elasticity of supply for good x is
Business
1 answer:
SSSSS [86.1K]3 years ago
3 0

Answer: Coefficient of elasticity of supply is 0.75.

Explanation:

Price elasticity of supply measures the responsiveness of quantity supplied to a change in the price of the good. It can be measured using the percentage point method,

e_{s} = \frac{Percentage change in Quantity supplied}{Percentage change in price}

=\frac{15}{20}

=0.75

Therefore, coefficient of elasticity of supply is 0.75. Since it is less than 1 we can infer that supply for this good is relatively inelastic.

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The following standards for variable manufacturing overhead have been established for a company that makes only one product:
Marianna [84]

Answer:

variable overhead efficiency variance= $22,780 unfavorable

Explanation:

Giving the following information:

Standard hours per unit of output 7.0 hours

Standard variable overhead rate $ 13.40 per hour

Actual hours 2,725 hours

The actual output of 150 units

To calculate the variable overhead efficiency variance, we need to use the following formula:

variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate

Standard quantity= 150*7= 1,050 hours

variable overhead efficiency variance= (1,050 - 2,750)*13.4

variable overhead efficiency variance= $22,780 unfavorable

6 0
3 years ago
Good strategy execution involves Multiple Choice making choices among broad or narrow low cost and differentiation strategies to
Semmy [17]

Answer:

<u><em>The answer is:</em></u> team participation to perform strategy-critical activities in light of prevailing circumstances.

Explanation:

The good execution of the strategy is mainly related to the ability of managers to involve all operational areas and all employees in the process of participating in the strategic actions that were developed to achieve the goals and objectives of the organization.

Therefore, managers have an essential role in exercising control, coordination and monitoring of the teams, so that the execution of the strategy takes place in an effective and active manner, being shared as a responsibility and efforts of the entire team.

8 0
2 years ago
An advantage of the _____ costing method is that the cost of goods sold approximates its current cost.
Komok [63]

Answer:

weighted average

Explanation:

An advantage of the weighted average costing method is that the cost of goods sold approximates its current cost. This is mainly due to the fact that the cost of each unit is made equal to the same cost of all units that are currently available for sale during that extended period of business. Therefore approximating its total current cost.

8 0
2 years ago
Known popularly by its section in the Federal Bankruptcy Code, which of the following types of bankruptcy is the traditional for
Step2247 [10]

Answer:

Chapter 7 bankruptcy

Explanation:

Chapter 7 bankruptcy is the most common type of bankruptcy filing and it can be filed by individuals, partnerships or corporations (anyone can do it). It is also the quickest and simplest form of bankruptcy filing. But if you are an individual, in order to qualify for Chapter 7 bankruptcy you must earn less than the median state income. Many people choose Chapter 7 bankruptcy since they can get to keep all or almost all of their property.

6 0
3 years ago
EB9.
madreJ [45]

Answer:

Amount of inventory transferred=$197,600

Amount of inventory in work in process=$39,900

Explanation:

Amount of inventory transferred=Number of units*cost per unit

cost per unit= material cost per unit+ conversion cost per unit

                     =$9+$4

                     =$13

Amount of inventory transferred=15,200*13=$197,600

Amount of inventory in work in process=3,500*9*100%+3,500*4*60%

                                                                 =$39,900

4 0
3 years ago
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