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Studentka2010 [4]
3 years ago
13

If Jack bought 12 DVDs last year when his income was $40,000 and he buys 14 DVDs this year when his income is $43,000, then his

income elasticity of demand is ______________ which means that DVDs are a(n) ______________ good for Jack.
Business
1 answer:
gizmo_the_mogwai [7]3 years ago
5 0

Answer:

His income elasticity of demand is 0.16  which means that DVDs are a(n) normal income elasticity of demand as it is less than 1

Explanation:

In this question, we use the formula of income elasticity of demand which is shown below:

Income elasticity of demand = Percentage change in quantity demanded ÷ Percentage change in income

where,

Percentage change in quantity demanded is calculated by

= New Quantity - Old quantity ÷ New Quantity + Old quantity

= 14 - 12 ÷ 14 + 12

= 2 ÷ 26

= 0.07692

Percentage change in income is calculated by

= New income - Old income ÷ New income + Old income

= $43,000 - $40,000 ÷ $43,000 + $40,000

= $3,000 ÷ 63,000

= 0.47619

Now put these values over the above formula

So, the answer is = 0.07692 ÷ 0.47619 = 0.16

Hence, his income elasticity of demand is 0.16  which means that DVDs are a(n) normal income elasticity of demand as it is less than 1

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Alexxx [7]

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<h3>What its means contract?</h3>

The simplest definition of something like a contract is a commitment that is legally binding. The commitment could be to carry out or abstain from a certain action. A contract must be made by two or more parties who must agree to it, with one of them typically presenting an offer and the other accepting it.

<h3>What are contracts in law?</h3>

A contract is an agreement that is legally binding; I A contract is an agreement that is legally binding at one or both of the parties' discretion but not at the discretion of the other party or parties.

To know more about contract visit:

brainly.com/question/28502672

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7 0
1 year ago
You and a friend are designing and selling artisan smartphone covers. The covers are decorated with tiny manufactured rhinestone
barxatty [35]

Answer:

1. Capital

Explanation:

Capital refers to the resources that are used to generate value. This, through the manufacture of other goods or services or by obtaining profits or profits on the possession or sale of securities.

Capital is one of the four factors of production along with land, labor and technology. It is characterized by understanding all durable goods that are destined to the manufacture of other goods or services. Thus, for example, an oven is part of the capital of a baker since he uses it to cook bread (another good) and the services he delivers will last for several years.

To produce goods or services, capital must be combined with other productive factors. The precise combination will depend on the technology used and the characteristics of the good or service produced.

Capital increases the productivity of the other productive factors. However, if capital remains fixed and the rest of the factors increase, the productivity increase will be decreasing (marginal productivity law decreasing).

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6 0
3 years ago
Inadvertently, morris leaves his backpack at nuway launderers when he stops to pick up his clothes. the backpack is:____.
vova2212 [387]

If Morris leaves his backup at nuway launderers when he stops to pick up his clothes then the backup is a mislaid property.

Given that Morris leaves his backup at nuway launderers when he stops to pick up his clothes.

We are required to find what backup is.

The backup is basically a mislaid property.

Mislaid property is basically any belonging of a person that was purposefully set around its proprietor and after that they forgot about that. There is a difference between lost property and mislaid property, for instance, a wallet that drops out of somebody's pocket is lost but a wallet incidentally left on a table in an eatery is mislaid.

Hence if Morris leaves his backup at nuway launderers when he stops to pick up his clothes then the backup is a mislaid property.

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4 0
2 years ago
you own 100 shares in each of three companies, each company pays a dividend. gillete pays 1.15 per share in dividends, general e
Elena-2011 [213]

Answer:

$278

Explanation:

100 * 1.15 = $115

100 * .79 = $79

100 * .84 = $84

$278

Hope this helps

3 0
3 years ago
How do i find ending merchandise and cost of goods sold (accounting)
Sergio [31]
Ending merchandise = beginning Merchandise + net purchases- cost of goods sold
Cost of goods sold= beginning merchandise + purchases during the period- ending merchandise
3 0
3 years ago
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