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lawyer [7]
3 years ago
13

Suppose the price elasticity of supply for gasoline in the short run is estimated to be 0.4. Due to an unexpected surge in the d

emand for gasoline, the price of gasoline increases by 20 percent. As a result, the quantity supplied of gasoline will:________.
Business
1 answer:
oee [108]3 years ago
6 0

Answer:

8%

Explanation:

The formula and the computation of the price elasticity of supply is shown below:

Price elasticity of supply = (Percentage change in quantity supplied ÷ percentage change in price)

where,

Price elasticity of supply = 0.4

And, the percentage change in price = 20%

So, the percentage change in quantity supplied is

= Price elasticity of supply × the percentage change in price

= 0.4 × 20%

= 8%

It shows a direct relationship between the quantity supplied and the price.

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Assume the following: The variable portion of the predetermined overhead rate is $3.00 per direct labor-hour. The standard labor
Artemon [7]

Answer:

Variable overhead efficiency variance= $3,000 favorable

Explanation:

<u>To calculate the variable overhead efficiency variance, we need to use the following formula:</u>

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

Standard quantity= 3*15,000= 45,000 hours

Actual quantity= 44,000 hours

Standard rate= $3 per hour

Variable overhead efficiency variance= (45,000 - 44,000)*3

Variable overhead efficiency variance= $3,000 favorable

4 0
3 years ago
A sample of 14 students was selected to estimate the average score in a given quiz. The average score in the sample is 2.14 with
Savatey [412]

The average score of the student in the class at a 99% confidence lies between 1.252 and 3.028

Explanation:

Given values are

n = 14   = 2.14     σ = 1.29  z value for 99% confidence = 2.576

The mean is known one

= (z σ/√14)

=  (2.576 ×1.29÷√14)

(2.576 ×1.29÷√14)

= 2.576 × 0.345

= 0.888

 =  mean- 0.888 = 2.14  - 0.888 = 1.252

 =  mean+0.888 =  2.14 + 0.888 = 3.028

The average score of the students in the class at a 99% confidence lies between 1.252 and 3.028

6 0
3 years ago
Investigate any Five criteria that the project must demonstrates
Andru [333]

The project must demonstrate, one, the problem you are trying to solve. Two, the solution of the problem, how innovative it is and compelling. Three, what did you learn throughout the project. Four, accuracy of the conclusion of the project. And lastly, how were you able to effectively present and demonstrate the project to your audience.

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3 years ago
Imagine that the Brazilian aircraft manufacturer Embraer purchases a 10 percent share of a Canadian aircraft distribution compan
otez555 [7]

Answer: Forward Integration

Explanation:

Forward integration is a process where a company takes over the control of another company that is further along in the value chain so that it might be able to sell or distribute is goods more effectively. For example, an oil company taking over a petroleum products company.

In this scenario, the Brazilian company purchased a huge part of a company further along in distribution in order to facilitate better sales so this is forward integration.

6 0
3 years ago
What role did patents play in the work of inventors such as Thomas Edison? Patents protected inventors and let them profit from
umka21 [38]

<em>Patents protected inventors and let them profit from their inventions</em>

<em>~Luis~</em>

5 0
3 years ago
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