Answer:
The good is considered a necessity.
Explanation:
Price elasticity of demand is a measure of the sensitivity of demand for a good or service to changes in the price of that product. We say that the price elasticity of demand is elastic when a percentage change in the price of this good has major impacts on demand. On the contrary, we say that the price elasticity of demand is inelastic when variations in the price of goods have little or no influence on demand.
Usually elastic goods are those that can be replaced, so that rising prices cause a drastic drop in demand that will flow to another product. For example, if the price of the burger rises, consumers may stop buying burgers and substitute pizza (assuming these products are substitutes). On the contrary, if the good is needed, it usually tends to be inelastic, that is, the price increase does not considerably decrease the demand, because consumers need this good. For example, medicines.
I would say that the market economy and westward expansion promoted the institution of slavery as in the new United States whereby in order to sell more say cotton at a cheap price (the market economy) then the landowners would employ slaves for cheap labour so as to extract maximum profit from their labour.
Answer:
c $4,450 U
Explanation:
The computation of the Variable overhead spending variance is shown below:
= (Standard variable overhead Rate × Actual Hour) - (Actual Rate × Actual Hour)
= ($12 × 400 units × 5.6 hours) - ($31,330)
= $26,880 - $31,330
= $4,450 Unfavorable
The (Actual Rate × Actual Hour) is also called as Actual variable overhead.
All other information which is given is not relevant. Hence, ignored it
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