1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sloan [31]
3 years ago
11

Becky only eats out at Macaroni Grill and eats out three times per month. She receives a raise from $31,000 to $33,500 and decid

es to eat out five times per month. Use the midpoint method to calculate the monthly income elasticity of demand for eating out.Round your answer to two decimal places.income elasticity of demand:This good isan inferior good.a luxury good.a normal good.
Business
1 answer:
GalinKa [24]3 years ago
4 0

Answer:

6.45 and luxury good

Explanation:

The computation of the income elasticity of demand using the mid point formula is shown below:

= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in income ÷ average of income)  

where,  

Change in quantity demanded is

= Q2 - Q1

= 5 - 3

= 2

And, average of quantity demanded is

= (5 + 3) ÷ 2

= 4

Change in income is

= P2 - P1

= $33,500 - $31,000

= $2,500

And, average of price would be

= ($33,500 + $31,000) ÷ 2

= $32,250

So, after solving this, the income elasticity of demand is 6.45 and it represent the luxury good as it is greater than one

You might be interested in
Georgia Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following
dedylja [7]

Answer:

A) subtraction from net income under the operating activities section

Explanation:

Under the indirect method to determinate the cashflow from operating activities we reconcile the net income with the change in the net working capital.

The working capital is the current assets and current liabilities.

For this case, the account receivable account, increase to 48,000 from 45,000

This increase means, less sales were collected, so cash "outflow" as the cash from sale is not being converted into cash. It could also be understand as the company use 3,000 in financing their customers. This also is seeing as a decrease in cash flow.

7 0
3 years ago
Bonnie is discussing with her subordinate julie the types of projects julie would like to work on in the coming year. they are s
strojnjashka [21]

Management by objective.

This is a technique that uses a defined process to establish goals and measure results in the workplace.

3 0
4 years ago
What are your thoughts on credit cards and savings accounts?
sergejj [24]
I think it's a good thing and smart in some ways
4 0
3 years ago
Jane grows apples on land she inherited from her grandmother. She incurs explicit costs of $200 for the trees and $60 for fertil
Leto [7]

Answer:

Economic profit= $24,740

Explanation:

Giving the following information:

Jane grows apples on land she inherited from her grandmother. She incurs explicit costs of $200 for the trees and $60 for fertilizers.  The market price of apples is $36 per box. At this price, Jane produces 1,500 boxes of apple.

Suppose her land is worth $9,000 and her labor is worth

​$20,000.

Sales= 54,000

Fixed costs= 260

Opportunity cost= 29,000

Economic profit= $24,740

4 0
4 years ago
If i get 16 brainlest ill give u guys 136 points
ivanzaharov [21]

Answer:

you get brainlyist by answering questions. not making them

7 0
3 years ago
Read 2 more answers
Other questions:
  • How does the Federal Reserve reduce the money supply in the economy?
    12·2 answers
  • The aggregate demand curve is downward sloping because
    5·1 answer
  • Michelle, an Italian fashion designer, sells her merchandise by exporting it to the United States, United Kingdom, and Brazil. A
    8·1 answer
  • In 1985, the exchange rate between the U.S. dollar and the Japanese yen was $1 = 262 yen; in 2003, the rate was $1 = 110 yen. Wh
    13·1 answer
  • Jill is much stronger than Jack and stares at him in a menacing way. One day she tells Jack that she is going to beat him if she
    10·1 answer
  • Inacio Corporation uses the weighted-average method in its process costing system. Data concerning the first processing departme
    7·1 answer
  • Assume a central bank follows a rule that requires it to take steps to keep the price level constant. If the long run price leve
    5·1 answer
  • Which statement best explains why reporters should use mostly primary sources?
    14·1 answer
  • Who is she what’s her product and company??
    5·1 answer
  • 1. Economic growth results from a/an A. decrease in quality of resources. B. decrease in quantity of resources. C. increase in c
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!