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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

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Balance Sheet
miv72 [106K]

Answer:

Dynamic Weight Loss Co.

DYNAMIC WEIGHT LOSS CO.

Classified Balance Sheet as of June 30, 20Y7

Assets

Current Assets:

Cash                                                     $119,630

Accounts Receivable                              26,100

Prepaid Insurance                                    8,400

Prepaid Rent                                            6,000

Supplies                                                   11,200

Total current assets                            $171,330

Long-term Assets:

Land                                                     375,000

Equipment                          325,900

Accumulated Depreciation (32,600) 293,300

Total long-term assets                     $668,300

Total assets                                      $839,630

Liabilities and Equity

Current Liabilities:

Accounts Payable                              $10,830

Salaries Payable                                    7,500  

Unearned Fees                                   21,000

Total current liabilities                     $39,330

Equity:

Common Stock                                180,000  

Retained Earnings                          620,300

Total equity                                  $800,300

Total liabilities and equity           $839,630

Explanation:

a) Data and Calculations:

Trial Balance as of June 30, 20Y7

Account Titles                      Debit        Credit

Cash                                $119,630

Accounts Receivable         26,100

Prepaid Insurance               8,400

Prepaid Rent                       6,000

Supplies                              11,200

Land                                375,000

Equipment                     325,900

Accumulated Depreciation - Equipment $32,600

Accounts Payable                                        10,830

Salaries Payable                                            7,500  

Unearned Fees                                           21,000

Common Stock                                         180,000  

Retained Earnings                                   620,300

Total                            $872,230           $872,230

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The nurse in a maternity unit is providing emotional support to a client and her significant other who are preparing to be disch
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Explanation:

A support group can help the parents work through their pain by nonjudgmental sharing of feelings. The correct option identifies a statement that would indicate positive, normal grieving.

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Explanation:

The government influences economic direction through fiscal policy measures of increasing or decreasing its expenditure and taxation. Therefore, fiscal policies involve the government's actions of adjusting its spending and taxation to achieve desired economic objectives.

Fiscal policies can either be contractionary or expansionary. Contractionary measures are applied to control rising inflation and moderate the rate of growth. These policies aim at reducing liquidity in the market, thereby achieving stable prices. A reduction in government spending and an increase in taxation reduces liquidity or money circulation.

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wlad13 [49]
Your answer is D hope this helps
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