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saveliy_v [14]
3 years ago
6

Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000 units a week when he raised the price of th

e product from $200 to $250. Based on this information, the demand for Jim's product is a) Elastic b) Unitary elastic c) Inelastic d) Hard to determine
Business
1 answer:
Vadim26 [7]3 years ago
3 0

Answer:

The answer is A.

Explanation:

If a a product is price elastic that means it is sensitive to price. If there is an increase in price, the quantity demanded of that product will drop and if there is a decrease in price, the quantity demanded of that product will rise. Price elasticity has a value greater than one.

Because the price rose from $200 to $250, quantity demanded fell from 8000 units to 6,000 units.

If it were to be inelastic, the quantity demanded will not change or will change with very little percentage.

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Yes the company must recognise the effects of this ruling.

Explanation:

As provided the law suit was initiated in the year 20x2, because of the activity happened in April 20x2.

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Whenever an event that occurs after the balance sheet is a mere confirmation to what was expected on balance sheet date, or is in alignment with things on record on the balance sheet date, it shall be provided in the balance sheet of that year.

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7 0
3 years ago
alderwood estimates bad debt expense assuming that 1.5% of credit sales have historically been uncollectible. what is the balanc
gladu [14]

After accounting for bad debt expense, the remaining amount in the allowance for doubtful accounts is $7,950.

<h3>What is bad debt?</h3>

Bad debt, sometimes referred to as uncollectible accounts expense, is a sum of money owed to a creditor that is unlikely to be paid and for which the creditor is not willing to take action to collect for a variety of reasons, frequently due to the debtor not having the money to pay, for example due to a company going into liquidation or insolvency. Depending on accounting practices, regulatory considerations, and the institution provisioning, there are many technical definitions of what a bad debt is. Bank loans in the USA are referred to as "problem loans" if they are more than 90 days overdue. Accounting sources recommend deducting the entire amount of a bad debt from profit and loss or from a provision for bad debts as soon as it is anticipated.

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7 0
1 year ago
on july 1, the knit shop paid $9,000 to townsend realty for 6 months’ rent beginning july 1. prepaid rent was debited for the fu
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Answer:

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Equivalent units for material is

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= $348,900 ÷ 221,000

= $1.58

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3 years ago
How much would a mansion cost in the 1800s
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