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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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For 2021, Rahal's Auto Parts estimates bad debt expense at 1% of credit sales. The company reported accounts receivable and an a
marshall27 [118]

Answer:

See

Explanation:

Rahal's final balance in its allowance for uncollectible accounts at December 31, will be calculated as:

Step 1:

$404,400 × 1%

= $404,400 × 0.01

= $4,044

Step 2:

$2,100 - $2,340

= ($240)

Step 3:

$4,044 + ($240)

$3,804

Therefore, Rahal's final balance in its allowance for uncollectible accounts at December 31, 2021 is $3,804

6 0
3 years ago
Sarah has been working full-time at Eve's Golf Inc. for three years. While at college, she worked as a part-time employee at Bur
Olin [163]

Answer:

The appropriate solution will be the "establishment" stage.

Explanation:

  • The establishment stage throughout professional advancement or career progress is the time where someone who starts to pursue jobs and receives one's first assignment.
  • Thus, during that point, the candidate goes through all the induction process, the acknowledgment of a position as well as the accommodation of the particular organization.

So that Sarah's profession has been at the level of the establishment.

3 0
4 years ago
4. Claudia has the following preferences over two goods, c and d: U(c, d) = min{c/2, 3d) Let pc = 2 and pd=3. a. What combinatio
Slav-nsk [51]

Answer:

All the parts of questions are explained in the attached files. Please have a look.

Explanation:

6 0
3 years ago
How might an economist gather empirical data to test the proposed relationship between money and the price level?
PSYCHO15rus [73]
The quantity theory of money says that:
M V = P Y
where M is money supply, V is income velocity of money, P is price level and Y is income level.
Using the analyze of the empirical data, we can say that there is a long-run association between money and price.
6 0
3 years ago
Read 2 more answers
_________ is formed when a firm entering a market pools its resources with those of a local firm. (more control, more risk relat
telo118 [61]

Answer:

Joint venture

Explanation:

Typically , joint venture is formed in order to:

- Pursue a new emerging market

To pursue an emergency market, two companies who operate in a similar industry can join their resources to face off larger competitors. Even though they might lose a little bit of control over the business, the profit that obtained from beating their competitors might be enough to cover the inconvenience

- increase the efficiency of their operation

Sometimes, companies also create a join venture because both parties involved have infrastructure that complement each others. Rather than purchasing new assets, creating a joint venture might be a cheaper option.

- Reduce the Risk of the operation

Creating a joint venture will also cut of the percentage of the profit that each parties initially obtain. But, the risk from potential loss will also be divided between each parties involved in the joint venture.

5 0
3 years ago
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