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SCORPION-xisa [38]
4 years ago
7

Two goods, wool socks and shaved ice, have a cross price elasticity of demand equal to 0.4. Given this information, what can you

tell about the nature of the relationship between these two goods?
Business
1 answer:
zhannawk [14.2K]4 years ago
8 0

0.4 cross price elasticity of demand means that there is direct effect of change of price of wool socks on the demand of shaved ice but they are not very closely related to each other.

<u>Explanation:</u>

Cross Price elasticity of demand is the concept in Economics which focuses on the effect of change of price of one good leading to the change of the demand of the other good, but in this matter, the other things have to kept the same which is also known as ceteris paribus.

For example when the price of coffee increases, the demand of tea will increase because the people will start preferring to have tea because of the increase in the price of coffee.

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pogonyaev

Answer:

The theory of absolute advantage

Explanation:

The theory of absolute advantage is a quantity-based approach to measuring the productivity of nations with respect to their output in international commercial dealings.

The theory was an Adam Smith's submission that emphasizes that nations of the world should specialize in producing goods and services that they are most productive.

The theory failed to address a major problem that in gaining a benefit another alternative benefit is lost,hence  nations should also factor in the benefits they lose when they specialize in producing certain products.

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Answer:

Option A,$4,200 is the correct option to the question

Explanation:

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When using the allowance method, the adjusting entry to record estimated bad debt expense includes a ______. (Check all that app
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It should be noted that When using the allowance method, the adjusting entry includes a credit to Allowance for Doubtful Accounts debit to Bad Debt Expense.

<h3>What is allowance method?</h3>

The allowance method  can be regarded as a method which involves setting aside a reserve for bad debts which could come up in the future.

The reserve is done on percentage of the sales generated in a reporting period,

Learn more about allowance method at;

brainly.com/question/4636062

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