Anwar dresses for a cold fall day and steps outside to find it sunny and hot. he goes back inside to change out of his sweater a
1 answer:
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Answer: $750,000
Explanation:
Given that,
Fixed price contract = $10,000,000
Cost incurred in the first year = $3,000,000
Remaining costs to complete = $5,000,000
Tullis billed = $4,000,000 in year 1
Collected by the end of the year = $3,500,000
Percentage of work completed =
=
= 37.5%
Revenue recognized = 37.5% of $10,000,000
= $3,750,000
Income recognized = Revenue recognized - Cost incurred in the first year
= $3,750,000 - $3,000,000
= $750,000
Answer:
0.583
Explanation:
Data provided in the question;
Average dinner charges = $8.75
Initial demand = 3,000 atrons
Increase in price = $0.50
Final demand = 2,900
Thus,
change in demand = 3,000 - 2,900 = 100
Now,
The price elasticity of demand =
also,
Percentage change in demand =
=
= 3.33%
Percentage change in price =
=
= 5.714
thus,
The price elasticity of demand =
= 0.583