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lara [203]
3 years ago
15

Shawna wins the lottery and her income increases by 60 percent. she used to buy 10 pints of cottage cheese per month and now she

buys 12 pints. her income elasticity of demand for cottage cheese is ________, making it a(n) ________ good.
Business
1 answer:
Dmitriy789 [7]3 years ago
7 0

Answer: Her income elasticity of demand for cottage cheese is <em><u>0.3333</u></em> making it a <em><u>normal and necessary</u></em> good.

The income elasticity  of demand is given by :

\mathbf{YED = \frac{percentage change in demand}{percentage change in income}}

The percentage change in income is given as 60%. We calculate the percentage change in quantity demanded as follows:

\mathbf{percentage change in quantity demanded = \frac{Q_{1}-Q_{0}}{Q_{0}}}

\mathbf{percentage change in quantity demanded = \frac{12-10}{10}}

\mathbf{percentage change in quantity demanded = 0.2}\\

Substituting the value above in the income elasticity demand formula we get,

\mathbf{YED = \frac{0.20}{0.60}}

<u>YED = 0.33333</u>

Since the income elasticity is positive, and since Shawna buys more cottage cheese after an increase in income, we can classify this good as a normal good.

Since the income elasticity is between 0 and 1 we can also conclude that cottage cheese is also a essential good or a necessity.

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Which of the following accounts would not appear on a schedule of cost of goods manufactured?
kotykmax [81]

The following accounts would appear on a schedule of cost of goods manufactured- Depreciation of factory equipment

Explanation:

<u>The cost of goods manufactured (COGM) schedule</u> is used to calculate the cost of all the items produced during a given reporting period.

<u>The cost of good manufactured schedule</u> gives companies an idea about their production cost(i.e whether it is too high or low) in relation to the sales they are making

<u>The formula to calculate the COGM i</u>s:

Add: Direct Materials Used

Add: Direct Labor Used

Add: Manufacturing Overhead

Add: Beginning Work in Process (WIP) Inventory

Deduct: Ending Work in Process (WIP) Inventory

= COGM

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3 years ago
Each year a company selects a number of employees for a management training program. On average, 60 percent of those sent comple
Gnesinka [82]

Answer:

the probability that exactly 8 complete the program is 0.001025

Explanation:

given information:

60 % of those sent complete the program, p = 0.6

the total of people being sent, n = 27

exactly 8 complete the program, x = 8

to find the probability, we can use the following formula

P(X=x)=\left[\begin{array}{ccc}n\\x\\\end{array}\right] p^{x} (1-p)^{n-x}

P(X=8)=\left[\begin{array}{ccc}27\\8\\\end{array}\right] 0.6^{8} (1-0.6)^{27-8}

P(X=8)=\left[\begin{array}{ccc}27\\8\\\end{array}\right] 0.6^{8} (0.4)^{19}

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3 0
3 years ago
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Masteriza [31]

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6 0
3 years ago
Fierce is a product of the Ferris Company. Ferris's sales forecast for Fierce is 1,150 units, and they currently have 186 units
AURORKA [14]

Answer:

1,079 units

Explanation:

Fierce company forecast sales = 1150 units

Let this 1150 units be = 100%

Chester wanting to make a surplus of 10% means the total production will be = 110%

So, lets consider 1150 units as 100%

Then, 110% will be = (1150 units/100)*110 = 1265. So, Fierce fulfillment before Adjustment is 1,265 units

Fierce fulfillment after adjustment = 1,265 units - 186 units = 1,079 units

So, Fierce's Fulfillment after adjustment have to be 1,079 units in order to have a 10% reserve of units available for sale.

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Harman [31]
~Hello There!~

This period is referred to as the period of organogenesis.

Hope This Helps You!
Good Luck :)
Have A Great Day ^_^

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