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Katena32 [7]
3 years ago
14

Assume lawyer services are priced by the hour and elasticity of demand for a particular lawyer is 0.6. If she were to increase h

er hourly rate by 50%, we would expect the quantity demanded of her advice would _______ by _______, and revenue from her business would _______.
A. fall, 83%, rise
B. rise, 83%, fall
C. fall, 30%, rise
D. rise, 30%, rise.
Business
1 answer:
Dmitry [639]3 years ago
6 0

Answer:

C. Fall, 30%, Rise

Explanation:

  • Price Elasticity of Demand is responsive change in demand, due to change in price.

P.Ed = % change in demand / % change in price.

Given : Price rise by 50% , P.Ed = 0.6

So, % change in demand = P.ed x % change in price

% change in demand = 0.6 (50)

% change in demand = 30%

Law of demand states negative relationship between price & demand, so P.ed is negative. Price rise 50% reduces demand by 30%.

  • P.Ed can be : Elastic ( > 1 ), or Inelastic ( < 1 ).  If P.Ed is Elastic, price & total revenue are inversely related. If P.Ed is Inelastic, price & total revenue are directly related.

So, Given PEd = 0.6 (i.e < 1 ) : Inelastic Demand implies price & total revenue are directly related related to each other. So, price fall lead to TR fall & price rise lead to TR rise.

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The periodic expense created by allocating the cost of plant and equipment to the periods in which they are used, representing t
Alex787 [66]

Answer:

Option B Depreciation expense

Explanation:

The allocation of cost of the plant and equipment for the period being used is the concept of depreciation and is a period cost because when the asset is purchased its value decreases gradually with time which means some of the machinery value would be deminish during the year depending upon the technological factors, life of the equipment, etc. So the period cost will arise regardless of that we either use the asset or not which is the definition of period cost which in this case is depreciation cost and the allocation of cost of plant and equipment over its useful life is also depreciation cost.

8 0
3 years ago
International issues of social responsibility and ethical behavior are: difficult and not as clear-cut as U.S. firms would like
Arlecino [84]

Answer: difficult and not as clear-cut as U.S. firms would like them to be

Explanation:

The issues associated with social responsibility and ethical problems doesn't pertain to a particular income level or economic system.

Even though businesses in the United States always demand socially responsible behavior and good ethics from their international suppliers, the issues of social responsibility and ethical behavior are still difficult and not as clear-cut as they want them to be.

This is really a bothering issue as.it has even been suggested in the past whether the international suppliers should be made to adhere to the laws I the United States.

5 0
3 years ago
Max and nora have modified agi of $75,000, and adopted a little boy from san antonio, texas, in the current year and incurred a
miskamm [114]

Answer:$9,000

Explanation:

The tax credit offered to adoptive parents to encourage adoption is reffered to as ADOPTION TAX CREDIT. The adoption tax credit is a nonrefundable tax credit. This means that people owing taxes are also fit or qualified to apply for the adoption tax credit.

In the United States of America, adoption tax credit qualified expenses include court costs, traveling expenses, lawyer's or Attorney's fee and other expenses for legal adoption of an eligible child.

It can be calculated by subtracting

the max's employer provided for the couple with adoption benefits of $4,000 from the incurred expenses of a total of $13,000 in qualified adoption expenses(from the question).

That is; $13,000-$4,000.

= $9,000.

Hence, the maximum amount of adoption credit they can take this year is $9,000.

4 0
3 years ago
While making organizational decisions, managers should take into consideration the needs and interests of the employees, supplie
Art [367]

Answer:

Stakeholders.

Explanation:

Stakeholders are the group of people who may be interested in the processes of a particular company. They are formed by the group of employees, suppliers and customers, who are the stakeholders in the organization.

Therefore, it is necessary that strategic actions and business processes are aimed at satisfying the interests and needs of stakeholders, who are the company's public, that is, the reason for the existence of a company.

It is important for the company to identify who its stakeholders are and how they directly impact the business, so that it can shape a strategy that is aligned with its interests and what they expect from the company.

Satisfying stakeholders and adopting corporate governance, contributes to the company having a strong market position and achieving several competitive and strategic advantages in the market, increasing its results and profitability.

4 0
3 years ago
Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an ela
8_murik_8 [283]

Answer:

1) Direct Materials

Price Variance = $138,474 (F)

Usage Variance = $82,800 (F)

2) Direct Labor

Direct Labor Price = $9,102  (F)

Direct Labor Usage = $4,800  (F)

Explanation:

Material Price Variance = ( Standard price - Actual price) * Actual Quantity purchased

                                      = ($20 - $5.30) *9,420

                                      = $138,474 (F)

Actual Price = $49,926/9,420 = $5.30

Material Usage Variance = ( Standard Quantity - Actual Quantity ) * Standard Price

                                         = ( 11,960 - 7,820 ) $20

                                        =$82,800 (F)

Standard Quantity = 2.60 *4,600 = 11,960

Actual Quantity used = 0+9,420-1,600 = 7,820

Direct Labor price Variance = ( Standard Rate - Actual Rate) * Actual Hours worked

                                             = ($16-$12.30) * 2,460

                                             = $9,102  (F)

Actual time = 61.50*40 = 2,460

Usage variance = ( Standard time - Actual time ) * Standard rate

                          = ( 2,760 - 2,460) $16

                         = $4,800  (F)

Standard time = 0.60 *4,600 = 2,760

3 0
3 years ago
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