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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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Which of the following types of business usuallly has the fastest invetory turn over ?
Irina18 [472]
D grocery store.

I looked on yahoo for answers and most of the people said grocery store. Someone said that “Grocery stores would see more sales per day.”
3 0
3 years ago
A portfolio is comprised of 100 shares of Stock A valued at $22 a share, 600 shares of Stock B valued at $17 each, 400 shares of
Dafna1 [17]

Answer:

.4792 or 47.92%

Explanation:

The computation of the weight of C is shown below:

But before that first determine the following things

For A is

= 100 × $22

= $2200

For B

= 600 × $17

= $10200

For C

= 400 × $46

= $18400

For D

= 200 × $38

= $7600

So,

Total = 38400

And, finally

weight of C is

= $18,400 ÷ $38,400

= .4792 or 47.92%

6 0
2 years ago
What kind of PPE should be worn operating a pit​
earnstyle [38]

Answer:

A mask, gloves, gown, face shield.

Explanation:

Try covering up as much as possible, but these are the four most essential protective coverings you should wear while operating a pit. Hope this helps!

5 0
3 years ago
Compared with a career , a job ?
Margaret [11]
A job is just a short term thing to get cash and build up experience . a career is a long term pursuit of lifelong ambition . a career you enjoy the rest of your life
5 0
3 years ago
Read 2 more answers
Gentle Ben's Bar and Restaurant uses 6,700 quart bottles of an imported wine each year. The effervescent wine costs $4 per bottl
Marat540 [252]

Answer:

a. The answer is:762 bottlé.

b. The answer is: 487 bottles.

Explanation:

a. The economic order quantity is calculated as: \sqrt{(2xDxS/H)} = \sqrt{2 x 6968 x 25)/0.6 = 762 units because: D = annual demand = Weekly demand x week opening per year = 134 x 52 = 6968; S = Cost per order = 25; H = Holding cost per unit = 15% x purchase price = 15% x 4 = 0.6

b. Inventory level to place order:

With the inventory system providing a 95 percent service probability, z level is 1.64 (using the NORM.S.INV function in excel).

So Inventory level to place order = 134 * 3 + 1.64 * 30 * 3^0.5= 487 bottles.

7 0
3 years ago
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