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Sphinxa [80]
3 years ago
13

Get Smart University is contemplating an increase in tuition to enhance revenue. If GSU feels that raising tuition would enhance

revenue, it is
a. assuming that the demand for university education is elastic
b. assuming that the demand for university education is inelastic.
c. assuming that the supply of university education is elastic.
d. ignoring the law of demand.
Business
1 answer:
Vikentia [17]3 years ago
5 0

Answer:

Correct option is (b)

Explanation:

Price elasticity of demand is the law that states that proportion of percentage change in demand due to percentage change in price only and not any other factors. Demand is perfectly elastic if quantity demanded changes tremendously with change in price. Demand is inelastic if there is no change in quantity demanded with increase in price.

Here, Get smart university plans to increase tuition fees assuming that there will be no change in demand for the seats offered by the university due to increase in price. So, it assumes that demand is inelastic.

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If the percentage increase in the quantity supplied equals the percentage increase in the price, the supply:
Nadya [2.5K]

Answer: is unit elastic

Explanation:

If the percentage increase in the quantity supplied equals the percentage increase in the price, the supply will be said to be unit elastic.

In the unit elastic supply, it should be noted that supply responds perfectly to the changes in price. This simply means that there'll be an equal change between the price change and the quantity that is supplied.

8 0
3 years ago
XYZ Co. purchased merchandise on June 10 at a $5,000 invoice price with terms of 2/10, n/30 and paid for the merchandise on June
mel-nik [20]

Answer:

Credit Cash for $5,000 on June 25.: Both methods

Credit Cash for $4,900 on June 25.: Neither method

Debit Discounts lost for $100 on June 25.: Net method

Debit Merchandise inventory for $5,000 for June 10.:Gross method

Explanation:

Based on the information given the required entries to record and pay for this purchase under both the GROSS METHOD and the NET METHOD by matching the action on the left with the method on the right will be :

Credit Cash for $5,000 on June 25.: BOTH METHODS

Credit Cash for $4,900 on June 25.: NEITHER METHOD

(100%-2%*$5,000)

Debit Discounts lost for $100 on June 25.: NET METHOD

(2%*$5,000)

Debit Merchandise inventory for $5,000 for June 10.:GROSS METHOD

7 0
2 years ago
is personally responsible for all partnership debts. has no say over a firm's daily operations. faces double taxation whereas a
aleksandrvk [35]

Answer:

is personally responsible for all partnership debts

Explanation:

COMPLETE QUESTION

A general partner:

is personally responsible for all partnership debts. has no say over a firm's daily operations. faces double taxation whereas a limited partner does not. has a maximum loss equal to his or her equity investment. receives a salary in lieu of a portion of the profits.

EXPLANATION

A general partner can be regarded as a person that joins with another person or join with more than one other person to form a business. A general partner is responsible for the actions that is been taken in the business, He or she is liable personally for all the debts as well as obligations in the business and can bind the business legally. It should be noted that A general partner is personally responsible for all partnership debts.

5 0
2 years ago
Two months ago, Air-tite Corporation purchased 4,500 pounds of Hydrol, paying $15,300. The demand for this product has been very
Anna007 [38]

Answer: The $4.05 market price

Explanation: Air-tite can buy or sell Hydrol at $4.05. If they decide to accept the order, there has to be a higher return on the use of Hydrol in the return than they would get from selling Hydrol as is.

There may also be an opportunity cost to using the product for this special order if there is an order that would yield higher returns for the use of Hydrol.

The quantity that would remain after making the special order does not have any impact on the decision making process, as they are considering just one order that requires Hydrol.

The purchase price is not relevant as they cannot purchase Hydrol at that price in the present. The total quantity is not relevant either as they have enough for the order.

3 0
3 years ago
In the context of using information technologies for a competitive advantage, which statement is true of a top-line strategy? a.
Rudiy27

Answer:

a. It focuses on generating new revenue by offering new products and services.

Explanation:

An information system or technology can be defined as a set of components or computer systems, which is used to collect, store, and process data, as well as dissemination of information, knowledge, and distribution of digital products. Thus, an information system or technology interacts with its environment by receiving data in its raw forms and information in a usable format.

Information technology is an integral part of human life because individuals, organizations, and institutions rely on information technologies in order to perform their duties, functions or tasks and to manage their operations effectively. For example, all organizations make use of information systems for supply chain management, process financial accounts, manage their workforce, and as a marketing channels to reach their customers or potential customers.

Additionally, an information system comprises of five (5) main components;

1. Hardware.

2. Software.

3. Database.

4. Human resources.

5. Telecommunications.

Hence, in the context of using information technologies for a competitive advantage over rivals in the industry, the statement which is true of a top-line strategy is that, it focuses on generating new revenue by offering new products and services. The top-line strategy ensures that the company continues to generate gross revenue or sales.

6 0
3 years ago
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