1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vlad [161]
3 years ago
11

"For each of the following scenarios, begin by assuming that all demand factors are set to their original values and that Big Wi

nner is charging $300 per room per night. If average household income increases by 50%, from $40,000 to $60,000 per year, the quantity of rooms demanded at the Big Winner from rooms per night to rooms per night. Therefore, the income elasticity of demand is , meaning that hotel rooms at the Big Winner are . If the price of a room at the Lucky were to decrease by 20%, from $200 to $160, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Big Winner from rooms per night to rooms per night. Because the cross elasticity of demand is , hotel rooms at the Big Winner and hotel rooms at the Lucky are . Big Winner is debating decreasing the price of its rooms to $275 per night. Under the initial demand conditions, you can see that this would cause its total revenue to . Decreasing the price will always have this effect on revenue when Big Winner is operating on the portion of its demand curve."
Business
1 answer:
AleksandrR [38]3 years ago
6 0

Answer:

Check the explanation

Explanation:

Whenever there’s a $300 charge from the Big Winner, and normal household income is expected to be around $50,000, it can fill 200 rooms per night at that price. Though, if there’s an increase in a typical household income to $55,000, the quantity of rooms that would be demanded will rises to 300 rooms per night. You can calculate the income elasticity of demand for Big Winner's hotel rooms by dividing the percentage change in quantity demanded by the percentage change in income:

Income Elasticity of Demand Income Elasticity of Demand =

= Percentage Change in Quantity Demanded,

Percentage Change in Income

Percentage Change in Quantity Demanded

Percentage Change in Income

=250 = 50%10% 50%10% = 5 5

You might be interested in
Below are the transactions and adjustments that occurred during the first year of operations at Kissick Co
Karolina [17]

Answer:

Income Statement Sales 9,00,000 Cost of goods sold 5,80,000 Gross profit 3,20,000 Salaries expense 3,90,000 Rent expense 2,40,000 Utilities expense 38,000 Loss from operations -3,48,000 Interest expense -59,400 Net loss -4,07,400     KI

Explanation:

<em>Purchased $190,000 of store equipment, paying $51,000 in cash and agreeing to Paid the entire $139,000 owed for store equipment and $600,000 of the amount due to suppliers for credit purchases previously recorded. pay the difference within 90 days. that make it a way to create sales.</em>

7 0
3 years ago
Match the type of teams to the scenario that portrays each of them.
gavmur [86]

Matching the type of teams to the best scenarios that portray them will be as follows:

Types of Teams                   Portraying Scenarios

Traditional work teams       <em>C. At Tina's workplace, ...</em>

Flexible work teams            <em>A. Sara loves working ...</em>

Self-managed teams           <em>B. At Sam's workplace, ...</em>

Lean production teams      <em>D. Roy and his team members ...</em>

The characteristics of teams are enumerated below:

  • Traditional work teams: individuals have shared processes and goals.
  • Flexible work teams: there is greater flexibility in the working pattern.
  • Self-managed teams: individuals are focused on their different objectives.
  • Lean production teams: make quick decisions that benefit the company.

Thus, various work teams can be instituted, with each type achieving specific purposes.

Learn more about work teams at brainly.com/question/18122514

3 0
2 years ago
Analyze the benefits and the problems posed by the four approaches to the implementation of resource management policies: contro
Mars2501 [29]

Answer:

Explanation: The implementation of resource management policies can be achieved through the following: control theory, machine learning, utility-based, and market-oriented method.

1. Control theory:

Benefit- it can analyse linear and non linear systems, single or multiple systems.

Problem- It is complex and requires multiple computations

2. Machine learning Theory:

Benefit- It does not sole depend on extracting information and it gives room for improvements. It performs routine and non routine tasks

Problem- It requires a complex to understand and need trained professional to operate it.

3. Utility-based method:

Benefit - It gives urgency to tasks, it gives users better satisfaction.

Problem- the tasks needs to be carried out continuously

4. Market-oriented method:

Benefit - it gives room to know and understand the market, it leads to an increased organisational performance.

Problem- requires a professional.

8 0
3 years ago
Government's role is to create and enforce laws that:
vazorg [7]

Answer:

Balance the relationship between business and society.

Explanation:

Government regulates both society and business.

The government regulates businesses to ensure that the activities of businesses are in the best interest of the society. This is why they regulate monopolies, tax companies that create negative externalities and subsidise the activities of companies that provide positive externality.

Government also has to look out for businesses by ensuring that the amenities and facilities needed for smooth running of business activities are in place. This is why a government may regulate import activities through quotas or tariffs.

I hope my answer helps you.

5 0
3 years ago
Exercise 9-5 Sandhill Co. purchased a new machine on October 1, 2017, at a cost of $80,010. The company estimated that the machi
Dovator [93]

Answer:

2017 = $2,598 and 2018 = $10,390

Explanation:

The computation of the depreciation expense for the second year is shown below:

= (Original cost - residual value) ÷ (useful life)

= ($80,010 - $7,280) ÷ (7 years)

= ($72,730) ÷ (7 years)  

= $10,390

In this method, the depreciation is same for all the remaining useful life

For 2017, the depreciation expense would be

= $10,390 × 3 months ÷ 12 months

= $2,598

The three months is calculated from the October 1, 2017, to December 31, 2017

And, in 2018 it would be $10,390

4 0
3 years ago
Other questions:
  • Kevin has taken an apartment on lease for five years with a monthly rental of $3,500. At the end of five years, Kevin will be th
    8·1 answer
  • a machine with a cost of $75,000 has an estimated residual value of $5,000 and an estimated life of 4 years or 18,000 hours. WHa
    8·1 answer
  • Who has outlook mine is william56453 to help me
    13·1 answer
  • Clement applies for a home loan at Global Bank Inc. As part of the process, he provides his personal details to the banker who i
    11·1 answer
  • A publishing company sponsors a discussion session with seven college instructors who use a specific management textbook. The in
    12·2 answers
  • Suppose that corn farmers want to increase their total revenue. Knowing that the demand for corn is inelastic, corn farmers shou
    9·1 answer
  • To measure ingredients accurately, it is best to measure items in as many
    10·2 answers
  • Entertainer's Aid plans five annual colossal concerts, each in a different nation's capital. The concerts will raise funds for a
    6·1 answer
  • Externalities Musashi plants a variety of trees, shrubs, and flowers in his yard. The landscaping beautifies the neighborhood. W
    9·1 answer
  • Cooperative San José of southern Sonora state in Mexico makes a unique syrup using cane sugar and local herbs. The syrup is sol
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!