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Ad libitum [116K]
3 years ago
12

When the price of oranges increases from $4 to $6 per bag, the quantity demanded of oranges decreases from 800 bags to 700 bags.

The price elasticity of demand over this price range is equal to ------
Business
1 answer:
bagirrra123 [75]3 years ago
7 0

Answer:

0.37, the demand is inelastic.

Explanation:

% change in price = $6- $2 = ($2 / $6) * 100 = 33%

% change in demanda =  800 - 700 = (100/800) * 100 = 12.5%

PED = 12.5 / 33 = 0.37.

The formula to calculate the PED is %change in demand / %change in price, and if we apply the formula according to the information provided, we found that the PED is 0.37. If the PED is between 0 and 1, we can conclude that we have an inelastic demand.

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Expenses ______ retained earnings; therefore, to increase any expense, one would ______ the expense account.
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Expenses decreases retained earnings; therefore, to increase any expense, one would debit the expense account

What does retained earnings mean?

Retained earnings are profits retained in the business  for reinvestment and for expansion purposes, in essence, expenses would reduce the retained earnings, the higher the expenses, the lesser the retained earnings become.

From a double entry point of view, an increase in expenses would be debited to expense account and a decrease is credited instead.

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6 0
2 years ago
Following the fall of the Soviet Union, Russia saw a rise in political freedom and the economy implemented widespread price dere
d1i1m1o1n [39]

Answer:

Neoliberalism.

Explanation:

If the inequality is increased so the individual income would be represent as a neoliberalism cause also it would be applied in that case when the soviet union fall witness the disparities that lies between the rich and the power having gap widening also. It affects the individuals those already wealthy in order to earn and make more profits and give less for the population that is poor to catch up and decline back on track

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2 years ago
In developed economics such as the untied states the
damaskus [11]

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Explanation:

7 0
3 years ago
Read 2 more answers
ABC Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small
scoundrel [369]

Answer:

ABC Ranch & Farm

a. Journal Entries:

Jan. 1, 2019:

Debit Notes receivable (Mills Farm & Fleet) $48,000

Credit Refund liability ($48,000 * 5%) $2,400

Credit Sales revenue $45,600

To record the sale of 40 augers for a 6-month note at 12% interest.

January 1, 2019:

Debit Cost of goods sold $30,400

Credit Inventory $30,400

To record the cost of goods sold, less estimated return of 5%.

b. Journal Entries:

August 10, 2019:

Debit Accounts Receivable $57,600

Credit Sales revenue $57,600

To record the sale of 16 mini trenchers to a farm co-op.

August 10, 2019:

Debit Cost of goods sold $32,000

Credit Inventory $32,000

To record the cost of goods sold.

June 20, 2019:

Debit Cash Account $9,040

Credit Deferred Revenue $9,040

To record the receipt of the down payment.

October 1, 2019:

Debit Deferred Revenue $9,040

Credit Sales Revenue $9,040

To record revenue for goods sold.

Debit Cash Account $36,160

Credit Sales Revenue $32,051

Credit Service Revenue (Installation) $2,935

Credit Service Revenue (Maintenance) $1,174

To record the receipt of full payment for goods sold and installation and maintenance services.

December 31, 2019:

Debit Service Revenue (Maintenance) $1,076

Credit Deferred Revenue $1,076

To record the deferred revenue for maintenance.

Explanation:

A) Data and Calculations:

Item                                 Standalone selling

                                           Price (cost)

Mini -trencher                   $3,600 ($2,000)

Power fence hole auger  $1,200    ($800)

Grain/ Hay dryer         $14,000 ($11,000)

Sale of grain/hay dryers:                      Allocation of Contract

                                                                    Price of $45,200

Sale revenue $14,000 * 3 = $42,000   $41,091   (42,000/46,200 * 45,200)

Installation fee $1,000 * 3 =     3,000      2,935     (3,000/46,200 * 45,200)

Maintenance fee for 3 years   1,200         1,174      (1,200/46,200 * 45,200)

Total                                    $46,200  $45,200

June 20,   Down payment ($45,200 * 20%) = $9,040

October 1, Full payment  ($45,200 * 80%) =  $36,160

Total payment                                                 $45,200

Maintenance fee:

Deferred Revenue (1,174*33/36) = $1,076

Maintenance fee revenue (1,174* 3/36) = $98

5 0
3 years ago
A company had net income of $210,000. depreciation expense is $27,000. during the year, accounts receivable and inventory increa
Advocard [28]

Answer:

$179,000

Explanation:

Prepare an Operating Cash flow Section of the Statement of Cash flow.

Cash flow from Operating Activities

net income                                                      $210,000

Adjustment of Non-Cash Items :

depreciation                                                     $27,000

loss on the sale of equipment of                      $2,000

Adjustment of Working Capital Items :

Increase in Accounts Receivable                   ($17,000)

Increase in Inventory                                     ($42,000)

Decrease in Prepaid Expense                          $5,000

Decrease in Accounts Payable                       ($6,000)

Net Cash Flow from Operating Activities     $179,000

6 0
3 years ago
Read 2 more answers
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