Answer:
The world has limited productive resources
More output satisfies More wants
Answer:
Elastic/ Inelastic
Explanation:
Price elasticity of demand is a tool use to measure in economics to show the elasticity, or responsiveness, of the demanded quantity of goods or services to increase in its price. When the price of a good or service changes, inelastic demand is when the buyer's demand does not change when the price of the good or service changes.
Answer:
The estimated percentage change in the price of oil=10%
Explanation:
Elasticity of supply is a measure of how the supply of a particular commodity or product changes with price change.
Elasticity of supply can be expressed as;
Elasticity of supply=Percentage change in quantity supplied/percentage change in price
where;
Elasticity of supply=0.3
Percentage change in quantity supplied=3%
Percentage change in price=unknown=x
replacing;
Elasticity of supply=Percentage change in quantity supplied/percentage change in price
0.3=3%/x
x=3%/0.3
x=10%
The estimated percentage change in the price of oil=10%
Answer: include a credit to equipment accumulated depreciation account.
Explanation:
Lamar Printing Company determines that a printing press used in its operations has suffered a permanent impairment in value because of technological changes. An entry to record the impairment should include a credit to equipment accumulated depreciation account.
It should be noted that permanent Impairment is an injury suffered buy an individual which has a permanent impact on the way the individual functions.
