Answer:
1.5
Elastic
Explanation:
Income elasticity of demand measures the responsiveness of quantity demanded to changes in income.
Income elasticity of demand = percentage change in quantity demanded / percentage change in income.
6 / 4 = 1.5
The income elasticity of demand is elastic
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Answer:
A) experience rating.
Explanation:
In Insurance, An experience rating is a rating method used by the insurance company to calculate workers' compensation insurance and to determine the amount of loss that an insured party experiences compared to the amount of loss that similar insured parties experienced.
EFG Company's managers could use it to calculate their experience modification factor i.e premiums up or down.
Answer:
The journal entry to record the issuance of bond is shown as:
Dr Bank $783,845
Cr Bonds payable $700000
Cr Bonds premium $83845
Being issuance of bonds for cash
Subsequently,coupon interest is calculated is on the par value of $700000 at 11% while effective interest of 8% is calculated on $783,845
Explanation:
Upon issuance of the bonds,the receipt of cash of $783,845 is debited to bank account as an increase in asset.
The obligation to redeem the bond on 1 January 2025 is credited to bonds payable at par value of $700000(an increase in liability)
However, cash received is more by $83,845 which is credited to bonds premium account.
The approximate tip for a bill of $81.79 would be $12.30 when the tip is 15% of the bill amount.
<h3>How to calculate tip amount?</h3>
Tip is the extra amount paid over a bill for the services provided by the staff. The tip when calculated as a percentage over the bill, the percentage rate is to be multiplied by the bill amount.
Given:
The amount of tip will be calculated by calculating 15% of the bill amount.
The approximate value of tip will be $12.30.
Therefore, option c is correct.
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