Answer:
c. high because buyers generally feel that they can do without it
Explanation:
Income elasticity of demand measures the degree of responsiveness of quantity demanded of a product with respect to the change in the income of the consumer, keeping other factors affecting demand as constant.
It is represented as
=
A High income elasticity of demand conveys, a rise in the income of the consumer is accompanied by a higher increase in the quantity demanded. Similarly, a fall in the income of the consumer is accompanied by a greater fall in the quantity demanded.
Caviar fish is expensive and would be usually characterized as a luxury. Thus, if the income of the consumer falls, he will end up forgoing relatively higher quantity of caviar since the consumer believe it to be easier to do away without it.
Answer:
Gross profit= 131,500
Explanation:
Giving the following information:
Last quarter, RP Enterprises earned $220,000 in sales revenue and had $90,000 cost of goods sold (at standard). RP also experienced these variances: Materials price: $2,400 F Materials quantity: $1,400 U Labor price: $2,000 U Labor quantity: $1,000 F Overhead: $1,500 F
To calculate the cost of goods sold, we use actaul costs and quantity of direct labor and direct materials. Therefore, the only estimated cost is overhead.
Gross profit= 220,000 - 90,000 + 1,500= 131,500
Answer:
hello your question is incomplete attached below is the complete question
answer : classifications : current assets and Non current assets
Amounts : short-term investments = $2798.30 for 2006 and $6052.30 for 2005
cash and cash equivalent = $5914.70 for 2006 and $9586.30 for for 2005
Investments = $7788.20 for 2006 and $1107.9 for 2005
Explanation:
The classification and amount of any investment as reported in the balance sheet is as below
current assets classification
short-term investments = $2798.30 for 2006 and $6052.30 for 2005
cash and cash equivalent = $5914.70 for 2006 and $9586.30 for for 2005
Non-current assets
Investments = $7788.20 for 2006 and $1107.9 for 2005
Note: cash and cash equivalents is used to describe investments with maturity dates less than 3 months
Answer:
Direct material price variance= $21,450
Explanation:
Giving the following information:
Direct materials 4 pounds $4.70 per pound
May:
Jackson purchased 107,250 pounds of direct material at a total cost of $525,525.
To calculate the direct material price variance, we need to use the following formula:
Direct material price variance= (standard price - actual price)*actual quantity
Actual price= 525,525/107,250= $4.9
Direct material price variance= (4.7 - 4.9)*107,250
Direct material price variance= $21,450
Answer:
$2,600
Explanation:
The computation of the balance of Retained Earnings at the end of 2018 is shown below;
= net income - dividend
= $1,200 - $500 + $2,300 - $200 - $0 - $200
= $2,600
We simply deduct the dividend amount from the net income so that the balance of the retained earning could come