Answer:
The correct answer is letter "D": more inelastic.
Explanation:
When its price changes, the supply, and demand for an inelastic good or service are not dramatically impacted. Whether the price of an inelastic product goes up or down, the buying habits of consumers remain roughly the same. <em>Prescription drugs, food, clothing, </em>and <em>gasoline</em> are common examples of inelastic goods.
Thus, <em>if the price of gasoline doubles tonight, that price would be considered more inelastic tomorrow compared to the current price until today than comparing the doubled price during the course of the upcoming two years</em>.
You need conversion in this problem to solve it. Since you are already given of all the data, you just need to utilize the data to come up with the answer. You simply have to divide the equivalent units of a barrel with the U.S. barrels and further divide it with the equivalent gallons of U.S. barrel. You can get $2.24 ($94 / 31.5 / 1.33).<span> </span>
Answer:
isΔ PdΔ Ps=EQs, PEQd,PAs given in the question, 40=EQs, P−0.5This perfectly elastic supply shows the burden of tax is imposed completely on the consumer, indicating the elasticity of supply is infinite.
Answer:
Steps to Solving the Problems With Your Problem Solving
Step 1: Pin the Problem. Clearly define the issue at hand. ...
Step 2: Identify the Issues. Start breaking down the problem into subcomponents. ...
Step 3: Generate Hypotheses and Prioritize Proving Them. ...
Step 4: Conduct Your Analysis. ...
Step 5: Advance Your Answer
Answer:
D
Explanation:
The matching principle requires that revenues earned and expenses incurred in generating those revenues should be reported in the same income statement
the purpose of this is to avoid misstating earnings
