Answer:
(I) Price elasticity = 1/6
(II) the $2.5 price gives the higher revenue: 1,250
Explanation:
(I) price elasticity
↑Q (500 - 300)/((500+ 300) / 2)
↑Q 200 / (800/2) = 200/400 = 1/2
↑P (3.5 - 2.5)/((3.5+2.5)/2)
↑P 1/(6/2) = 1/3
(II) total revenue
3.5 x 300 = 1,050
2.5 x 500 = 1,250
Answer:
check the calculations below.
<em>You didn´t post the complete information of the exercise, I searched the exercise online and tried to ask the most useful question.</em>
Explanation:
a) current margin = Sale price - Cost
= $42 - $28 = $14 per unit
(b) Selling price if margin is 49%
= Cost / (1-0.49)
= 28 / 0.51
= $55
Profit = 55*49% = 227
(c) Price to consumer = Selling price / (1-0.1)
= 55/ 0.9
= $61.1
(d) Price to Consumer = Selling price from Chengg + Margin
= 61 + 10 = $71
A typical guest's check would be for $23.18.
How Do Sales Operate?
Any transaction in which two or more parties exchange money in exchange for the buyer getting tangible or intangible goods, services, or assets is referred to as a sale. On occasion, a seller may receive additional assets. A sale is another term used in the financial markets to describe an agreement between a buyer and a seller over the price of a security.
No of the circumstance, a sale is in essence a contract between the buyer and the seller of the particular good or service in question.
In a sale, two or more parties typically include a buyer and a seller who exchange goods or services for money or other assets.
to know more about sales
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Answer:
See explanation section.
Explanation:
June 1 Petty Cash $450
Cash $450
To record opening of petty cash.
12 Cash $11,381
Cash short and Over $14
Sales $11,367
To record the sales and finding the cash short and over.
30 Store Supplies $50
Merchandise Inventory $108
Office Supplies $106
Miscellaneous Administrative Expense $146
Cash Short and Over $6
Cash $416
To record the expenses cash short and over.
30 Cash $21,860
Cash Short and Over $19
Sales $21,879
To record the sales and finding the cash short and over.
30 Petty Cash $113
Cash $113
To record the increase of petty cash.
Answer:
b. A decrease in price of 2% causes an increase in quantity demanded of 0%.
Explanation:
By definition, the demand is said to be <em>perfectly inelastic</em> when no matter how much the price of a good changes, you will still be consuming the same exact amount as you did before the price changed.
Keeping this in mind, we know that the price may increase or decrease in 2%, but the demanded quantity will not have any change at all (people won't consume less or more).
So, now we know that the correct answer is <em>b, </em>because a decrease in price of 2% causes an increase in quantity demanded of 0% - in other words, people's purchase decision weren't influenced by the change in the price.
