The answer is 120000000000000
Answer:
The price elasticity of supply is about <u>0.87</u>.
Explanation:
The price elasticity of supply is the degree of responsiveness of quantity supplied to the change in price.
The midpoint method of calculating the price elasticity of supply uses the average percentage change in both quantity and price, and this is given as follows:
Price elasticity of supply = Percentage change in supplied / Percentage change in price
We therefore apply this as follows:
Percentage change in quantity supplied = {(New supply - Old supply) / [(New supply + Old supply) / 2]} * 100 = {(170 - 150) / [(170 + 150) / 2]} * 100 = 12.50%
Percentage change in price = {(New price - Old price) / [(New price + Old price) / 2]} * 100 = {(1.50 - 1.3) / [(1.50 + 1.30) / 2]} * 100 = 14.29%
Therefore, we have:
Price elasticity of supply = Percentage change in supplied / Percentage change in price = 12.50% / 14.29% = 0.87
Therefore, the price elasticity of supply is about <u>0.87</u>.
Note that since the price elasticity of demand of about 0.87 is less than 1, it implies that the relationship between the quantity demanded and the price is inelastic.
The existence of inventory distinguishes a merchandising firm from a service-based one as their main distinction. Unlike service-based firms, which do not sell things to customers, retail enterprises do. This distinction must be reflected in the financial statements of the companies, including the income statements.
A company that buys products and then exchanges them, typically at a higher cost than they were bought, is known as a merchant.
A service enterprise is an organization that uses volunteers and their skills to further its social mission in a broad sense. It doesn't just recruit volunteers; it works with a volunteerism culture.
A company that buys products and then exchanges them, typically at a higher cost than they were bought, is known as a merchant.
A service enterprise is an organization that uses volunteers and their skills to further its social mission in a broad sense. It doesn't just recruit volunteers; it works with a volunteerism culture.
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Economist Thomas Piketty criticized executive compensation levels and thought CEOs should be satisfied with: reduced pay.
<h3>What does Piketty saw about the high wage of CEOs?</h3>
According to this bestselling economist, he attributed the high rate of wage that CEOs receive to be a reason for the inequality experienced in the society.
According to him, a nation cannot be said to be growing when individual wealth is higher than the GDP of the nation.
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