All categories

3 years ago

Explain why an item that has many close substitutes tends to have an elastic demand

1 answer:

6 0

The item that has many close substitutes tend to have an elastic demand since this means that the consumers have a lot of variations to choose from. This makes the demand for the item very dependent on the number of consumers this item caters. The more substitutes mean more competition, more choices for the consumers, less demand for a particular item.

You might be interested in

Required: 1. What is the standard labor-hours allowed (SH) to makes 20,000 Jogging Mates? 2. What is the standard labor cost all

svlad2 [7]

Answer:

1.6000 Hours

2. 102,000

3. $ 350 Unfav

4.$ 4250 Fav

5 a). $ 3.80 per hour

b) . $ 1000 Fav

Explanation:

Std hours allowed per unit: 18 min

Actual output: 20000 units

Std hours allowed for actuaal output (20000*18/60)= 6000 Hours

Std labour hourrs allowed =6000 hours

Std rate per hour: $ 17

Std labor cost allowed: (6000 hours @17)=102,000

Labour Spending Variancce: Std hours*Std rate - Actual hours*Actual rate

6000 *17 - 102350 = $ 350 Unfav

Actual labour rate per hour (102350/5750): $ 17.80 per hour

Labour Rate variance: Actual hours (Std rate-Actual rate)

5750 hrs (17.00-17.80)= $ 4600 Unfav

Labour efficiency variance: Std rate (Std hours-Actual hours)

17 (6000-5750)= $ 4250 Fav

Std Variable rate per hour: $ 4 per hour

Actual rate per hour (21850/5750)= $ 3.80 per hour

Variable rate variance: Actual hours (Std OH rate-Actual OH rate)

5750 (4.00-3.80)= $ 1150 Fav

Variable OH effience variance: Std rate (Std hours-Actual hours)

4.00 (6000-5750)= $ 1000 Fav

7 0

4 years ago

MARKING BRAINLIEST IF RIGHT! NO ABSURD ANSWERS!

GarryVolchara [31]

Answer:

I believe its A signs one contract

8 0

3 years ago

Read 2 more answers

Stock Y has a beta of 1.0 and an expected return of 12.4 percent. Stock Z has a beta of .6 and an expected return of 8.2 percent

GuDViN [60]

Answer:

Reward-to-risk for stock Y = (0.124 - 0.052) / 1 = 0.072 = 7.2%

Reward-to-risk for stock Z = (0.082 - 0.052) / 0.6 = 0.05 = 5%

SML reward to risk is beta of market. i.e., 6.4%

Explanation:

5 0

3 years ago

Read 2 more answers

Benefit payments made on a ____________ basis are not scheduled, but are based on the average fee charged by all doctors in a gi

Ugo [173]

Answer:

Benefit payments made on a usual, customary and reasonable (UCR) basis are not scheduled, but are based on the average fee charged by all doctors in a given geographical area.

Explanation:

Benefit payments can be described as a government payment to specific people in the society who are disadvantaged in one way or the other. Benefit payments can be made to the; unemployed, people with children, the aged, people who are ill and even the poor. Benefit payments is a practice that is anchored in law that aims at protecting the economically vulnerable in the society. There are different types of benefit payments that exist. In this particular question, we will consider UCR payments.

The UCR payments falls under the health and welfare plans, and can be defined as benefit payments that are not scheduled but are based on the average fee charged by all doctors in a given geographical area. A benefit payment that is not scheduled means that it doesn't have a specific amount attached to it, but depends on the location. This is because health services charges vary from one geographical position to the next. One can be offered different medical charges in different locations due to a distinction in geographical area. The same geographical areas however, have an average amount of fee that is specific to that area. In benefit payments, this average amount is what is often payed to the beneficiary.

3 0

4 years ago

Does New Zealand have many hotel

Rashid [163]

Yes new zealand does have many hotels, ive been there

7 0

4 years ago