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Elden [556K]
3 years ago
13

If the price of ice cream rose to $30 per gallon, consumers would purchase fewer gallons of ice cream than if the price were $4

per gallon. If the price of chocolate sauce fell to $0.50 per can, consumers would purchase more chocolate sauce than if the price were $5 per can. These relationships illustrate the
1. law of supply.
2. law of demand.
3. difference between normal and inferior goods.
4. difference between substitute and complement goods.
Business
1 answer:
kodGreya [7K]3 years ago
8 0

Answer:

2. LAW OF DEMAND

Explanation:

LAW OF DEMAND states that there is inverse relationship between price & quantity demanded. Quantity demanded is more at lower prices, quantity demanded is less at higher prices. The demand curve - graphically representing price demand relationship,  is downward sloping because of Law of Demand.  

In the given cases : Ice cream price rise from $4 to $30 decreases quantity demanded. Chocolate sauce price fall from $5 to $0.5 increases quantity demanded. So, the above examples of Ice Cream & Chocolate Sauce illustrate the case of 'Law of Demand'  

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2 years ago
Steven's Battery Company has two service departments, Maintenance and Personnel. Maintenance Department costs of $320,000 are al
inna [77]

Answer:

From maintenance to department B will be allocated 85,333 dollars

Explanation:

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4 0
3 years ago
A firm uses a standard costing system and allocates variable overhead costs based on direct labor hours. The annual budget proje
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Answer:

Your answer is given below:

Explanation:

Statement showing Computations  

         Paticulars                                                                             Amount

Variable overhead cost per unit =100,000/1,000                   100.00

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Actual Variable overhead             75,000.00

Variable overhead spending variance= Standard VO - Actual VO  

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Answer:

432.12

Explanation:

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