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3 years ago

What are a list of items that the most price elastic demand

Business

1 answer:

Paul [167]3 years ago

4 0

Answer:

See below

Explanation:

Price elasticity of demand describes how responsive the product of a product is to changes in its price. The term elasticity originates from elastic, which means to stretch. A product is price elastic if a small change in price has a significant impact on its demand. Should the price increase by a small percentage, the demand decreases by a considerable difference.

The demand for some products does not react to changes in prices. A small percentage increase or decrease in price does not result in a big change in the quantity demand. Such products are said to be price inelastic.

Substitute goods or goods with close alternatives are the most price elastic. A small change in price will make consumers consider the other alternatives. Examples of price-elastic goods and services include transport services, furniture, motor vehicle, and professional services such as lawyers, doctors, and auditors.

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-Dominant- [34]

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3 years ago

Read 2 more answers

Raggs, Ltd. a clothing firm, determines that in order to sell x suits, the price per suit must be p=120 - 0.5 x. It also deter

kodGreya [7K]

Answer:

A) R(x) = 120x - 0.5x^2

B) P(x) = - 0.75x^2 + 120x - 2500

C) 80

D) 2300

E) 80

Explanation:

Given the following :

Price of suit 'x' :

p = 120 - 0.5x

Cost of producing 'x' suits :

C(x)=2500 + 0.25 x^2

A) calculate total revenue 'R(x)'

Total Revenue = price × total quantity sold, If total quantity sold = 'x'

R(x) = (120 - 0.5x) * x

R(x) = 120x - 0.5x^2

B) Total profit, 'p(x)'

Profit = Total revenue - Cost of production

P(x) = R(x) - C(x)

P(x) = (120x - 0.5x^2) - (2500 + 0.25x^2)

P(x) = 120x - 0.5x^2 - 2500 - 0.25x^2

P(x) = - 0.5x^2 - 0.25x^2 + 120x - 2500

P(x) = - 0.75x^2 + 120x - 2500

C) To maximize profit

Find the marginal profit 'p' (x)'

First derivative of p(x)

d/dx (p(x)) = - 2(0.75)x + 120

P'(x) = - 1.5x + 120

-1.5x + 120 = 0

-1.5x = - 120

x = 120 / 1.5

x = 80

D) maximum profit

P(x) = - 0.75x^2 + 120x - 2500

P(80) = - 0.75(80)^2 + 120(80) - 2500

= -0.75(6400) + 9600 - 2500

= -4800 + 9600 - 2500

= 2300

E) price per suit in other to maximize profit

P = 120 - 0.5x

P = 120 - 0.5(80)

P = 120 - 40

P = $80

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3 years ago

Wright Company's cash account shows a $29,300 debit balance and its bank statement shows $27,600 on deposit at the close of busi

IgorLugansk [536]

Answer:

Bank Reconciliation Statement:

Calculation of Adjusted cash Balance on 31 May:

Cash Balance: $ 29,300

less: Bank Charges $ (190)

less: NSF Check $ (420)

Adjusted cash Book Balance $ 28,690

Add: Outstanding Checks $ 6,500

Less: Uncleared Checks $ 7,100

Revised Cash Book Balance (A) $ 28,090

Bank Statement Balance $ 27,600

Add: Error by Bank $ 490

Adjusted Bank Balance (B) $ 28,090

Explanation:

Bank reconciliation is a company document prepared in order to reconcile difference between balance as per cash book and balance as per bank statement.

The difference arise because of two reasons:

Timing differences (Outstanding checks and Uncleared checks
Error and Omissions. (Bank charges -NSF)

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3 years ago

X-Mart purchased $300 of merchandise and paid immediately. Demonstrate the journal entry to record this transaction, assuming th

tangare [24]

Answer:

See explanation Section

Explanation:

The journal entry to record the purchase of merchandise -

Merchandise Inventory Debit $300

Cash Credit $300

Note: As the perpetual inventory shows the running inventory of cost of goods available for sale. Therefore, every purchase of merchandise will directly debit the merchandise inventory and not the purchase account. Since the company paid immediately, cash decreased.

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3 years ago

Which LIKE operator would match a single character? ? [] #

sdas [7]

The percentage sign represents zero, one, or a couple of characters. The underscore represents a single wide variety or a character. The wildcard character, the underscore, would match a single character.

<h3>What do you know about LIKE logical operator?</h3>

SQL Server LIKE is a logical operator that determines whether a character string fits in a separate sample. A pattern may also include ordinary characters and wildcard characters.

The LIKE operator is used withinside the WHERE clause of the SELECT, UPDATE, and DELETE statements to clear out rows primarily based totally on sample matching.

Thus, Underscore(_)LIKE logical operator would match a single character.

learn more about LIKE logical operators here:

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2 years ago

What are a list of items that the most price elastic demand​

What are a list of items that the most price elastic demand