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natita [175]
3 years ago
14

Studies indicate that the price elasticity of demand for cigarettes is about 0.4. A government policy aimed at reducing smoking

changed the price of a pack of cigarettes from $2 to $6. According to the midpoint method, the government policy should have reduced smoking by
Business
1 answer:
Vesnalui [34]3 years ago
6 0

Answer: more than half.

Explanation:elasticity of demand is a degree of change in demand with respect to price. According to midpoint method this is used to show percentage change in quantity demanded, divided by the percentage change in price. With an increase in price from $2 to $6 the demand for cigarette is expected to drop by more than half.

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3 0
1 year ago
Diaz Company owns a machine that cost $126,500 and has accumulated depreciation of $91,600. Prepare the entry to record the disp
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Answer:

S/n      Account Titles and Explanation                    Debit      Credit

1.         Accumulated Dep - Machine Equipment    $91,600  

           Loss on Disposal                                          $34,900

                        Machine Equipment                                          $126,500

           (To record disposal)

2.         Cash                                                             $17,500  

           Accumulated Dep - Machine Equipment   $91,600  

           Loss on sale/disposal                                  $17,400

                    Machine Equipment                                               $126,500

            (To record sale)  

3          Cash                                                            $34,900

           Accumulated Dep - Machine Equipment  $91,600

                     Machine Equipment                                              $126,500

           (To record sale)

4         Cash                                                              $40,400

          Accumulated Dep - Machine Equipment   $91,600

                     Gain on sale/disposal                                           $5,500

                     Machine Equipment                                              $126,500

          (To record sale)

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