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Assoli18 [71]
3 years ago
13

When elasticity of demand is equal to one and the change in the quantity demanded and the change in price are exactly proportion

al. This type of elasticity is described as ________.
Business
1 answer:
tatyana61 [14]3 years ago
6 0

Answer:

The correct answer is: unitary elasticity.

Explanation:

Unitary elasticity takes place when the change in quantity demanded of a good or service represents a proportional change in price. Under this scenario, the elasticity -<em>measure of how prone is to react a good or service in price due to change in other factors, ceteris paribus</em>- equals to 1.

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Presented below are selected account balances for Homer Winslow Co as of December 31, 2014.
Ronch [10]

Answer:

Sales Revenue 410,000 debit

        Income Summary    410,000 credit

--to close revenues accounts--

Income Summary               95,000 debit

      Administrative Expenses          38,000  credit

      Income Tax Expense                30,000  credit

      Sales Returns and Allowances 12,000  credit

      Sales Discounts                         15,000 credit

--to close expenses and other--

Income Summary     18,000 debit

Dividends                                   18,000 credit

--to close dividends--

Income summary    297,000 debit

   Retained Earnings      297,000 credit

--to close the income summary against RE--

Explanation:

We have to close against income summary he temporary accounts:

To close this accounts we need to post them in their opposite side of the normal balance. Revenues will be debited while expenses credited.

At last, we solve for the income summary balance and close it against retained earnings

410,000 - 95,000 - 18,000 = 297,000

4 0
3 years ago
The following situations should be considered independently. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $
taurus [48]

Answer:

Explanation:

(1)

FV = PV x (1 + r)^N  

FV = $75,000

PV = $35,000

r = 8%

75,000 = 35,000 x (1.08)^N

(1.08)N = 2.1429

N ln 1.08 = ln 2.1429

N = ln 2.1429 / ln 1.08 = 0.33 / 0.033 = 10 years

(2)

FV = Annual payment, A x PVA

FV = $43,700

n = 6 years

A = 8,000

43,700 = 8,000 x PVA

PVA = 5.4625

PVIFA (6 years, r%) = 5.4172

r=3%.

(3)

PV = Annual payment, A x PVIFA (r%, n years)

PV = $18,000

n = 6 years

r = 9%

$18,000 = A x PVIFA (9%, 6 years) = A x 4.4859 [From PVIFA table]

A = $18,000 / 4.4859 = $4,012.57

4 0
3 years ago
How can expectations about the future change consumer behavior?
Scrat [10]
The answer is C. If the future price of a good is expected to rise, that means consumers would want to buy more NOW before the price increases. This causes the immediate demand to rise.
7 0
3 years ago
Read 2 more answers
Trevor Williams’ bank calculates interest daily. At an APR of 3%, how much simple interest does $2,000 earn in twelve days?
pishuonlain [190]
The answer is $1.97. 

6 0
3 years ago
Read 2 more answers
What is breach of contract?
Gwar [14]

Answer:

an act of breaking the terms set out in a contract.

7 0
3 years ago
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