1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Llana [10]
3 years ago
11

The price elasticity of demand for gasoline in the short run has been estimated to be 0.4. If a war in the Middle East causes th

e price of crude oil (from which gasoline is made) to increase, how will that affect total revenue from gasoline in the short run, all other things unchanged
Business
1 answer:
disa [49]3 years ago
8 0

Answer:

Total revenue would rise in the short run

Explanation:

A price elascitiy of 0.4 indicates that demand is inelastic.

Inelastic demand means that a small change in price has little or no effect on quantity demanded. The absolute value of inelastic demand is less than 1.

If the cost of the crude oil increases, the price of gasoline would increase too. Because demand is price inelastic , there would be little or no change in the quantity demanded of gasoline as a result total revenue would increase as a result of the rise in price.

I hope my answer helps you

You might be interested in
A ______ is a piece of real estate owned by multiple, unrelated individuals who, in addition to their ownership rights, each hol
finlep [7]

Answer:

Time-Share Estate

Explanation:

Definition:

A time-share estate is an illustration of a concept also known as fractional ownership. It is a structure that allows individuals to purchase the right of occupancy of a unit of real estate for a specific period.

Of course, a good example of why buyers will choose this type of real estate purchase is to get the use of a unit of housing that is not always in use all year round. For instance, time-sharing is popular with resorts, vacation homes and even with recreational vehicles.

It is important to know also that the time-sharing industry is mostly available within the United States and it is a multi-billion dollar industry, meaning the time-sharing concept is popular in the United States.

Different Types

Fixed Weeks or Floating Weeks Option - as the names suggest, owners are either allowed to pre-determine the specific period of the year and the number of weeks to make use of the estate or choose the floating weeks which leaves the occupant the choice to choose weeks within a given period say January-March, September-November etc.

6 0
3 years ago
Which statement describes the role of the Federal Reserve System? A. It prints all the paper money in circulation in the United
kumpel [21]
The job of the Federal Reserve System is to control the supply of money in the United States. Although it might seem like the Federal Reserve System prints the money as well, but this is in fact not true. The U.S. Treasury prints paper and coin currency and the Federal Reserve System distributes the money globally. 
6 0
3 years ago
Read 2 more answers
If country A exports $10 billion worth of goods to country B and imports $8 billion worth of goods from country B, then country
mr_godi [17]

Answer:

b. $2 billion trade surplus with country B.

Explanation:

When a country exports more than it imports, it is said that the country has a trade surplus. On the other hand, when a country imports more than it exports, it is said that the country has a trade deficit.

In this case, exports to country B are worth $10 billion which are larger than the $8 billion of imports from country B. Country A's trade surplus is given by:

S = \$10-\$8\\S=\$2\ billion

Therefore, the answer is alternative b.

6 0
3 years ago
Suppose a bakery reports this​ information: beginning raw materials inventory $4,000 ending raw materials inventory 3,000 beginn
photoshop1234 [79]
To calculate cost of direct materials used, you take Purchases of raw materials and subtract the change in raw materials. The idea is that the cost of raw materials used will be however much raw materials decreased during the period plus the purchase of raw materials.  Beginning raw materials is 4000, and ending raw materials is 3000, a change of -1000. Purchases of raw materials were 99,000. The Cost of Direct Materials is 99,000 - (-1000) = 100,000. 
6 0
3 years ago
Reliability is the probability that a product or system will function when activated. True or False
GenaCL600 [577]

Answer:

True

Explanation:

The term reliability is associated with consistency in performance that can be proven through statistical analysis. Reliability means dependability. It is the assurance that a system, equipment, or apparatus will perform its functions as expected with many instances of failure.

Reliability is the high probability that a system or equipment will operate without failure. Reliability means that performance results can be verified. The probability of producing such results in the future is high.

4 0
3 years ago
Other questions:
  • One basic difference between partnership and agency law is that: a. in a partnership, partners are not deemed to be agents of th
    11·1 answer
  • Which of the following basic steps in risk analysis should be performed first?
    6·1 answer
  • Given the returns for two stocks with the following information, calculate the correlation coefficient of the returns for the tw
    8·1 answer
  • NorthWest Corp. obtained the following information from its accounting records: Sales $70,000 Beginning Finished Goods Inventory
    12·1 answer
  • The Camino Real Landfill was required to install a plastic liner to prevent leachate from migrating into the groundwater. The fi
    9·1 answer
  • The amount of time it takes for an investment to double in value is called the doubling time for the investment. If the doubling
    15·1 answer
  • Lin Co., a distributor of machinery, bought a machine from the manufacturer in November for $10,000. On December 30, Lin sold th
    14·1 answer
  • George is responsible for examining the heating and air conditioning system of an upcoming hotel. So, George is a mechanical____
    15·2 answers
  • Can you empathize with customers concerns.
    9·1 answer
  • Marshmallow, inc., accounted for an investment in sweet wheat cracker co. using the equity method. during the current year, mars
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!