The best way to describe Jamal's unemployment would be <u>Structural</u>
Increase in price due to increase of demand. But that doesn't seem to be an option so I would go with the last option.
Answer:
Explanation:
According to the scenario, the following transaction can be put in journal as follows:
Date Account Titles Ref. Debit ($) Credit ($)
Oct. 1 Cash $28,490
Common stock $28,490
Oct.2 No journal
Oct.3 Office furniture $3,276
Accounts payable $3,276
Oct.4 Account receivable $3,600
Revenue on service $3,600
Oct.5 Accounts payable $850
Cash $850
Oct.6 Salary expense $2,500
Cash $2,500
Answer:
For Dan, the demand is price inelastic
Explanation:
One of the factors tat affect the quantity demand for a product is the price of the product. According to the law of demand, at lower price more quantity of a product would be purchased than at a higer price, all other this being being equal.
Price elasticity of Demand (PED)
The extent to which a change in price will cause a change in the quantity demand for a product is called the price elasticity of demand. It measures the degree of responsiveness of quantity demand to a change in price.
It is calculated as
PED =% change in quantity demand / % change in price.
For Dan Newspaper , the price elasticity of demand
= 4%/8%
= 0.5
If the PED is greater than 1, the demand is price elastic
If the PED is less than 1 , demand is price inelastic
For Dan, the demand is price inelastic
Answer: 20%
Explanation:
The price elasticity of demand shows the increase in quantity demanded as a result of a decrease in price and vice versa.
It is calculated by the formula:
Price elasticity of demand = Change in quantity demanded / Change in price
The formula can therefore be used to find the increase in quantity. Price elasticities are usually denoted in negatives even if not shown so:
-4 = x / -5%
x = -4 * -5%
x = 20%