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erica [24]
3 years ago
9

Tom Cruise is a 17 year old high school student who works as an assistant manager at the local movie theater. If an increase in

the price of movie tickets results in an increase in total revenue at the theater, this is evidence that the demand for movie tickets is:_________a) price elasticb) price inelasticc) unitary elasticd) perfectly inelastice) perfectly elastic
Business
1 answer:
pickupchik [31]3 years ago
5 0

If an increase in the price of movie tickets results in an increase in total revenue at the theater, this is evidence that the demand for movie tickets is  price inelastic.

Option B

<u>Explanation: </u>

Price elasticity of production is often used in economics to explain the reactivity, or elasticity, to increase prices of the quantity requested by a good or service, when only prices change.

In the case of a change in the price of $200 to $202, for example, a 1% rise, and demand change between 1,000 to 995 units, a reduction of less than 1%, the drugs are inelastic.

The drug would be regarded as completely inelastic if the price increase had no impact on the amount ordered. Medical needs and procedures are relatively inelastic since they are necessary for survival, while luxury goods, like cruises and sports cars, are usually fairly elastic.

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An innovative change involves ______ complexity, cost, and uncertainty.
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The answer is moderate.
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3 years ago
Lupine Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. T
Anna [14]

Answer:

Allocated MOH= $420

Explanation:

<u>First, we need to calculate the predetermined overhead rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (253,600/31,700) + 6

Predetermined manufacturing overhead rate= $14 per machine hour

<u>Now, we can allocate overhead to Job L716:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 14*30

Allocated MOH= $420

5 0
3 years ago
Three types of patents available under U.S. law are: a. utility, regulatory, common law. b. design, packaging, invention. c. uti
riadik2000 [5.3K]

The three types of patents available under U.S. law are design, plant and utility.

<h3>What is patent?</h3>

A patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem.

It is the right from the federal government to produce and sell something for a certain number of years without anyone copying it.

Thus, option D is true as three types of patents available under U.S. law are design, plant and utility.

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8 0
2 years ago
What is the objective of the last step in the ethical decision-making framework? Multiple Choice to brainstorm any alternative c
I am Lyosha [343]

Answer:

B. To weigh the various alternatives and choose a course of action

Explanation:

The major steps involved in a proper decision-making process include; Identifying the problem, understanding the problem by obtaining the necessary information, developing alternatives, choosing the best alternative that would address the ethical issue at hand, and implementing the best alternative.

The aim of the entire process of decision-making would be faulted if at the end, a course of action is not taken. The decision made at the end of the day, should address the initial concern raised. This decision would also need to be reviewed to ensure that it is the right step.

Determining ways to maximize profit for the company may not be the issue at hand, as several factors could inform the decision making process.

5 0
3 years ago
Although the overall divorce rate has declined in the past two decades, divorce among _________ couples is rising. elderly middl
Svetach [21]
<span>middle-aged. Some contributing factors to this are: a) after children grow up, some couples no longer have a common goal. b) infidelity, typically involving a younger person that brings excitement. c) people are living longer, so some people want to get out now rather then spend the additional years in misery.</span>
7 0
3 years ago
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