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suppose that due to unfavorable growing conditions, this year’s global coffee crop was unusually small. what can we assume about

nekit [7.7K]

The short-run price elasticity of demand will be inelastic and the short-run price elasticity of supply will be inelastic.

Elasticity of demand measures the relationship that exists between price and quantity demanded.

Elasticity of supply measures how quantity supplied changes when there is a change in the price of a good.

Types of elasticity.

Elastic demand (supply): This means that demand (supply) is sensitive to price changes
Inelastic demand (supply): this means that demand (supply) does not respond to price changes. The coefficient of elasticity is less than one.
Unit elastic demand (supply): demand (supply) changes in equal proportion. The coefficient of elasticity is equal to one.

Factors that affect elasticity

The number of substitutes the good has: the more substitutes the good has, the more elastic demand is.
The length of time: demand (supply) is inelastic in the short run. In the short run, producers (consumers) do not have enough time to find suitable substitutes. In the long run, producers would have more time to search for suitable substitutes or shift to the production of other goods when compared with the short-run.
Ease of entry or exit into an industry: the more easy it is for firms to enter into an industry, the more elastic supply would be.

To learn more about elasticity of demand, please check:

7 0

2 years ago

The following information applies to the questions displayed below] A local Chevrolet dealership carries the following types of

myrzilka [38]

Answer:

Chevrolet Dealership

A) The total cost of the entire inventory is:

= $575,000

B) Each inventory would be reported at the LCNRV:

Inventory Items Quantity Reporting Cost/Value

Vans 4 NRV

Trucks 7 NRV

2-door sedans 3 Cost

4-door sedans 5 Cost

Sports cars 1 Cost

SUVs 6 NRV

C) Journal Entry:

Debit Cost of goods sold $27,000

Credit Inventory $27,000

To write-down costs to net realizable values.

D) TRUE.

Explanation:

a) Data and Calculations:

Inventory Items Quantity Cost per unit NRV per Unit LCNRV

Vans 4 27000 $108,000 25000 $100,000

Trucks 7 18000 126,000 17000 119,000

2-door sedans 3 13000 39,000 15000 39,000

4-door sedans 5 17000 85,000 20000 85,000

Sports cars 1 37000 37,000 40000 37,000

SUVs 6 30000 180,000 28000 168,000

Total Cost $575,000 $548,000

3 0

3 years ago

Because human behavior is unreliable and influenced by factors uncontrolled by policy, which domain represents the greatest risk

Luba_88 [7]

Answer:

The correct answer is letter "A": User Domain.

Explanation:

User Domains are used in organizations with large amounts of servers connected to their network. As it is difficult to keep track of all the data being stored in every server, the domain controller regulates user domains by storing their login credentials but having to pass a privilege screening before accessing to the information of the server. However, that does not secure users will make optimal utilization of the firm's resources. Most parts of the data store will still be unchecked by controllers.

7 0

2 years ago

Consider a firm with an EBIT of $500,000. The firm finances its assets with $2,000,000 debt (costing 6 percent) and 50,000 share

Schach [20]

Answer:

EPS is reduced by $1.92 and 42%

Explanation:

EBIT $500,000

Interest Expense ($120,000) ($2,000,000 x 6%)

EBT $380,000

Tax 40% ($152,000)

Net Earninig $228,000

Outstanding stock = 50,000

EPS = $228,000 / 50,000 = $4.56 per share

Change in Capital Structure.

EBIT $500,000

Interest Expense ($60,000) ($1,000,000 x 6%)

EBT $440,000

Tax 40% ($176,000)

Net Earninig $264,000

Outstanding stock = 50,000 + 50,000 = 100,000

EPS = $264,000 / 100,000 = $2.64 per share

Change in EPS = $4.56 - $2.64 = $1.92 per share

Change in EPS = $1.92 / $4.56 = 0.42 = 42%

5 0

3 years ago

The McMillan Development Corporation is in the preliminary stages of building a commercial office development. They have receive

solong [7]

Answer:

D. Both B and C

Explanation:

Based on the information provided within the question it can be said that you must go to The Building Codes and Building Officials Conference of America. This is where every company must go in order receive the guidelines of the materials that are approved by the government for all development procedures including construction, electrical wiring etc.

4 0

2 years ago