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kirill115 [55]
4 years ago
14

the percentage change in quantity demanded is 1 percent greater than the percentage change in price. the percentage change in qu

antity demanded is equal to the percentage change in price. the percentage change in quantity demanded is 100 percent greater than the percentage change in price (in absolute value). quantity demanded does not respond to changes in price.
Business
1 answer:
FrozenT [24]4 years ago
7 0

Answer:

This refers to price elasticity of demand.

Explanation:

The price elasticity of demand (PED) measures how much does the quantity demanded of a good or service changes proportionally to a 1% change in the price of the good or service.

-the percentage change in quantity demanded is 1 percent greater than the percentage change in price.

  • ELASTIC DEMAND: when the change in quantity demanded is proportionally greater than the change in price.

-the percentage change in quantity demanded is equal to the percentage change in price.

  • PRICE UNITARY DEMAND: e.g. if the price increases by 10%, the demand decreases by 10% (the same proportion).

-the percentage change in quantity demanded is 100 percent greater than the percentage change in price (in absolute value).

  • ALMOST PERFECTLY ELASTIC DEMAND: if a product has a perfectly elastic demand, any small change in price will increase or decrease the quantity demanded to either infinite (price decrease) or zero (price increase). No demand is perfectly elastic, but a demand that changes by 100% more than the price change is very similar to this concept.

-quantity demanded does not respond to changes in price.

  • PERFECTLY INELASTIC DEMAND: the quantity demanded doesn't change if the price changes. This rarely happens in real life as well as the perfectly elastic demand.

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3 years ago
An auditor ordinarily sends a standard confirmation request to all banks with which the entity has done business during the year
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Answer:

A. seek information about loans from the banks.

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An auditor ordinarily sends a standard confirmation request to all banks with which the entity it is auditing has done business during the year under audit, regardless of the year-end balance. One purpose of this procedure is to seek information about loans from the banks so as to examine and verify the amount that was loaned by the bank to the business entity, as well as comparing the figures (values) to that on the balance sheet.

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3 years ago
The total factory overhead for Big Light Company is budgeted for the year at $403,750. Big Light manufactures two different prod
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Answer:

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Per unit factory overhead = $8.50 per unit

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