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3 years ago

Which items are most likely to be highly elastic? (Select all that apply.)

Business

1 answer:

Bogdan [553]3 years ago

4 0

Answer:

A) Apple

Explanation:

Price elasticity describes how sensitive the demand for a product is a result of a change in price. A product is price elastic if a small change in price causes a big difference in its demand. A Product is price inelastic if a change in price does not create a significant change in its demand.

Apples will be more price elastic. Apple is fruit has may alternatives. As a fruit, apple competes with many others. A small increase in price will make consumers consider other fruits. If the price decreases, then the demand is likely to rise.

Water and gasoline are necessary goods. We need them for survival. An increase or decrease in price will have minimal changes in demand. Jewellery are luxury goods. They are bought for their value and worth. Changes in price will not affect their demand.

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The internal financial statements of Vera Incorporated show that their beaded purses incurred an operating loss in the most rece

brilliants [131]

Answer:

Vera Incorporated

Change in annual operating income from discontinued business:

Annual Operating Income would reduce by $78,000.

Explanation:

a) Calculation of the Net Income Lost:

Loss of Contribution ($99,000)

Avoidable fixed cost $21,000

Reduction of Income ($78,000)

b) The line of purses contributes $80,000 towards the company's fixed cost. Therefore, discontinuing this line of business would lead to the loss of this steam of income. The amount of reduced operating income will be $78,000 ($80,000 - 2,000).

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4 years ago

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BARSIC [14]

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3 years ago

Harrison Forklift's pension expense includes a service cost of $27 million. Harrison began the year with a pension liability of

Gnoma [55]

Answer:

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3 years ago

Common resources versus private goods

kari74 [83]

Answer: Please refer to Explanation

Explanation:

1. The fish in the river are considered rival in consumption and non-excludable whereas the fish in the private stream are rival in consumption and excludable.

When a good is said to be Rival in Consumption, it means if it is consumed by one person first, another person cannot get it which reduces their chances of getting the same good. Once Eric consumes or catches a fish, no one else can catch that fish which means fishing is a Rival in consumption activity.

When a good is said to be Excludable, it means that people can be prevented from accessing the good of they have not paid for it. The pond on Eric's property is private so people cannot just come in and fish. It is Excludable. Non-Excludable on the other hand is the inverse and means people who have not paid can access the good like the river in town.

2. In other words, the fish in the river are example of common resource and the fish in the private stream are an example of private good.

Common resources are available to everyone as they are in the public domain like the fish in the river. Private goods however are not in the public domain and ate meant to be accessed by only certain people like the private stream which is only accessible by Eric's family or whoever they want to have access to it.

3. Fishing in the river will likely lead to the tragedy of commons because of which of the following reasons?,

B. anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success.

The Tragedy of the Commons is an Economic explanation of the situation whereby people who have easy access to a resource such as the river in this instance, are able to use it with little cost to them. This might lead to a situation where they use it to the detriment of others because they will fish more and this will reduce the amount of fish left for others.

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4 years ago

Organized activities by consumers, businesses, and government agencies working together to achieve common goals is called _[blan

Dovator [93]

It's called consumerism

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4 years ago