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alisha [4.7K]
3 years ago
15

Attina always spends 30 % of her income on soft-shell crabs. Assume that her income increases by some percentage while the price

of soft-shell crabs remains constant (and that all soft-shell crabs cost the same). What is her income elasticity of demand for soft-shell crabs?
Business
1 answer:
makkiz [27]3 years ago
5 0

Answer: Unit elastic.

Explanation:

Income elasticity of demand refers to the responsiveness of a quantity demanded for a good with a change in the income level of a consumer.

Here, it was given that price of the soft shell remains the same, irrespective of the change in the income level of an individual. In this case, the income elasticity of demand for soft-shell crabs is unitary elastic which means that percentage change in quantity demanded is identical as the percentage change in income level of a consumer.

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Answer:

a. are the rates of return on a company's capital stock.

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The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the account
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Answer:

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Less: Supplies Expense                <u>$3,000    </u>

Gross Income                                  $267,900

Less operating Expenses:

Insurance Expense         $4,000

Depreciation Expense    $9,000

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Utilities Expense             $1,760

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                                                       <u>$237,960</u>

Net Income                                    <u>$29,940  </u>    

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Income statement shows the performance of the company in a year. It provides the details of revenue, expenses and profits for the year. All the expenses are deducted from the revenue to determine the net earning of the business.

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Answer:

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