This statement is true. Teenagers have a higher price elasticity than do adults.
This is because teenagers does not have much income to spend so they can shift to other products also. Teenagers are also not addict to smoking or any other habits , Therefore price affects the demand of the product.
Price elasticity is defined as the ratio of the percentage change in quantity demanded due to percentage change in price.
Elasticity having more than 1 are relatively more elastic.
Adults have more income to spent so the demand do not effects due to change in price. As adults are more addicted to smoking then teenagers ,
addicted people did not consume less due to its price change.
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Private good service. government goods service . import good service.export good service
<h3><u>Answer;</u></h3>
credit, debit, and debit, respectively
<h3><u>Explanation</u>;</h3>
Normal balance of sales; Credit
Normal balance of sales discount; Debit
Normal balance of sale returns and allowances; Debit
- A normal balance is the expectation that a particular type of account will have either a debit or a credit balance.
- The normal balance of sales is credit.
- The sales returns and allowances account is subtracted from sales because these accounts have the opposite effect on net income. Therefore, sales returns and allowances is considered a contra‐revenue account, which normally has a debit balance.
- The account Sales Discounts is referred to as a contra-revenue account. Therefore; its is debit balance.
Answer:
Explanation:
Pizza quantity Change = 60-50 = 10
Income change = $12000 - $10000 = $2000
Mid point of Quantity of Pizza = (50+60)/2 = 55
Mid point of income = ($12000 + $10000)/2 = $11000
Income elasticity = 10*11,000/2000*55 = 110,000/110,000=1
Pizza is a unit elastic normal good, because percentage change in income = % change in pizza quantity
