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belka [17]
3 years ago
14

Income elasticity of demand is

Business
2 answers:
topjm [15]3 years ago
5 0

Answer: Answer is A.

Explanation:

coldgirl [10]3 years ago
3 0

Answer: Option (a) is correct.

Explanation:

Income elasticity of demand measures the responsiveness of quantity demanded with change in the income level of an individual.

Income\ elasticity\ of\ demand=\frac{percentage\ in\ quantity\ demanded}{percentage\ change\ in\ income}

Income of an individual has a positive relationship with the demand for normal goods and has a negative relationship with the demand for inferior goods.

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Whats the connect between running a business and being responsible with your own finances.
nordsb [41]
I agree with the first one cause money is very important u have to use it wisely but you also wanna take it into your own matters it something were to go wrong
5 0
2 years ago
Read 2 more answers
Standard costs have which of the following characteristics? (Check all that apply.)
Minchanka [31]

Answer:

The following Apply :

A. Based on past experience and data Developed by the SCAB (Standard Cost Accounting Board

B. Used in preparing flexible budgets Useful for manufacturing companies, but not service companies

Explanation:

Standard Cost set levels of Costs and Revenues that ought to be achievable when reasonable levels of performance are attained together with working practices to manufacture a product.

Data is obtained from past experience and used to prepared flexible budgets for control purposes.

7 0
2 years ago
Suppose that a local supermarket sells apples and oranges for 50 cents apiece, and at these prices is able to sell 100 apples an
dezoksy [38]

Answer:

e. price elasticities of demand for apples and oranges are the same over these price ranges

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price.

Price elasticity = percentage change in quantity demanded / percentage change in price

Percentage change in price = (50-40) / 50 = 0.2 × 100 = 20%

Percentage change in quantity demanded of Apples = (120 - 100) / 100 = 0.2 × 100 =

20%

Percentage change in quantity demanded of oranges = (240 - 200) / 200 = 0.2 × 100 = 20%

Price elasticity of demand for oranges = 20% / 20% = 1

Price elasticity of demand for Apples = 20% / 20% = 1

When coefficient of elasticity is equal than one, elasticity of demand is unit elastic.

This implies that the elasticity of demand for Apples and oranges are the same. A change in the price of oranges and apples would lead to the same proportional change for each of the demand for Apples and oranges.

I hope my answer helps you

7 0
2 years ago
1. Sid bought a new $1,500,000 seven-year class asset on August 2, 2020. On December 2, 2020, he purchased $900,000 of used five
egoroff_w [7]

Answer:

Total cost recovery deduction = 1251450

Explanation:

Given the seven-year class asset bought by the Sid = $1500000

On 2nd December the five-year class asset bought = $900000

Now we have to find the cost recovery deduction for 2020.

900000/(900000 + 1500000) = 37.5% Thus, use half-year convention and avoid mid quarter

1500000 – 1,000,000 (Sec 179 limit) = 500000

500000 x 14.29% = 71450

900,000 x 20% = 180,000

1,000,000 + 71450 + 180,000

Cost recovery for 7 year asset = 1,071450

Cost recovery 5  year asset = 180000

Total cost recovery deduction = 1251450

7 0
2 years ago
Find the selling price cost to store $20 mark up 15%
Stolb23 [73]
$30 I believe I apologize if I am incorrect.
8 0
2 years ago
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