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3 years ago

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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To say that "the U.S. public debt is mostly held internally" is to say that:_______ a. the bulk of the public debt is owned by U

Triss [41]

Answer: The correct answer is "a. the bulk of the public debt is owned by U.S. citizens and institutions.".

Explanation: To say that "the U.S. public debt is mostly held internally" is to say that:<u> the bulk of the public debt is owned by U.S. citizens and institutions.</u>

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3 years ago

Ivanhoe Windows manufactures and sells custom storm windows for three-season porches. Ivanhoe also provides installation service

Anna71 [15]

Answer:

Ivanhoe Windows

a. Journal Entries:

September 1, 2020:

Debit Cash $1,920

Credit Sales Revenue $1,920

To record the sale of windows to Geraths.

Debit Cost of goods sold $1,120

Credit Inventory $1,120

To record the cost of goods sold.

October 15, 2020:

Debit Cash $450

Credit Installation Revenue $450

To record the completion of installation service.

b. Journal Entries:

September 1, 2020:

Debit Cash $1,920

Credit Sales Revenue $1,896

Credit Unearned Revenue $24

To record the sale of windows to Geraths.

Debit Cost of goods sold $1,120

Credit Inventory $1,120

To record the cost of goods sold.

October 15, 2020:

Debit Cash $450

Debit Unearned Revenue $24

Credit Installation Revenue $474

To record the completion of installation service.

c. If Geraths is unable to develop a reliable estimate for the fair value of the installation:

Journal Entries:

September 1, 2020:

Debit Cash $1,920

Credit Sales Revenue $1,920

To record the sale of windows to Geraths.

Debit Cost of goods sold $1,120

Credit Inventory $1,120

To record the cost of goods sold.

October 15, 2020:

Debit Cash $450

Credit Sales Revenue $450

To record the completion of installation.

Explanation:

a) Data and Calculations:

July 1, 2020, Contract Price = $2,370

Standalone selling price of window = $1,920

Cost of the window = $1,120

Standalone selling price of installation service = $590

Attributed selling price of installation service = $450 ($590 = $140)

b) Estimated standalone value of the installation = estimated cost + 20% on cost

= $400 + 20% = $480 ($400 * 1.2)

Separate performance values:

Sale of window = $1,920 = $1,896 ($1,920/$2,400 * $2,370)

Installation = 480 = 474 ($480/$2,400 * $2,370)

Total = $2,400 = $2,370

c. If Ivanhoe Windows is unable to develop a reliable estimate for the fair value of the installation, both payments received will be attributed to the Sales Revenue without identifying separate performance values.

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3 years ago

When Get the Glare Out needed some information about the potential market for its product, the marketing team looked to the Inte

Romashka [77]

Answer:

secondary data.

Explanation:

Market research can be defined as a strategic technique which typically involves the process of identifying, acquiring and analyzing informations about a business. It involves the use of product test, surveys, questionnaire, focus groups, interviews, etc.

Secondary market research can be defined as a method designed to determine the demographics of a particular target market.

A secondary data can be defined as any form of data that has been obtained or collected earlier by someone else through primary sources for their own purpose and made readily available for other researchers to use. Thus, a secondary data is a type of data that has been previously obtained or collected.

In this scenario, the type of information the marketing team was using is referred to as secondary data because it looked to the Internet to find industry trends and at the market for eyewear products, which uses the same technology that is used in manufacturing its self-darkening windshield.

In conclusion, a secondary data is typically reliant or based on the primary source of information and as such it isn't a first hand experience.

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3 years ago

Jack Spratt is the production manager for a manufacturing firm that produces wizzy-gadgets and other items. The annual demand fo

Assoli18 [71]

Answer:

200 units

Explanation:

For computing the number of units produced each time we need to applied the economic order quantity formula which is shown below:

$= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}$

where,

Annual demand is 1,600 units

Ordering cost per order is $25

And, the carrying cost or holding cost per unit per year is $2

Now placing these values to the above formula

So, the economic order quantity is

$= \sqrt{\frac{2\times \text{1,600}\times \text{\$25}}{\text{\$2}}}$

= 200 units

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3 years ago

Question 4 of 8 > For each of the scenarios, please decide whether there will be an increase or decrease in short-run aggrega

sdas [7]

Increased use of current inputs in the production process is the short-term response of aggregate supply to rising demand (and prices).

A company can't, for the short term, build a new factory or introduce new technology to boost production efficiency because the level of capital is fixed.

What is short run and long run aggregate supply?

The intersection of the economy's aggregate demand and long-run aggregate supply curves determines its equilibrium real GDP and price level in the long run. The short-run aggregate supply curve is an upward-sloping curve that shows the quantity of total output that will be produced at each price level in the short run.

To learn more about aggregate supply here

brainly.com/question/29349235

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7 0

1 year ago