The ability to use technology and commitment to stay informed on the latest technological developments is calledb

The current price for a good is $25, and 100 units are demanded at that price. The price elasticity of demand for the good is

mrs_skeptik [129]

Answer:

Consumer surplus increases by $2

Explanation:

The consumer surplus can be defined as the benefit that consumers gain when they pay less for a good that they are willing to pay more for.

a). Determine the final demand as follows;

Price elasticity of demand=% change in price/% change in demand

where;

price elasticity of demand=-1

% change in price={(Final price-initial price)/initial price}×100

Final price=$24

initial price=$25

% change in price=(24-25)/25=(1/25)×100=-4%

% change in demand=x

replacing in the original expression;

-1=-4/x

x=4%

% change in quantity={final quantity-initial quantity/initial quantity}×100

let final quantity=y

4%={(y-100)/100}×100

0.04=(y-100)/100

4=y-100

y=4+100=104

final quantity=104 units

Consumer surplus=(1/2)×change in price×change in quantity

where;

change in price=25-24=1

change in quantity=104-100=4

Consumer surplus=(1/2)×1×4=2

Consumer surplus increases by $2

8 0

3 years ago

A unit volume objectives for pricing should be used judiciously because higher volume goals can sometimes result in Blank______.

marissa [1.9K]

A unit volume objective for pricing should be used judiciously because higher volume goals can sometimes result in higher pricing. This is further explained below.

<h3>What is the pricing?</h3>

Generally, set the price for the goods or services to be exchanged.

In conclusion, When setting prices, a unit volume aim should be utilized with caution since volume objectives that are more ambitious may often lead to higher prices.

Read more about pricing

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8 0

2 years ago

Ferrier Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard b

soldi70 [24.7K]

Answer:

Allocated cost:

B7= 0.23*600,000= 138,000

K6= 0.50*600,000= 300,000

X9= 0.27*600,000= 162,000

Explanation:

Giving the following information:

Ferrier Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 150,000 pounds of raw materials, the company generates 35,000 pounds of B7, 75,000 pounds of K6, and 40,000 pounds of X9. A standard batch costs $600,000 to produce.

weighted average:

B7= 35,000/150,000= 0.23

K6= 75,000/150,000= 0.5

X9= 40,000/150,000= 0.27

Allocated cost:

B7= 0.23*600,000= 138,000

K6= 0.50*600,000= 300,000

X9= 0.27*600,000= 162,000

8 0

3 years ago

________ is the extent to which a selection tool produces consistent results over time.

shusha [124]

This answer would be reliability.

6 0

3 years ago

What is annual income?

DIA [1.3K]

Is the total value income earned in a year exactly

4 0

3 years ago

Read 2 more answers