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Pie
3 years ago
12

If rice is an inferior good: a. the income elasticity of demand for rice will be positive. b. an increase in income will cause t

he demand curve for rice to shift to the left. c. an increase in income will cause consumers to buy more rice at the current market price. d. a reduction in income would not affect the demand for rice, but it would increase the quantity demanded.

Business
1 answer:
tatuchka [14]3 years ago
3 0

Answer: The answer is b -an increase in income will cause the demand curve of an inferior good to shift to the left.

Explanation: An inferior good is a good whose demand reduces as income increases. It's demand has an inverse or negative relationship with income. Therefore as the income of the individual increases, the demand for an inferior good reduces. On a graph, the reduction in demand is depicted by an inward shift of the demand curve or a shift of the demand curve to the left to show a reduction in demand. Income is one of the factors that leads to a shift in the demand curve. The income elasticity would be negative

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3 years ago
A proposed new investment has projected sales of $557,000. Variable costs are 39 percent of sales, and fixed costs are $131,000;
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Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

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3 years ago
Adriana Corporation manufactures football equipment. In planning for next year, the managers want to understand the relation bet
irga5000 [103]

Answer:

Adriana Corporation

Using the High and Low method the Variable and Fixed portions of the Total Cost is:

Fixed Costs = $247,420

Variable Costs = $39.50 Per unit x 8,020 Machine Hours = $316,790

B. at an average of 7,500hrs Machine hours, the estimated Overhead costs = $247,420 x (39.50 x 7,500)

= $543,670

Explanation:

The High and Low Method is a costing method which attempts to split the mix of Fixed and Variable costs in a mixed Total cost of production by looking at one element of variability (in this case Machine Hours)

It is a subjective approach, however simple to calculate. Other method is the regression analysis, which is more complex in comparison to the high and Low

The attached excel file shows how we derived the Variable and Fixed Costs element of the Overhead Costs

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5 0
3 years ago
Do average citizens benefit from the activities of the sba, or is the sba just another way to spend our tax money?
marishachu [46]
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2 years ago
The financial statements for Harold Corporation contained the following information: Accounts receivable $ 5,000 Sales revenue 7
worty [1.4K]

Answer: $45,000

Explanation:

Given that,

Accounts receivable = $ 5,000

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Cash = $15,000

Salaries and wages expense = $20,000

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Net income = Sales revenue - Salaries and wages expense - Rent expense

                   = $75,000 - $20,000 - $10,000

                   = $45,000

4 0
2 years ago
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