1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
loris [4]
3 years ago
14

The price elasticity of demand for a good is likely to be less elastic​ __________.

Business
1 answer:
mariarad [96]3 years ago
4 0

Answer:

if a change in the price of the good brings about a much smaller change in the quantity demanded for the good.

Explanation:

<em>The price elasticity of demand is a measure of the change in the demand for a good in relation to a change in the price of the same good. </em>Mathematically, the price elasticity of demand for a product is represented as:

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

The value of price elasticity of demand ranges from 0 to infinity. The price elasticity of demand is

  • relatively inelastic when the value is less than 1,
  • unitary elastic when it is equal to 1,
  • relatively elastic when it is greater than 1,
  • perfectly inelastic when it is equal to 0, and
  • perfectly elastic when the value is infinity.

<u>Less elastic price elasticity of demand is equivalent to relatively inelastic price elasticity. This thus means that the price elasticity of demand is less than 1; a percentage change in the price of the good brings about a disproportionately smaller percentage change in the quantity demanded for the good.</u>

You might be interested in
A person is faced with undertaking these four activities on Monday – watch a movie, visit a
Iteru [2.4K]
The opposite cost i think.
4 0
3 years ago
Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 405,000 Beginning m
skelet666 [1.2K]

Missing information:

Fixed administrative expense $ 16,200 Variable selling expense $ 20,250 Variable administrative expense $ ? Contribution margin $ 81,000 Net operating income $ 24,300

1. Prepare a contribution format income statement.

2. Prepare a traditional format income statement.

3. Calculate the selling price per unit.

4. Calculate the variable cost per unit.

5. Calculate the contribution margin per unit.

Answer:

First we must determine cost of goods sold = $27,000 + $270,000 - $13,500 = $283,500

now we must find total variable costs = total sales - contribution margin = $405,00 - $81,000 = $324,000

variable administrative expenses = total variable costs - COGS - variable selling expense = $324,000 - $283,500 - $20,250 = $20,250

1. Prepare a contribution format income statement.

Total sales                                                              $405,000

<u>Cost of goods sold                                                $283,500</u>

Gross contribution margin                                      $121,500

Variable selling expense                                        $20,250

<u>Variable adm. expense                                          $20,250</u>

Contribution margin                                                $81,000

Fixed period expenses:

  • Fixed selling expense                                   $40,500
  • <u>Fixed administrative expense                       $16,200</u>

Net operating income                                            $24,300

2. Prepare a traditional format income statement.

Total sales                                                              $405,000

<u>Cost of goods sold                                                $283,500</u>

Gross profit                                                              $121,500

Operating expenses:

Selling expenses                                                     $60,750

<u>Adm. expenses                                                       $36,450</u>

Net operating income                                            $24,300

3. Calculate the selling price per unit.

  • $405

4. Calculate the variable cost per unit.

  • $324

5. Calculate the contribution margin per unit.

  • $81
5 0
3 years ago
okay so my attendance is REALLY bad in high school ( I’m a junior rn) like all 3 years my attendance has been lacking &amp; is t
Lana71 [14]

Answer:

Not unless your grades reflect that i think you should be okay

Explanation:

5 0
3 years ago
Read 2 more answers
Ana is a police detective in a metropolitan police force. She believes that she is just as good a detective as her male counterp
Svetach [21]

Answer:

equity theory

5 0
3 years ago
Which type of password would be considered secure? AYour social media handle and current age. BA line from your favorite song. C
Sholpan [36]
D, none of the above
8 0
3 years ago
Read 2 more answers
Other questions:
  • ________ is an adjustment that is an example of a deferral. A : Cash paid or received before expenses are recognized B : Cash re
    13·1 answer
  • A company uses radio frequency identification (RFID) tags to keep track of its inventory. This is an example of the impact of te
    13·1 answer
  • A(n) ________ collects data from various key business processes and stores the data in a single comprehensive data repository, u
    10·1 answer
  • Customer environmental intelligence includes:
    8·1 answer
  • Bob, a salesperson at a Carpets Galore store, tells Dita, a customer, "Buy your carpet here, and I'll install it for half of wha
    10·1 answer
  • One of the largest changes in the economy over the past several decades is that technological advances have reduced the cost of
    9·1 answer
  • What is the chance of me being in the U.S. Air Force !!!!
    15·1 answer
  • A manufacturing company that produces a single product has provided the following data concerning its most recent month of opera
    7·1 answer
  • The following information is available for Zetrov Company. The cash budget for March shows an ending bank loan of $19,000 and an
    6·1 answer
  • Students should consider ________________________ when choosing a career, and this includes reflecting on personal interests, ta
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!