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3 years ago

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:

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. 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.

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.

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Read the scenario and question below; then select the correct answer.

GuDViN [60]

Answer:

B) Comprehensive Resource Management

Explanation:

Comprehensive resource management requires that you follow standard procedures in order to:

identify requirements
perform inventories
ordering, storing and acquiring missing materials
mobilize resources including personnel, equipment and supplies

It is very important that you plan how to properly plan how to effective allocate your resources.

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3 years ago

Concussions and Brain Size A recent study1 examined the relationship of football and concussions on hippocampus volume in the br

Gwar [14]

Answer:

Part A: Null hypothesis. H₀: M₁ = M₂

Alternative hypothesis, H₁ : M₁ > M₂

Part B: x1-x2 = 6459-5735 = 724

Part C: p-value = 0.000

Part D: No, the difference in brain size is not due to random chance

Explanation:

See attached image

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3 years ago

Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended December 31. Sales, $755,0

Tatiana [17]

Answer:

See explanation

Explanation:

Armstrong Co.

Multi-step Income Statement

For the year ended, December 31, 20YY

Sales $755,000

Less: Cost of merchandise sold (330,000)

Gross Profit $425,000

Less: Operating expenses

Administrative expenses $35,000

Selling expenses $50,000

Total operating expenses $85,000

Income from operation $340,000

Other revenue and expenses:

Rent Revenue $25,000

interest expense ($30,000)

Total other revenues (expenses) $(5,000)

Income before taxes $335,000

Less: Income Tax 0

Net Income (loss) $335,000

That is the appropriate way to prepare a multi-step income statement

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3 years ago

Outsourcing strategies: Select one: a. Carry the substantial risk of raising a company’s costs. b. Carry the substantial risk of

Simora [160]

Answer:

The correct answer is letter "C": Involve farming out value chain activities presently performed in-house to outside specialists and strategic allies.

Explanation:

Outsourcing refers to a practice that companies engage in to take their operations abroad to lower production costs and avoid being subject to stiff regulations that might harm their profits. Under this approach, firms value chain activities handled in their original country are taken to countries where the manufacturing and labor costs are much lower with and relatively similar qualified workforce and suppliers.

Outsourcing might harm the employment rate in the domestic country of the company handling operations abroad but could benefit the outsourced nation by introducing job opportunities where there may not even be basic labor conditions.

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3 years ago

Dan, a computer programmer, holds a garage sale to sell a lawnmower, some clothes, some CDs and some old clothes. Will, a lawyer

olga2289 [7]

Answer:

The correct answer is letter "D": Judy, an expert horse trainer, sells Bob a horse.

Explanation:

According to the Uniform Commercial Code (UCC) a merchant is a person who deals with a product or service of a business in which that person is regularly engaged. The merchant has knowledge and expertise related to the practices involved in the business transaction.

In that sense, only Judy, who is a horse trainer, would be labeled as a merchant by the UCC for selling a horse.

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3 years ago

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

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