In the given question GP ratio will be 53.4%
Here Net sales= 296000 $
Cost of goods sold= 138000 $
average inventory= 50000 $
Gross profit= Net sales- Cost of goods sold
=296000-138000
=158000
Formula for calculating Gross profit ratio is:
Gross profit/ Net sales *100
= 158000/296000*100
=53.4%
Gross profit ratio is a financial ratio which measures the performance and efficiency of a business by dividing its gross profit by the total net sales. The gross profit ratio can also be expressed in the form of percentage by multiplying the result by 100.
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Answer: C. Scarcity
The situation is an example of scarcity.
The banking that allows that can be chase.
Answer: B. is more price elastic in the long run than in the short run because in the long run a substitute for crude oil may be found
Explanation:
The Demand for Crude oil is more elastic in the long run than in the short run because in the long run a substitute for crude oil may be found.
Crude oil is more elastic in the long run because consumers have enough time to find substitute products for crude oil. Price elasticity of demand in the short run is low because consumers donot have sufficient time to look for substitutes , they donot have much of a choice but to take whatever price is charged by producers of crude oil