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Svetllana [295]
3 years ago
10

Suppose the price of a bag of jelly beans rises from $1.60 to $2.00, with the result that sales of jelly beans falls from 120 ba

gs to 80 bags a day. Using the midpoint method, what is the elasticity of demand for jelly beans?
Business
1 answer:
andrey2020 [161]3 years ago
5 0

Answer:

The elasticity of demand for jelly beans is 1.80

Explanation:

The elasticity of demand is the principle of economic which is defined as the measure that extent the consumer response to the changes in the quantity demanded as a consequence of price change and being others factors are equal.

Computing the elasticity of demand for jelly beans as:

Elasticity of demand = Price Change / Quantity Change

where

Price Change is as:

Price = $1.60 + $2.00

= $3.60

Quantity change is as:

Quantity = 120 + 80

= 200

So,

Elasticity of demand = $3.60 / 200 × 100

Elasticity of demand = 1.80

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1 to 30 $38,000.00           2%                                      $760.00

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 Part 2: Journal Entry

Account Titles and Explanation Debit Credit

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5 0
10 months ago
On January 1, 2016, Ott Company sold goods to Fox Company. Fox signed a noninterest-bearing note requiring payment of $60,000 an
inessss [21]

Answer:

D. 321,600.

Explanation:

Present value is the current value of a future amount that is to be received or paid out.

Given:

Present value, P = $60000

Present value of ordinary annuity for the remaining 6 years = 4.36

The Present value, PV of the note is equal to the first payment + the Present value of ordinary annuity (all at 10%) of the remaining six payments

Sales revenue = $60000 + (60,000 × 4.36)

= $60000 + $261,600

= $321,600

Thus, sales revenue of $321,600.

3 0
3 years ago
Crane Real Estate Company management is planning to fund a development project by issuing 10-year zero coupon bonds with a face
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Answer:

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Provided that zero coupon bonds are to be issued.

In zero coupon bonds issue price is less than face value to meet the needs.

Interest rate = 13%

Duration = 10 years, Paid semiannually.

Thus periods = 20

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3 0
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Answer:

c. $7,500 ordinary gain  

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Gain on sale of Asset = $ 50,000 - $ 42,500

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Therefore, The amount and character of Butte's gain or loss is $7,500 ordinary gain.  

6 0
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