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jeka94
3 years ago
6

When a one percent change in price causes a change in quantity demanded greater than one percent, demand for the product is

Business
1 answer:
Hatshy [7]3 years ago
7 0

Answer:

The correct answer is letter "A": relatively elastic.

Explanation:

Elasticity is the characteristic certain goods and services have of experiencing changes in quantity demanded as the prices change. Price elasticity of demand is calculated by dividing the percentage change in quantity demanded by the percentage change in price. If the result is equal to or greater than 1, the demand is elastic.

Demand is relatively elastic when small changes in prices cause large changes in quantity demanded. This happens when the goods or services in reference have many substitutes and the cost of switching providers is low.

Thus, <em>if a 1% change in the price of a given product changes its quantity demanded by more than 1%, the product is relatively elastic.</em>

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Nissley Wedding Fantasy Corporation makes very elaborate wedding cakes to order. The owner of the company has provided the follo
Lena [83]

Answer:

$230.02

Explanation:

Calculation for what amount would the company have to charge for the Tijerina wedding cake to just break even

Size related $69.16

($1.33 per guest × 52 guests)

Complexity-related $56.84

($28.42 per tier × 2 tiers)

Order-related $74.72

($74.92 per order × 1 order)

Cost of purchased decorations for cake $29.30

Total cost $230.02

($69.16+$56.84+$74.72+$29.30)

The amount that the company would have to charge for the Tijerina wedding cake to just break even will be $230.02

3 0
3 years ago
The par value of a stock:
SCORPION-xisa [38]

Answer:

A) is used to determine minimum legal capital balances at issuance

Explanation:

The par value of stock represents the minimum amount that must be paid per share. Par value is also referred as the Face Value or Nominal Value of common stock.  The Par Value of common stock is  derived by Par value per share * No. of Issued Shares.

8 0
3 years ago
The market will overproduce goods that have external costs because
lora16 [44]

The likely reason as to why the market will overproduce goods that have external cost because of the fact that the producers experience a lower cost compared to the society making the market produce an overproduction of goods associated to external costs.

4 0
3 years ago
More recent work in the area of strategic management regarding assertions about being stuck in the middle:_________.
ikadub [295]

Answer:

<em>B) contradicts the argument and finds that firms that successfully pursue cost leadership and product differentiation simultaneously can often expect to gain a sustained competitive advantage.</em>

7 0
2 years ago
Fiona works for an organization that needs concise data as well as detailed historical data for analysis from time to time. Whic
Rasek [7]

Answer:

Refer below.

Explanation:

Time-Variant :

Historical data is kept in a data warehouse. For instance, one can recover documents from 3 months, a half year, a year, or even past data from a data warehouse. These varieties with an exchanges framework, where regularly just the most current record is kept.

Subject-Oriented :

A data warehouse focus on the displaying and investigation of data for leaders. In this manner, data warehouses regularly give a compact and clear view around a specific subject, for example, client, item, or deals, rather than the worldwide association's progressing activities. This is finished by barring data that are not valuable concerning the subject and including all data required by the clients to comprehend the subject.

8 0
3 years ago
Read 2 more answers
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