Since the problem doesn’t give the choices for these questions. I will be giving you the factors that affect the elasticity:
1. Labor costs as percent of total costs – when labor expenses have a high share in total costs then labor demand is more elastic.
2. Easiness and cost of factor substitution – when the firm can substitute rapidly and effortlessly between labor and capital inputs.
3. Price elasticity of demand for the final output produced – if the business is working an extremely competitive market where the final demand of the product is elastic and as a result the demand for labor is more elastic.
Answer:
Please refer the detail answer below
Explanation:
(a) Relationship between ticket prices and the number of people choosing to visit amusement parks.
There is an inverse relationship (Law of Demand) between ticket prices and the number (Quantity) of people visiting amusement parks which means that as the ticket prices increase, people will reduce the quantity demanded of amusement park tickets, and spend their income on other goods. For example, they may decide to go to the movies instead of visiting the now more expensive amusement park.
b) Is that relationship consistent with the fact that, historically, park attendance and ticket prices have both risen?
The fact that, historically, park attendance and ticket prices have both risen over time does not invalidate the Law of Demand. The increase in park attendance maybe due to a change in demand (other factors), not a change in quantity demanded, shifting to the right.
Answer:
Option D. The accountant was a member of a professional organization.
Explanation:
The reason is that for a successful claim under the negligence act, the claimant have to prove following three things:
- Duty of care existed between the relation
- She has suffered economic harm &
- The harm was proximately caused by the accountant's breach of the duty of care.
So the accountant's membership is not a valid requirement under the negligence act for a successful claim.
Answer:
Estimated warranty liability
Explanation:
The journal entry is as follows
Estimated warranty expense Dr
To Estimated warranty liability
(Being the warranty expense is recorded)
For recording the estimated warranty expense, we simply debited the estimated warranty expense and credited the estimated warranty liability so that the proper posting could be done
Yeah, what’s the problem?
