Steven's income elasticity is 0.83
<h3>How to calculate the income elasticity ?</h3>
Income elasticity can be described as the change in the quantity demanded by the change in the income
Steven's income decreased from $1800 to $1200
His trips also decreased from 15 to 10
The Income elasticity can be calculated as follows
= 15 -10/(1800-1200) × 100
= 5/600 × 100
= 0.00833 × 100
= 0.83
Hence the income elasticity is 0.83
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The amount included by Cashmere Soap Corporation in its year-end balance sheet as cash and cash equivalents is <u>2. $10,620</u>.
<u>Explanation</u>:
<em><u>Given</u></em>:
Currency and coins= $620
Balance in checking account= $1,600
Customer checks waiting to be deposited= $2,500
Treasury bills= $2700
Marketable equity securities= $10,600
Commercial paper cost= $5900
The amount included by Cashmere Soap Corporation in its year-end balance sheet as cash and cash equivalents= 620+1600+2500+5900
= $10,620
The amount included by Cashmere Soap Corporation in its year-end balance sheet as cash and cash equivalents is <u>$10,620</u>.
Answer for your question is 'Opportunity Cost".
D owner of human resource department