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iren [92.7K]
3 years ago
5

Other things being​ equal, demand is less elastic A. the smaller the percentage of a total budget that a family spends on a good

. B. the more expensive the good is. C. the longer is the time period for adjustment. D. the more substitutes a good has.
Business
1 answer:
telo118 [61]3 years ago
3 0

Answer:

The correct answer is letter "D": the more substitutes a good has.

Explanation:

Price elasticity of demand is the result of the relation between changes in price and quantity demanded for a good or service. <em>Price elasticity of demand is calculated dividing the percentage change in quantity demanded by the percentage change in price.</em> If the result is equal to or greater than 1, the demand is elastic. This situation implies a minimum change in price will affect by far the quantity demanded of that good or service.

Thus,<em> products with many substitutes are elastic because a minimal change in their price would represent a large change in quantity demanded since consumers will find similar products that satisfy their needs in the same proportion.</em>

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3 years ago
Which of the following best approximates a pure monopoly? rev: 05_15_2018 Multiple Choice
goldfiish [28.3K]

Answer:

3) The only bank in a small town

Explanation:

By definition a monopoly occurs when there is only one supplier in the market for a specific good or service. In this case, if there is only one bank that works in a small town, then that bank has a monopoly of all the town's residents that require banking services. If any resident doesn't like that specific bank, they need to go to another town in search for banking services.

5 0
3 years ago
Assuming a service level of 99% for all parts, what will be the impact on the total inventory investment if the number of wareho
nlexa [21]

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3 years ago
On January 1, 2015, Anna invested $5,000 at 5 percent interest for one year. The CPI on January 1, 2015 stood at 2.37. On Januar
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Answer:

The correct answer is c) 3.7 .

Explanation:

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Inflation Rate = 1.3

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If fixed costs are $821,000 and variable costs are 63% of sales, what is the break-even point in sales dollars
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Answer:

Break-even point (dollars)= $2,218,919

Explanation:

Giving the following information:

Fixed costs= $821,000

Variable costs rate= 63%

<u>If the variable cost rate is 63%, then the contribution margin rate is:</u>

Contribution margin ratio= 1 - 0.63

Contribution margin ratio= 0.37

<u>Now, the break-even point in sales revenue:</u>

Break-even point (dollars)= fixed costs/ contribution margin ratio

Break-even point (dollars)=  821,000 / 0.37

Break-even point (dollars)= $2,218,919

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