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Usimov [2.4K]
3 years ago
6

Using the midpoint method, the price elasticity of demand for a good is computed to be approximately 2. Which of the following e

vents is consistent with a 0.1 percent increase in the price of the good?a. The quantity of the good demanded decreases from 250 to 150.b. The quantity of the good demanded decreases from 200 to 100.c. The quantity of the good demanded decreases by 0.05 percent.d. The quantity of the good demanded decreases by 0.2 percent.
Business
1 answer:
liraira [26]3 years ago
4 0

Answer:

The correct answer is option d.

Explanation:

The price elasticity of demand is the degree of responsiveness of quantity demanded to the change in price. It is calculated as the ratio of change in quantity demanded and change in price of the product.

The price elasticity of demand is 2. There is a 0.1 percent increase in price.

Price elasticity of demand = \frac{\% \Delta Q}{\% \Delta P}

2 = \frac{\% \Delta Q}{0.1}

\% \Delta Q = 2\ \times\ 0.1

\% \Delta Q = 0.2

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In January, Knox Company requisitions raw materials for production as follows: Job 1 $936, Job 2 $1,690, Job 3 $767, and general
oksano4ka [1.4K]

Answer:

Materials used in production go to Work in Process so;

= 936 + 1,690 + 767

= $3,393

The materials used in the general factory will go to Manufacturing Overhead.

Date                                                                         Debit                   Credit

Jan 31   Work in Process                                     $3,393

             Manufacturing Overhead                      $   667

             Raw Materials Inventory                                                    $4,060

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3 years ago
Richard Redden, the sole stockholder, contributed $71,000 in cash and land worth $132,000 in exchange for common stock to open a
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From the question, we are informed that Richard Redden, the sole stockholder, contributed $71,000 in cash and land worth $132,000 in exchange for common stock to open a new business, RR Consulting.

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Debit cash $71,000; debit land $132,000; credit Common Stock $203,000.

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<em>Ewing Marion Kauffman was an entrepreneur who invented a number of new drugs for the healthcare industry.</em>

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3 years ago
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Answer:

A.overstate; substitution

Explanation:

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