Limited amounts of food available because items are sold out.
A shortage exists when supply cannot keep up with demand.
Answer:
Explanation:
The journal entry is shown below:
Inventory A/c Dr $73,500
To Accumulated depletion A/c $73,500
(Being the depletion is recorded)
The computation is shown below
First we have to compute the depletion per ton which is shown below:
= (Acquired cost of coal mine + Intangible development costs + fair value of the obligation - Sale value) ÷ (Number of estimated tons of coal extracted)
= ($400,000 + $100,000 + $80,000 - $160,000) ÷ (4,000 tons)
= $105
Now if 700 are extracted in first year, so the depletion would be
= 700 × $105
= $73,500
The statement that "<span>The prisoner's dilemma game illustrates rational decisions made by individuals which lead to a jointly efficient outcome" is false.
</span><span>The prisoner's dilemma is a standard example of a game analyzed in game theory
that shows why two completely "rational" individuals might not
cooperate, even if it appears that it is in their best interests to do
so.</span>
Answer:
The Price elasticity of demand is -0.63
Explanation:
From the question,
Q1=64
Q2=59
P1=3.60
P2=4.10
%Change in Quantity = Q2-Q1 X 100 / [(Q2+Q1) / 2]
=59-64 X 100 / [(59+64) / 2]
=-5 / [123/2] X 100
=-5/61.5 X 100
=-500/61.5
=-8.13%
%Change in Price= P2-P1 X 100 / [(P2+P1) / 2]
=4.10-3.60 X 100 / [(4.10+3.60) / 2]
=0.50/ [7.7/2] X 100
=0.50/3.85 X 100
=50/3.85
=12.987%
Therefore Price elasticity of demand = -8.13/ 12.99
=-0.625
=-0.63
