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Answer:
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Answer:
C) The Japanese will sell steel at a lower price abroad than they will charge domestic users.
Explanation:
Since the price elasticity of demand (PED) is higher abroad than in Japan, by exporting at a lower cost, the company is increasing the quantity exported in a greater proportion than it would if it sold the steel locally.
Price elasticity of demand (PED) measures how much does the quantity demanded of a good changes in proportion to a change in its price. For example, if the price increases by 10% but the demand only decreases by 5%, the PED is inelastic (= 5% / 10% = 0.5).
When
- PED < 1, it is inelastic
- PED > 1, it is elastic
- PED = 1, it is unitary
Answer: To know the amount of tax the business should pay from reported profit which is different from it's actual tax bill
Explanation:
Income tax expense could be described as what is calculated that the company owes in taxes according to accounting rules. They are reported on the income statement.
While Income tax payable is described as the actual amount the company owes in taxes based on the rules of tax code. They appear on the balance sheet of the company accounting documents until the bills are cleared off or paid.
The reason for understanding the difference is to know the amount of tax the business should pay from reported profit which is different from it's actual tax bill
