An elastic products prices are responsive to changes in demand. Generally, the necessity of the product is related to it's elasticity. For example, insulin is essential for diabetics, so the price is extremely inelastic—people will pay any amount because it is a life or death situation. The price of a new MP3 player can be inelastic, especially because results show that people want the newest thing, and will pay more if it works better than the previous model. Additionally, the price of "scalper" tickers to the World Series will increase by demand, but they will still sell regardless. The price of dairy products, however, is rather elastic; this is because when the price rises, people switch to a cheaper brand. The difference between an inelastic and elastic product is that elastic products have substitutes, whereas inelastic products have no substitutes (or sometimes very few).
Answer: A. the price of dairy products
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Explanation:
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A deduction from adjusted gross income for yourself, your spouse, and qualified dependents is: an exemption. The Form 1040 is most helpful to a person who: itemizes deductions
Answer:
-$40,000
Explanation:
Data provided as the question
FMV = $90,000
Assumed Liability = $80,000
Stock basis = $50,000
The computation of recognize is shown below:-
= FMV of property - Assumed Liability - Stock basis
= $90,000 - $80,000 - $50,000
Recognize Loss = -$40,000
Therefore for computing the recognize loss we simply deduct the assumed liability and stock basis from FMV of property.
Answer:
D. 15 percent
Explanation:
Cost of the machine = $2,000
Having considered operating costs as power, taxes, and so forth, the additional revenue from the output of this machine is expected to be $2,300
Expected return = $2,300 - $2,000
= $300
Therefore, the rate of returns
= Returns/cost
=300/2000
= 0.15
In Percentage, 15%. The expected rate of return on this machine is 15%
Answer: a. 24.05 million
b. 66.99%
c. 4.62 million
d. 19.21%
Explanation:
a. Total Labor force is the sum total of people who are employed and those who are actively looking for work. The Bureau of Labor Statistics defines actively looking for work as looking for work int he past 4 weeks.
= Part-time workers + full time workers + those who looked for work in the past 2 weeks + those who looked for work in the past 2 - 4 weeks
= 4.9 million + 14.53 million + 2.90 million + 1.72 million
= 24.05 million
b. labor force participation rate is the percentage of a country's non-institutionalized working age population that are actively looking for work. Its formula = 
X 100
Laborland's labor force participation rate (%) = 
X 100
= 66.99%
c. Unemployed People by the standards of the Bureau of Labor Statistics are the people who have looked for work in the past 4 weeks and are still employed. That is those who looked for work in the past 2 weeks + those who looked for work in the past 2 - 4 weeks.
= 2.90 million + 1.72 million
= 4.62 million
d. Unemployment rate is the percentage of the labor force that are actively looking for work and are still out of work.
Unemployment rate = 
x 100
= 
x 100
=19.21%
