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3 years ago

In economics, if a good is inelastic

Business

1 answer:

IRISSAK [1]3 years ago

6 0

Explanation:

Let us understand the term what is elastic & "inelastic".

Elastic: It is the change in the behavior of the buyer & the seller when the product price changes.

Elastic goods will always have an substitute.

Example: Books, pencil, Notebook, bread, etc,

Inelastic means: This is opposite of elastic. There will be same number of buyers when the price goes up or down.

Whether the price gets raise or lower daily we need food. So food is inelastic.

Eg. food, prescription drugs, and tobacco products

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Pioneer Chicken advertises "lite" chicken with 30% fewer calories than standard chicken. When the process for "lite" chicken bre

zubka84 [21]

Answer:

$LL = 420 -3\frac{25}{\sqrt{25}}= 405$ represent the lower limit

$UL = 420 +3\frac{25}{\sqrt{25}}= 435$ represent the Upper limit

So then the limits for this case are (405, 435)

Explanation:

Let's define X as our random variable that represent the "number of calories for a chicken breast", and we have the following data:

$\bar X = 420 , \sigma= 25$

The select a sample of 25 chickens , n = 25. And we want to find the limits for a confidence interval within 3 deviations from the mean with z =3.

We assume that the distribution for X is normal. So then the distribution for the sample mean is also normal.

And for this case the confidence interval would be given by:

$(\bar X -z\frac{\sigma}{\sqrt{n}} < \mu < \bar X -z\frac{\sigma}{\sqrt{n}})$

So the limits are defined as:

$LL = \bar X -z\frac{\sigma}{\sqrt{n}}$ represent the lower limit

$UL = \bar X +z\frac{\sigma}{\sqrt{n}}$ represent the Upper limit

Since we have all the values given we cn replace like this:

$LL = 420 -3\frac{25}{\sqrt{25}}= 405$ represent the lower limit

$UL = 420 +3\frac{25}{\sqrt{25}}= 435$ represent the Upper limit

So then the limits for this case are (405, 435)

5 0

4 years ago

A normative economic statement can be proved or disproved by reference to facts?

Leto [7]

No, A "Normative economic statements are those statements that cannot be either proved or disproved with reference to facts."

However, "Positive economic statements are those statements which can be either proved or disproved with reference to facts."

6 0

3 years ago

PLEASE HELP!! What is the answer for the fill in the blank?? The options are

Airida [17]

Answer:

Economic systems

Explanation:

3 0

3 years ago

The adjusting entry to adjust supplies was omitted at the end of the year. This would affect the income statement by having expe

creativ13 [48]

Answer:

This would affect the income statement by having expenses

c. understated and therefore net income overstated revenues

Explanation:

Adjusting Entry:

It is such entry which is added at the end of the fiscal period in order to make the income statement accurate.

Overstated:

In Accounting, overstated amount means that amount is greater than the true amount.

Understated:

In Accounting, if an amount is less than the true amount then it is known as understated.

As in our case, the adjusting entry for supplies was not added so in this way expenses became understated means they become less as compared to actual expenses. Therefore, revenues overstated.

5 0

3 years ago

Read 2 more answers

Matthew is a divisional manager at Venus Inc. and reports to the CEO of the company. The CEO delegates resources and authority t

ddd [48]

Answer:

A) Information asymmetry.

Explanation:

An information asymmetry can be defined as a situation where there is an imbalance of information between two parties in their knowledge of important points, factors and details. Thus, because one party has more information or knowledge than the other, this usually results in an inefficient outcome and or failure.

The theory of information asymmetry was developed and introduced by three (3) notable Nobel prize winning economists, namely; Michael Spence, George Akerlof and Joseph Stiglitz.

In this scenario, Matthew a divisional manager at Venus Inc. reports to the CEO of the company. Matthew has more employees working for him than required and he has not told the CEO about this, even though there are other departments that are in need of more employees.

<em>Hence, the concept illustrated here is an information asymmetry.</em>

3 0

4 years ago