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2 years ago

In economics, if a good is inelastic

Business

1 answer:

IRISSAK [1]2 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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you hear about an economy with no change in the number of workers or capital. yet, production increases. what idea does this ill

olasank [31]

Answer:

It might be because of an increase in efficiency in the workforce or advances in technology. Hope it helps :)

Explanation:

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2 years ago

A phone call to a government official by an employee of the enron corporation disclosed the deception and dishonesty of the firm

UNO [17]

This employee played the role of a: whistleblower.

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2 years ago

Assume that on November 1, 2019, a 3-month rent payment for $8,000 per month (for a total of $24,000) was made with respect to a

ziro4ka [17]

Answer:

Rent Expense Dr.$16,000

Bank Dr.$48,000

Prepaid Rent Cr.$64,000

Explanation:

The company entered into lease on 1st November 2019 with rent of $8,000 per month. the company on 1st November 2019 recorded prepaid rent as follows; which is wrong

Prepaid Rent Dr. $72,000

Bank Cr. $72,000

This is wrong entry as prepaid rent was overstated by ($72,000-$24,000 ) $48,000 and same like bank was understated by $48,000

The correct entry should have been like this as on 1st November 2019;

Prepaid Rent Dr. $24,000

Bank Cr. $ 24,000

By 31st December 2019, two months rent have already accrued so prepaid rent should be credited by (8000*2+48,000 for additional amount recorded)

So the rectifying entry is; as on 31st December 2019

Rent Expense Dr.$16,000

Bank Dr.$48,000

Prepaid Rent Cr.$64,000

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2 years ago

The federal Social Security Act A. Does not apply to self-employed persons. B. Excludes professionals such as accountants, lawye

Andrej [43]

Answer:

D. Provides that bonuses and commissions paid as compensation are included as wages in the calculation of employer-employee contributions.

Explanation:

As with reference to Sec 312(a) - it clearly states that all the amount rendered by the employer to the employee as in the nature of wages shall be included for computing the value of contributions.

Thus, as the bonuses and commissions are part of wages.

This clearly it creates the understanding that all the bonus and commissions received by the employee shall form part of wages for calculating the value of employer employee contributions towards the funds.

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2 years ago

A financial institution can achieve cost savings in its credit card operations if it increases the number of cardholders. This i

vitfil [10]

Answer:

Economies of scope

Explanation:

Economies of scope is a benefit that a company has by producing a a wide range of products or services which reduces the unit cost. In this case of a financial institution, offering more credit cards to a large number of people will help them achieve their desired cost savings. Economies of scope is achieved when it provides a business with ways to generate operational efficiencies.

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2 years ago