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Alekssandra [29.7K]
3 years ago
9

You are the manager of a restaurant and would like to increase revenue. The host staff suggests that you should increase the pri

ce of drinks and food, but the servers suggest decreasing the price of drinks and food. You are unsure if you should increase or decrease price, but you know that- the servers think demand for drinks and food is inelastic.- the host staff thinks demand for drinks and food is elastic.- the servers thinks demand for drinks and food is elastic
Business
1 answer:
Lisa [10]3 years ago
4 0

Answer:

- the servers thinks demand for drinks and food is elastic

Explanation:

Demand elasticity is a microeconomic concept that aims to measure the sensitivity of demand in the face of price changes. When price goes up and demand goes down a lot, demand is said to be price elastic. When price rises and demand does not change significantly, demand is said to be inelastic to price.

In the opinion of the hosters the price of food and drink should rise. This means that in their view, demand is inelastic, that is, little sensitive to rising prices. On the contrary, severs believe that demand is elastic, very price sensitive. Thus, rising prices would decrease demand and lowering prices would increase demand and hence revenue.

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c. The owner of an intellectual property grants its use to a league in exchange for a fee.

Explanation:

Licensing occurs when: owner of an intellectual property grants its use to a league in exchange for a fee.

8 0
3 years ago
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olga2289 [7]

Answer:

d. debit Accounts Receivable; credit Cash

Explanation:

The cash has been credited with $695 instead of $965 which means that $270 has been credited short. Same way, the liabilities have been debited by $270 short. So, we will have to reverse the entry ie. debit Accounts Receivable; credit Cash

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3 years ago
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romanna [79]
Thank you for posting your question here at brainly. I hope the answer will help you. Feel free to ask more questions.
Your question should be complete with details. I managed to check from other sources the details and the complete question:

below is the solution:

<span>$175,000 - $110,000 DL = $65,000</span>
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4 years ago
How are instrument families created?
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3 years ago
What has a company accomplished when it creates a financial statement that projects income and expenditures over a specified fut
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Answer:

Budgets

Explanation:

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The income statement is prepared which presents the income and expenditure for a period which has lapsed.

Basically for a period that is past now. When future projections are created based on analysis and expectations then it is called budget.

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