Answer
Price elasticiy of demand for business travelers: -0.16
Price elasticity of demand for vacationers: -0.29
Explanation:
To find the price elasticy of demand (PED) using the midpoint method, we use the following formula:
![PED = \frac{(Q2-Q1)/[(Q2+Q1)/2]}{(P2-P1)/[(P2+P1/2]}](https://tex.z-dn.net/?f=PED%20%3D%20%5Cfrac%7B%28Q2-Q1%29%2F%5B%28Q2%2BQ1%29%2F2%5D%7D%7B%28P2-P1%29%2F%5B%28P2%2BP1%2F2%5D%7D)
Where Q2 and P2 are the new quantity demanded and new price respectively, and Q1 and P1 are the old quantity demanded and price.
Plugging the amounts into the formula we obtain the results of the answer.
Because both results are in absolute value less than one (0.16 and 0.29), we can say that the PED of tickets, for both vacationers and Business traveleres, is relatively inelastic. (Demand falls less in proportion to the change in price).
Answer: Downward sloping
Explanation:
The Aggregate demand curve shows the national income in a country and the reason the AD is downward sloping is to represent that when the price level increases, the national income will drop because people now have to spend more for goods and services.
There are different factors that go into the AD curve but the basic premise is that when prices are high, people can only afford less so the demand decreases.
Answer:
C. The actual variable overhead costs were lower than the budgeted costs.
Explanation:
Variable Overhead Cost variance =Budgeted cost - Actual Cost
where this value is positive, this is favorable, where this is negative it is unfavorable.
Actual cost = Actual hours X Actual rate per hour
Budgeted Cost = Budgeted hours for actual level of production X Budgeted rate per hour
Even if actual hours are lower than budgeted it will not lead to favorable overhead as actual rate per hour might be less.
Total variable overhead will only be favorable when net actual variable overhead cost is less than budgeted variable overhead costs.
C. The actual variable overhead costs were lower than the budgeted costs.
The name which was given to the piece in the image attached below is: B. Raft of the Medusa.
<h3>What is Raft of the Medusa?</h3>
Raft of the Medusa can be defined as a piece of art (oil painting) which was designed by French Romantic painter Théodore Géricault between 1818and 1919, so as to illustrate the tragic wreck of the French frigate Medusa that was heading to Senegal.
In conclusion, Raft of the Medusa is the name that was given to the piece in the image attached below.
Read more on Raft of the Medusa here: brainly.com/question/3581527
#SPJ4
A corporation needs sustainable income in order to cover all of its expenses in the long run.
What is Sustainable income?
Sustainable income represents the after-tax gain or loss on the impact of operations on a discontinued segment of business for a period.
Therefore, in the case of a discontinued operation, there is no sustainable income arising in the future as the segment of business is already discontinued and income, if any, is going to come only for the period of the discontinued operation. Income or expense from discontinued operations is a line of item in the income statement of a company below income from continuing operations and before the net income.
To know more about Sustainable income, click here- brainly.com/question/18687603
#SPJ4