1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
galina1969 [7]
3 years ago
15

For each example, determine how the market for the good in the bolded text will respond to the described change.

Business
1 answer:
Slav-nsk [51]3 years ago
7 0

Answer:

a. Due to increases in hay prices, an input for raising cattle, the price of a gallon of 2% milk increases from $2.98 to $3.25.  QUANTITY DEMANDED DECREASES, as the price of a good or service increases, the quantity demanded decreases.

b. Groupon has a Groupon for $6 off the price of laser tag.  QUANTITY DEMANDED INCREASES, as the price of a good or service decreases, the quantity demanded increases.

c. Sharp increase in the price of wood causes increases in prices for dressers and desks.  QUANTITY DEMANDED DECREASES, if the price of a key input increases, the production costs will increase, resulting in a higher selling price ⇒ lower quantity demanded.

d. Week long special at the grocery store, where pork shoulder is on sale at $1.99 a pound, down from $3.99 a pound.  QUANTITY DEMANDED INCREASES, as the price of a good or service decreases, the quantity demanded increases.

e. Buy one get one free special for MP3 albums on Amazon. QUANTITY DEMANDED INCREASES, the buy one get one free promotion lowers the price of a good or service, resulting in higher quantity demanded.

You might be interested in
HURRY HURRY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
AfilCa [17]
Hey, The answer is true. Hope I helped!!
5 0
3 years ago
EB13.
damaskus [11]

Answer:

Product                  Selling price   Unit variable cost

                                       $                        $

Trunk switch                  60                     28

Gas door switch            75                      33

Glove box light              <u>40</u>                     <u> 22</u>

                                      <u> 175 </u>                   <u> 83</u>

Composite contribution margin

= Composite selling price - Composite unit variable cost

= $175 - $83

= $92

Composite contribution margin ratio

= <u>Composite contribution margin</u>

  Composite selling price

= <u>$92</u>

  $175

= 0.525714285

Composite break-even point in dollars

= <u>Fixed cost</u>

  Composite contribution margin ratio

=<u> $18,840</u>

  0.525714285

=  $35,837

Explanation:

In this case, there is need to add all the selling prices to obtain composite selling price. We also need to add all the unit variable costs to derive composite unit variable cost.

Composite contribution equals composite selling price minus composite unit variable cost.

Composite contribution margin ratio is the ratio of composite contribution to composite selling price.

Composite break-even point in dollars equal fixed cost divided by composite contribution margin ratio.

3 0
3 years ago
society that lives a nomadic Life and relies on domesticated animals A. pastoral society B. organic solidarity C. Agricultural D
marta [7]

Answer: Pastoral society

Explanation:

A pastoral society is a social community made up largely of nomads whose major activities are centered around animal breeding and herding.

The major product for sale in a pastoral society is livestock, such as: cattles, goats, sheep, horses, camel etc.

5 0
3 years ago
Several years ago, Joy acquired a passive activity. Until 2018, the activity was profitable. Joy's at-risk amount at the beginni
Galina-37 [17]

Answer:

b. $20,000: $250,000

Explanation:

The computation is shown below:

The passive activity rules at the opening of 2021 would be equivalent to the amount given i.e. $250,000

And, the suspended amount would be

= $100,000 + $80,000 + $90,000 - $250,000

= $270,000 - $250,000

= $20,000

Hence, the correct option is b.

3 0
3 years ago
On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. T
Mariulka [41]

Answer:

Income statement using absorption costing.

Sales                                                                                   $756,000

Less Cost of Goods Sold  

Opening Stock                                           $0

Total Manufacturing Costs                  $655,000

Less Closing Stock                              ($104,800)          ($550,200)

Gross Profit                                                                       $205,800

Less Operating Expenses

Selling and administrative expenses:

Variable                                                $35,000

Fixed                                                      $10,500              ($45,500)

Net Income                                                                        $160,300

Explanation:

The Product cost is the to total of all manufacturing costs.

5 0
2 years ago
Other questions:
  • what is the economic term for the practice of assigning small parts of a complicated job to individual workers who sepcialize in
    14·1 answer
  • Marion Industries has an average accounts receivable turnover ratio of 12 times per year whereas most of its competitors have a
    14·1 answer
  • Aviation Inc. decided that they would sale the bond within 90 days. Assume that Aviation now has to adjust their financial state
    8·1 answer
  • Which of the following best explains why a resident of Venezuela would wish to use U.S. currencies rather than currencies issued
    13·1 answer
  • Northern Air has dozens of flights daily into and out of Belleville Airport, which is highly congested. Northern Air depends for
    8·1 answer
  • Luma Inc. has provided the following data concerning one of the products in its standard cost system.Col1 Inputs Direct material
    13·1 answer
  • Calculating Residual Income Pelican Manufacturing earned operating income last year as shown in the following income statement:
    10·1 answer
  • If you bought a new truck for $40,000 for your auto parts delivery service, and you estimated that the truck would last you 200,
    15·1 answer
  • Terry Dactal has compiled the financial information displayed below. Which of the following is Terry’s net worth? Salaries $72,4
    13·1 answer
  • 7. Which of the following is NOT a function of money * 3 points A Unit of account B Store of value C Protection against inflatio
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!