The price elasticity of demand measures the change in consumption of a product in response to a change in its price.
<h3>Describe the types of price elasticity of demand.</h3>
If the price elasticity of a good is infinite, it is perfectly elastic (if demand changes substantially even with minimal price change). If the price elasticity is greater than one, the good is elastic; if it is less than one, the good is inelastic. A good is perfectly inelastic if its price elasticity is 0 (no amount of price change causes a change in demand). Unitary elasticity exists when price elasticity is exactly one (a price change causes an equal percentage change in demand). The presence of a substitute for a product influences its flexibility. If there are no good substitutes and the product is required, demand will remain constant even if the price rises, making it inelastic.
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Answer:
$104,000
Explanation:
Calculation to determine what Gross profit would be
Using this formula
Gross profit=Sales -Cost of Goods Sold -Sales Returns and Allowances-Sales Discounts
Let plug in the formula
Gross profit=$300,000-$158,000-$26,000- $12,000
Gross profit=$104,000
Therefore Gross profit would be $104,000
Answer:
The answer is:
B) In a joint venture, the company shares risks, costs, and management with partners.
Explanation:
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Answer: The correct answer is:
A new technology is invented to produce more
food grains in the country.
- Point on the original PPC-
The country is using all its resources efficiently.
Many of the country's young people died in
an earthquake.
The country plans to produce goods that are
not possible to produce with the available
resources.
Explanation:
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Answer:
D.) settling the estate according to what the deceased person wants
Explanation: