Cross price elasticity refers to the measure of responsiveness of the quantity demanded of a product to a change in price of another good.
From the question given above,
cross price elasticity = -20% / 10% = -2.
The cross price elasticity for the goods above is - 2. Which means that the goods are not substitutes.
A positive cross price elasticity which is greater than zero means that the goods are substitutes.
In a process cost system, the application of factory overhead usually is recorded as an increase in work in process inventory control.
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What is the process costing system?</h3>
- When a large number of similar products are manufactured, a process costing system accumulates costs.
- A process costing method is used by any large-scale firm who produces huge quantities of identical commodities.
- A petroleum refinery is a perfect example of a process costing environment since it is hard to trace the cost of a specific unit of oil as it passes through the refinery.
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The statement, the more familiar customers are with a brand, the harder their decision-making process will be is false.
When the customers are more familiar with a brand, it is not always necessary that the decision-making process will be harder for them. The customers decision depends more on the economical factors as well.
The various brands does play an important role in influencing the customers decision-making process. Brands enable customers to quickly differentiate one firm or product from another.
Hence, it is not always the case where the customers who are familiar with the brand have hard time making decisions.
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Answer:Revolving Credit. Charge Cards. Installment Credit. Non-Installment or Service Credit
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