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fiasKO [112]
3 years ago
11

Income rises from $3,500 to $4,000 a month and the quantity demanded of good X falls from 7 to 5 units a month. Income elasticit

y of demand (for good X) is __________ and good X is a(n) __________ good.
a. 0.40; normal
b. 2.50; normal
c. -2.28, inferior
d. 0.40; normal
e. -2.50;inferior
Business
1 answer:
finlep [7]3 years ago
7 0

Answer:

E) -2.50 ; inferior

Explanation:

Before you earned $3,500 per month, you consumed 7 units per month. That means that you consumed 1 unit every $500 earned.

When your income increased to $4,000, you only consumed 5 units per month. That means that your consumption decreased to 1 unit for every $800.

The income elasticity of demand using the midpoint method is calculated by using the following formula:

income elasticity = {change in quantity demanded / [(old quantity + new quantity) / 2]} /  {change in income / [(old income + new income) / 2]}  

= {-2 / [(7 + 5) / 2]} /  {500 / [(3,500 + 4,000) / 2]} = (-2 / 6) / (500 / 3,750) = -0.333 / 0.133 = -2.5

Since the income elasticity of demand is negative, the good X is an inferior good.

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how long will it take 13,000 to grow to 18,000 if the investment earns at the interest rate of 3% compunded monthly
kondaur [170]

Answer:

130 months

Explanation:

The computation of the time period is shown below:

Given that

Present value = $13,000

Future value = $18,000

PMT = $0

RATE = 3% ÷ 12 = 0.25%

The formula is shown below:

= NPER(RATE;PMT;-PV;FV;TYPE)

The present value comes in positive

After applying the above formula, the time period is 130 months

Therefore the time that should be needed is 130 months

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2 years ago
You see the message "secret formula" on an online advertisement for a weight-reduction product. How should you interpret such a
Flauer [41]

Avoid the product only con artists can use such language.

Online advertisement

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  • Online advertising is the most effective way of expand any business, find new new customers, new job opportunities & attract people from worldwide.

Advantages:

  1. Easy to update
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Learn more about this here-

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4 0
2 years ago
Compute the Work-In-Process transferred to the finished goods warehouse on April 30 using the following information:
Marina CMI [18]

Answer:

$910

Explanation:

Computation for the Work-in-Process transferred to the finished goods warehouse on April 30

Using this formula

Work-in-Process transferred to finished goods warehouse=Work-In-Process Inventory, April 1+(Direct materials used in production+Direct labor costs incurred +Manufacturing overhead costs)-Work-In-Process Inventory, April 30

Let plug in the formula

Work-in-Process transferred to finished goods warehouse=$270 + ($195 + $370 + $320) - $245

Work-in-Process transferred to finished goods warehouse=$270 +$885-$245

Work-in-Process transferred to finished goods warehouse= $910

Therefore the Work-in-Process transferred to the finished goods warehouse on April 30 is $910

8 0
2 years ago
The general manager of a clothing store recently gave a motivational PowerPoint presentation to his employees on the value of be
Pavel [41]

Answer:

Leading.

Explanation:

In this scenario, the general manager of a clothing store recently gave a motivational PowerPoint presentation to his employees on the value of being courteous to each customer. The manager’s behavior is an example of leading. When you're a leader, you are saddled with the responsibility of controlling, influence, administering, guiding and dealing with the affairs of the employees working within the organization.

Generally, leadership entails setting the vision, goals and direction for the organization, as well as motivate the employees (team) to do the right thing and acting responsibly.

5 0
3 years ago
Paying attention to trends that might impact your future career is called
Andreyy89
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7 0
3 years ago
Read 2 more answers
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