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Likurg_2 [28]
3 years ago
15

At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for

every 10% increase in the price of gasoline, quantity demanded falls by 1.9%. By the end of this year, the price of gasoline is expected to increase by 40 cents from $ 3.05 per gallon. Based on this information, what is the expected quantity demanded (QD) for gasoline at the end of this year
Business
1 answer:
Shkiper50 [21]3 years ago
8 0

Answer:

335.43 million gallons

Explanation:

price elasticity of demand (PED) = % change in quantity demanded / % change in price

PED = -1.9% / 10% = -0.19, very inelastic

expected price increase $0.40

% change in price = ($3.45 - $3.05) / $3.05 = 13.11%

% change in quantity demanded:

-0.19 = D / 13.11%

D = 2.49%

quantity demanded will decrease by 2.49%, from 344 million gallons to 335.43 million gallons

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Dave manages a Shoney's restaurant. He is considering staying open later in the evening. For Dave, the variable costs associated
UNO [17]

Answer:

The correct option is C, rent on the restaurant building

Explanation:

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Hours worked by cooks determine how much they are paid since the longer they stay the higher the pay,hence it is a variable cost.

The rent on the restaurant building stay the same regardless of opening hours ,hence it is fixed not variable cost.

The energy costs varies with the number of opening hours, it is a variable cost.

The hours worked by servers determine how their take-home would be ,as a result it is a variable cost.

7 0
3 years ago
Under the Uniform Limited Liability Company Act (ULLCA), managers in a manager-managed LLC owe fiduciary duties, such as the dut
Ivahew [28]

Answer:

True

Explanation:

The reason is that all the management owe fiduciary duties towards the shareholders and the corporation as well because the managers are acting as an agent and their principal is shareholders are principal so the agent must act in the best interest of the principal and shareholder's best interest here is long term success of the company with no fraudulent activities in the company. This law protects the shareholders by stating that management owe fiduciary duty to shareholders which is a true statement.

4 0
3 years ago
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Which of the following is not correct? a. The consumer price index gives economists a way of turning dollar figures into meaning
Marina CMI [18]

Answer:

The consumer price index is used to measure the quantity of goods and services that the economy is producing.

Explanation:

CPI  or consumer price index is a measure of changes in the average prices of a basket of products and services in a given time. The selected goods and services are a fair representation of consumption expenditure in the economy. Economists use the CPI as a Macroeconomic indicator of inflation.

As a measure of inflation, the CPI statistics communicate increases or decreases in the prices of goods and services in the economy. It forms a basis for policy decisions by the government that aid in the prevention of reduced purchasing power of the dollar.  CPI is all about changes in prices and nothing to do with the production of goods and services.

5 0
3 years ago
Skoff Corporation is a shipping container refurbishment company that measures its output by the number of containers refurbished
puteri [66]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

Refurbishing materials:

Variable cost= $600

Fixed costs= $18,800

Estimated cost= 600*35 + 18,800= $39,800

Actual cost= 600*32 + 18,800= $38,000

Refurbishing activity variance= Estimated - actual cost

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5 0
3 years ago
You want the salespeople on your staff to perform at their best, thus you want to make sure they are properly supervised. In det
lbvjy [14]

Answer:

Factors to consider:

1. Specialisation role

2. Complexity of sales process

3.Tenure

4.Geographical coverage

5. Sales Representative leadership

6. Support network

7. Internal Bureaucracy

8. Value add of managers

Factors not to consider;

1. Market share

2. Production process

3. Distribution process

4. Personal affiliation, race or religion

Explanation:

When considering a company's span of control, which simply means the number of junior staff a manager should manage, it is important to note factors relating to geographical coverage, a wide coverage can create difficulties in supervision to a manager. Consequently reducing the span of control.

Specialisation also help in ensuring the manager is an expert in the area he or she supervise. Experienced manager with good understanding of the tasks, good knowledge of the workers and good relationships with the workers, will be able to supervise more workers

The complexity of a sale process can affect a manager's supervision performance. if the sale process for example require an online payment to a final user who may not be physically available. Supervising such sales requires adequate training.

Other factors like; Tenure, Sales Representative leadership, Support network, Internal Bureaucracy, Value add of managers are paramount in determining span of control. However, market share, production process, distribution process and personal affiliation, race and religion should not affect the span of control.

3 0
3 years ago
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