Answer:
Arc price elasticity of demand = -0.273
Explanation:
This problem is solved as follows:
1. Identify the data.
Outpatient visit Price / visit
Tokyo 1.25 / month 20y
Hokkaido 1.5 / month 10y
Outpatient visits equal the quantities demanded of the service. Therefore, we can say that:
Qt (Outpatient visits in Tokyo) = 1.25 / month
Qh (Outpatient visits in Hokkaido) = 1.5 month.
With the following prices:
Pt (Price in Tokyo) = 20y
Ph (Price in Hokkaido) = 10 y
2. Apply the formula to calculate arc-elasticity of demand:
We replace the data:
Final answer: -0.27275 or -0.273
Answer:
U.S. businesses are known for their technological advances and their ability to implement change;
True
Explanation:
The united States can be described as the pioneer in the free market economy. The free market economy generally means that private businesses control how the market behave with little interference from the government. This allows market forces of supply and demand to take precedence in deciding market prices of goods and services. For example, when the demand for a certain good or service exceeds the supply, the price of that particular good will rise. On the other hand, when the demand for a particular good or service is lower than the supply, the price of the good or service drops. The equilibrium price is the price where the forces of demand and supply balance.
The free market system relies majorly on competition between businesses. Economist like Adam Smith postulated that if a free market runs it's course without interference, the equilibrium price will be ultimately reached. Since in a free market there is a lot of competition, most businesses will have an incentive to improve their technology and also adapt to change faster to gain competitive advantage over it's peers.
Answer: <em>Their</em><em> </em><em>assignment</em><em> </em><em>and</em><em> </em><em>important</em><em> </em><em>instructions</em>
Every action has a reaction and some come with consequences
Answer:
1. No journal entry required
2. No journal entry required
3 Dr Loss $470,000
Cr Contingent liability $470,000
Explanation:
Preparation of the journal entry to Record any amounts as a result of each of these contingencies
1. Based on the information given we were told that The likelihood of the payment is reasonably possible which means that contingent liability amount was not recognized and therefore NO JOURNAL ENTRY IS REQUIRED
No journal entry required
2. Based on the information given we were told that Environmental Printing was expecting to win the case and be awarded the cash amount involved which means NO JOURNAL ENTRY IS REQUIRED reason been the CONTINGENT GAIN will not be recognized until the amount is received.
No journal entry required
3. Contingent liability was recorded because the payment is reasonably possible and Estimated.
Dr Loss $470,000
Cr Contingent liability $470,000
