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anastassius [24]
3 years ago
10

Which of the following describes the substitution effect of a price change?A) The change in demand that results from a change in

price, making the good more or lessexpensive relative to other goods, holding constant the effect of the price change onconsumerpurchasing power.B) The change in quantity demanded of a good that results from the effect of a change inprice on consumer purchasing power, holding everything else constant.C) The change in quantity demanded of a good that results from the change in the price of asubstitute for the good.D) The change in quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods, holding constant the effect of the price change on consumer purchasing power
Business
1 answer:
Liula [17]3 years ago
6 0

Answer:

The answer is D. The change in quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods, holding constant the effect of the price change on consumer purchasing power

Explanation:

Substitution effect is a concept in which, as the price of a good or service increases, less of the good or service is substituted for other less expensive.

For example, if the price of Pepsi were to rise, the substitution effect would cause the consumer to buy less of it and substitute more coca-cola for now relatively more expensive Pepsi.

Option A. is wrong because we are talking about the quantity demanded and not just demand. (Please take note).

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Sheridan Company’s standard labor cost per unit of output is $33.00 (3.00 hours x $11.00 per hour). During August, the company i
seraphim [82]

Answer:

Total variation= $363 favorable

Explanation:

Giving the following information:

Sheridan Company’s standard labor cost per unit of output is $33.00 (3.00 hours x $11.00 per hour). During August, the company incurs 2,970 hours of direct labor at an hourly cost of $12.10 per hour in making 1,100 units of finished product.

Direct labor efficiency variance= (SQ - AQ)*standard rate

Direct labor efficiency variance= (3,300 - 2,970)*11= 3,630 favorable

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Direct labor rate variance= (11 - 12.1)*2,970= 3,267 unfavorable

Total variation= 363 favorable

3 0
3 years ago
What are the responsibilities of an executor? Check all that apply.
sergeinik [125]
A paying any taxs that are due on the estate
5 0
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Explanation:

Primary product dependency discourages investment in other aspects of the economy. Concentrating on primary products does not always help the long-term development of an economy because it can contribute to a lack of investment in other aspects such as education and industrial production.

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Which of the following is a non-price determinant of demand?
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What is ASA?
The independent advertising regulator in the UK is called the Advertising Standards Authority (ASA). The ASA ensures that advertisements in UK media follow the advertising guidelines (the Advertising Codes). The ASA's sibling organization, the Committee of Advertising Practice (CAP), is in charge of creating the Advertising Codes.

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