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Elodia [21]
3 years ago
6

The price elasticity of demand measures the consumers' sensitivity to a price change. the producers' sensitivity to a price chan

ge. how much the market price changes in response to a change in demand. how much the demand changes in response to a change in income.
Business
1 answer:
nikklg [1K]3 years ago
5 0

Answer:

The consumers' sensitivity to a price change.

Explanation:

The price elasticity of demand is a measure of the change in the quantity demanded by customers for a product, relative to change in price. It is computed using the following formula:

Price Elasticity of Demand = %change in quantity demanded/%change in price

If the quantity demanded for a good rises or falls proportionally more than the change in price, the good is classified as elastic. For example, if the price of salt rises by 15%, and the quantity demanded falls by 20%, then salt is an elastic good.

If the quantity demanded for a good rises or falls proportionally less than the change in price, the good is classified as inelastic. For example, if the price of gasoline rises by 30%, but the quantity demanded only falls by 10% (as it's often the case in reality), then gasoline is an inelastic good.

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Answer:

B

Explanation:

I think you've already figured this out for yourself, but I thought I'd answer anyway and maybe clarify some things.

Supply is the total amount of a <u>good or service</u> that is available to consumers.

  • Think about it: goods are physical things bought and sold, like apples. Services are actions done for another person, like taxi driving or renting a used car.
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3 years ago
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Difference between sole proprietorship and independent contractor
wariber [46]

Answer:

Explanation:

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A sole proprietor is responsible for decision making process of his business and also bears the burden of profit, loss and tax alone.

WHILE

An independent contractor is an individual who works for another individual. An independent contractor provides services to another person but he is not an employee of the other person. An independent contractor is a self employed person who provides professional services to a business organzation.

He is paid based on the amount of work done. Examples of independent contractor includes graphics designer, data analyst, web designer or IT expert.

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Answer:

a.The ending work in process inventory is $ 146,575

Explanation:

To determine the ending work in process inventory, we need to do the following computations:

No of units in ending inventory                                    22,000 units

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22,000 units * 75 % (completion) * $ 5.35                      <u> $ 88,275</u>

Total value of Ending work in process inventory        <u> $ 146,575</u>

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