Answer:
The elasticity of demand for jelly beans is 1.80
Explanation:
The elasticity of demand is the principle of economic which is defined as the measure that extent the consumer response to the changes in the quantity demanded as a consequence of price change and being others factors are equal.
Computing the elasticity of demand for jelly beans as:
Elasticity of demand = Price Change / Quantity Change
where
Price Change is as:
Price = $1.60 + $2.00
= $3.60
Quantity change is as:
Quantity = 120 + 80
= 200
So,
Elasticity of demand = $3.60 / 200 × 100
Elasticity of demand = 1.80
Answer:
Estimated manufacturing overhead rate= $32 per direct labor hour
Explanation:
Giving the following information:
At the beginning of the current year, management estimated that $672,000 in overhead costs would be incurred and the company would produce and sell 2,000 units of the flexible model and 10,000 units of the rigid model.
The flexible model requires 3.0 hour(s) of direct labor time per unit, and the rigid model requires 1.50 hour(s).
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base=
Estimated manufacturing overhead rate= 672,000/(2000*3 + 10000*1.5)= $32 per direct labor hour
The own-price elasticity of the soccer cones is -0.67
The computation of the own-price elasticity of the soccer cones is as follows:
We know that
The Elasticity of demand is
= (change in quantity ÷ average quantity) ÷ (change in price ÷ average price)
Here
Change in quantity = 14 - 10 = 4
average quantity = (14 + 10) ÷ 2 = 12
change in price = 3 - 5 = -2
average price = (3 + 5) ÷ 2 = 4
So,
The Elasticity of demand is
= (4 ÷ 12) ÷ (-2 ÷ 4)
= -0.67
Therefore we can conclude that the own-price elasticity of the soccer cones is -0.67
Learn more about the price elasticity of demand here: brainly.com/question/15313354
Answer:
D) M2 is the best definition of money as a medium of exchange.
Explanation:
M2 includes all M1 plus some broader types of money which represent near money such as savings accounts, money market securities, mutual funds, small denomination time deposits (CDs worth less than $100,000). These are classified as ear money because they can be easily and quickly converted into currency (cash) or checking account deposits.
TRUE. The type of research method used depends on the nature of the study in question.
