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BigorU [14]
3 years ago
14

"According to the law of demand, with everything else being equal, the quantity demanded for a good or service will ____________

_ as the price increases."
Business
1 answer:
m_a_m_a [10]3 years ago
5 0

Answer: Decrease

Explanation:

According to the Law of  Demand, The quantity demanded for purchase of a commodity inversely varies with the price.

That is to say that "ceteris paribus" ( with everything being equal),When the prices of a particular good go higher, people will buy less of such commodity but will buy more, if the prices of the goods reduces.

We can say demand is elastic if quantity demanded for a commodity decreases with increase in price which will make people choose another  lower substitute good eg, detergent, ice cream

Also if  quantity demanded does not change much with increase in price , then it is referred to as Inelastic Demand  for example necessity commodity such as gasoline.

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Sherriane Baby Products’ salaries expense was $15.1 million. Required: What is the amount of cash Sherriane paid to employees du
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Answer:

Summary entry is shown below

Explanation:

The preparation of the summary entry is shown below

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     To Cash $9.4 million

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(Being the salary expense is recorded)

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6 0
3 years ago
Cherokee Manufacturing Company established the following standard price and cost data: Sales price $ 12.00 per unit Variable man
blagie [28]

Answer:

<u>Pro forma income statement in contribution format</u>

Sales ( 2,200 units × $ 12.00)                                        26,400

Less Variable Costs :

Variable manufacturing cost ( 2,200 units × $ 7.20)   (15,840)

Contribution                                                                    10,560

Less Expenses :

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Fixed selling and administrative cost                            (1,200)

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Explanation:

A flexed budget shows the Budgeted Costs and Revenues at Actual level of production rather than the Budgeted level of production.

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