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Orlov [11]
3 years ago
13

Ceteris paribus, a 10 percent increase in income results in a 50 percent decline in the quantity of potatoes purchased. this imp

lies potatoes can be categorized as _____.
a. complements

b. substitutes
Business
2 answers:
Liula [17]3 years ago
8 0
The answer to this question is B. Substitute 
melisa1 [442]3 years ago
8 0

Ceteris paribus, a 10 percent increase in income results in a 50 percent decline in the quantity of potatoes purchased. this implies potatoes can be categorized as substitute.

A substitute is an item that is being used to fill the gap of something that a consumer can not get. They may not be able to receive that item if they can not afford it. In this case, there was a rise in income and a decrease in potatoes so we can gather that many consumers were using the potatoes as a substitute for another good.

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The correct option is Option A - using credit to pay for purchases.
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3 years ago
Read 2 more answers
Rowland & Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in Fe
bixtya [17]

Answer:

Journal entries

Feb 01

Rent Expense                                           Debit               $ 200

Cash                                                          Credit                                   $ 200

Record payment of hanger rent for Feb

Feb 04

Cash                                                          Debit              $ 800

Unearned Revenue                                  Credit                                  $ 800

Recording of cash received in advance

Feb 7

Cash                                                           Debit             $ 900

Service Revenue                                       Credit                                $ 900

To record service revenue received in cash

Feb 10

Salaries and wages                                  Debit           $ 1,200

Cash                                                          Credit                                $ 1,200

To record salaries paid for services received in February

Feb 14

Advertisement expenses                         Debit          $    100

Cash                                                          Credit                               $    100

To record payment of advertisement expenses

Feb 18

Cash                                                          Debit            $ 500

Accounts Receivables                              Debit         $ 1,200

Service Revenue                                       Credit                             $ 1,700

To record services provided on cash and on credit

Feb 25

Supplies Inventory                                   Debit           $ 1,350

Accounts Payable                                    Credit                              $ 1,350

Recording of purchase of supplies for future use on credit

The preliminary net income for February is $ 1,100

The net profit margin is  42.3 %

Explanation:

Computation of net income and net profit margin

Revenues   ( $   900 + $ 1,700 )                                                     $ 2,600    

Expenses ($ 200 + $ 1,200 + $ 100 )                                             <u>$ 1,500</u>

Net Income                                                                                      $ 1,100    

Net profit margin = Net income / Revenues

Net Profit margin   = $ 1,100/ $ 2,600 =                                          42.3 %  

The other entries for collections made on Feb 04 for services to be performed next month and the purchase of supplies to be used in the future are not to be considered in revenues and expenses as they do not pertain to the current month                                                                                                                  

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How is your hat a representation of your leadership skills? (Take your time)
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Answer:Not the kind that people might laugh at or that might smoosh your hair, ... Change Agent. ... The best leaders put on their delegator hat willingly and strategically to ... With the right environment, resources, skills and knowledge,

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You are taking a $6,226 loan. You will pay it back in four equal amounts, paid every year, with the first payment occurs at the
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Answer:

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Explanation:

we must first calculate the future value of the loan at the end of year 4 = $6,226 x (1 + 11%)⁴ = $9,451.51

using the present value of an annuity formula we can determine the annual payment:

annual payment = present value of an annuity / PV annuity factor

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annual payment = $9,451.51 / 3.1024 = $2,362.88

4 0
3 years ago
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Answer:

$ 1,212 Net INCOME

Explanation:

        Income Statement

$ 7,030 Sales

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$ 6,800 Net Sales Revenues

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-$ 3,400 Cost of goods sold

$ 3,310 Gross PROFIT

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-$ 105 Rent expenses

-$ 60 Utilities Expenses

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-$ 653 Income Tax Expenses 35%

$ 1,212 Net INCOME

7 0
3 years ago
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