Answer:
Her income elasticity of demand for new outfits is 0.266.
Explanation:
The elasticity of demand is the percentage of change in the demand divided by the percentage change in income.
Percentage change in demand
The demand changes from 20 to 19. 19/20 = 0.95, so 19 is 95% of 20. There is a 1-0.95 = 0.05 = 5% change in demand.
Percentage change in income
Lauren's income decreases from 37000 to 30000. 30/37 = 0.811. There is a 1-0.811 = 0.189 = 18.9% change in demand.
So her income elasticity of demand for new outfits is:
Her income elasticity of demand for new outfits is 0.266.
Answer:
d) overapplied $160
Explanation:
$35,000 expected overhead / 5,000 machine= 7 dollar per machine hour are spend on overhead
<em><u>applied overhead:</u></em>
4,980 x 7 = 34,860
<u><em>actual overehad:</em></u> 34,700
As the amount of cost enter by the accounting are above the real cost, we are going to increase the manufacturing overhead cost and making the net income lower for this particular reason.
Answer:
$22,175.40
Explanation:
For this question, we use the Future value formula that is shown on the attachment below:
Provided that,
Present value = $0
Rate of interest = 7%
NPER = 10 years
PMT = $1,500
The formula is shown below:
= -FV(Rate;NPER;PMT;PV;type)
So, after solving this, the future value is $22,175.40
Therefore, the amount at the end of the year is $22,175.40
