Answer:
Option (B) is correct.
Explanation:
Given that,
Percentage increase in price = 5%
Percentage decrease in quantity demanded = 15%
Therefore,
= 3.0
Hence, elasticity of demand facing Billy Bob's Barber Shop is 3.0
The reported value of this company's ending inventory if LCM is applied to individual items is $870.
<h3>What is reported value?</h3>
The value of any assets or liabilities or any such credentials, which is recorded in the books of official record for the purpose of accounting as per the standards, is known as the reported value.
The computation of the reported value in the given condition will be,
- Item 1 – 5 Units x $45= $225;
- Item 2 – 7 units x $60= $420;
- Item 3 – 9 Units x $25= $225.
The summation of all the reported values will be,
$(225+420+225)= $870.
Hence, the reported value of the inventory of the company is as aforementioned.
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Answer:
The price of trucking services would fall until equilibrium prices are reached. Only normal profit would be earned in the long run
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
Answer: 22.71 million
Explanation:
The labor force refers to both the employed and unemployed populations of a country. In other words it comprises of those who are working and those who are not working but are able to and are currently seeking employment.
Labor force = Unemployed + Employed
= 3.4 + 1.72 + 4.4 + 13.19
= 22.71 million
Those who have not looked for work in sex weeks and above are not considered unemployed.
Part time employees are considered employed.
A network switch I hope this helps sorry if I'm wrong
