If the company also has $1,000 of petty cash on hand (recorded in a separate account), what total amount should the company repo
1 answer:
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Answer:
a. a rightward shift of the demand curve for margarine
Explanation:
If the price of butter increases, consumers would demand less of butter and more of margarine. This would shift the demand curve of margarine to the right and the demand curve of butter to the left.
A substitute good is a good which can be used in place of another good. Substitute goods usually have a more elastic demand because if the price of the good increases, it can be easily substituted with another good.
The phenomenon exhibited by butter and margarine is known as cross price elasticity. It when the change in price of one good leads to a change in the quantity demanded of another good.
Answer:
government revenue $148,071,428,860
Explanation:
Theincremental price is 0.75/3.50 = 0,2142857
from that we get that Quantity demanded will be of
150 billion x (1 + 0.2142857 x -0.06) = 148.0714286
Now that we got the quantity of gallon sold we multiply by the tax of $1 per gallon thus, 148,071,428,860 will be the revenue for the government