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Answer:
Income elasticity = 2
Normal good
Explanation:
Below is the given values:
Percentage decrease in consumers income = 10%
Percentage decrease in quantity demanded = 20%
Use the below formula to find the income elasticity:
Income elasticity = % change in quantity demanded / % in income
Income elasticity = -20/-10
Income elasticity = 2
Since the elasticity is 2 that means good is normal good.
<h2>In the short run, these workers are <u>variable</u> inputs, and the ovens are <u>Fixed</u> inputs.</h2>
Explanation:
By analyzing the information, we can understand that, Megan can grow slowly and steadily because the constraint here is that, Megan has so many people to work but they are students and he cannot buy more than 2 oven's at present considering his financial background and the size of the kitchen.
So the wise work is that, he keeps changing the number of workers every time but the number of oven to be used every time is only 2.
So workers are variable (changing) and ovens are fixed.
Answer:
Predetermined manufacturing overhead rate= $171.89 per direct labor hour
Explanation:
<u>To calculate the predetermined manufacturing overhead rate we need to use the following formula:</u>
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Total direct labor hours= (500*0.4) + (1,000*0.2)= 400 direct labor hours
Predetermined manufacturing overhead rate= 68,756 / 400
Predetermined manufacturing overhead rate= $171.89 per direct labor hour
Answer:
B. narrow, have been unemployed for 15 weeks or more weeks.
Explanation:
Unemployment rate refers to the percentage of the total labor force in an economy, who are unemployed but seeking to be gainfully employed. The unemployment rate is divided into various types, these include;
I. Natural Rate of Unemployment (NU).
II. Frictional unemployment rate (FU).
III. Structural unemployment rate (SU).
IV. Actual unemployment rate (AU).
V. Cyclical unemployment rate (CU).
There are different measures used in the measurement of the unemployment rate in a country's economy and these includes;
I. U-1: this is the percentage of people that are unemployed for at least 15 weeks or more.
II. U-2: this is the percentage of the people who have lost their job or the people that finished a temporary job.
U-1 is a more narrow measure of unemployment rate than the conventional U-3 measure and U-1 counts as unemployed workers who have been unemployed for 15 weeks or more weeks.
