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Mashcka [7]
3 years ago
14

Suppose a local bank increases the fees they charge for their bank accounts by 5 percent. in​ response, the demand for their ban

k accounts decreases from 30 comma 000 to 2 comma 500. what is price elasticity of demand for this​ bank's accounts? using the midpoint​ formula, the price elasticity of demand is
Business
1 answer:
sammy [17]3 years ago
8 0

Answer:

-0.34

Explanation:

Given that,

Percentage increase in prices = 5%

Initial quantity demanded = 30,000

New quantity demanded = 2,500

By midpoint method,

Average quantity :

= (Initial quantity  + New quantity) ÷ 2

= (30,000 + 2,500) ÷ 2

= 16,250

Change in quantity = (2,500 - 30,000)

                                = -27,500

Therefore, the price elasticity of demand is as follows:

= (Change in demand ÷ Average quantity demanded) ÷ Percentage increase in prices

= (-27,500 ÷ 16,250) ÷ 5

= -1.69 ÷ 5

= -0.34

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Answer:

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Cr Unearned sales revenue $550

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Cr Inventory $1,140

October 15 2020

Dr Cash $300

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Explanation:

Preparation of the journal entries for Geraths in 2020

June 1 2020

No entry

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Dr Accounts receivable $300

($1,730+$550+$1,980)

Cr Sales revenue $1,730

($1,980/$2,610*$2,280)

($1,980+$630=$2,610)

Cr Unearned sales revenue $550 ($630/$2,610*$2,280)

September 1, 2020

Dr Cost of goods sold $1,140

Cr Inventory $1,140

October 15 2020

Dr Cash $300

Dr Unearned service revenue $550

Cr Accounts receivable $300

Cr Service Revenue $550

6 0
3 years ago
An employee that has integrity is
damaskus [11]

Explanation:

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5 0
3 years ago
Chip used the local yellow pages to compile a random sample of 100 small businesses to take part in his experiment about hiring
mel-nik [20]

From the given description, Chip is using an experimental design called (A) matching.

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Chip is doing this to ensure that samples that have been influenced by other variables which determine their decision to hire are distributed evenly in both the experimental and control group.

5 0
3 years ago
1. Why might a person assume that Ms. White would be doing well financially?
GuDViN [60]

Answer:

I think you’re a person assumes and Mr. White will be doing well financially is because she is that the one who is teaching people how to financially afford people are going to think she’s doing well financially

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8 0
3 years ago
Ben sold his townhome on March 12. The property is subject to an HOA fee of $355 per month, which Ben prepaid for the month of M
Dvinal [7]

Answer:

$213

Explanation:

For computing the owed amount, first we have to compute the daily rate per day which is shown below:

= HOA fee ÷ number of days in a month

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We know that the number of days in a month is 30 days and the townhome is sold on March 12, so the remaining days would be 18 days ( 30 days - 12 days of march month)

Now the owed amount would be

= Remaining days × per day rate

= 18 days × 11.83

= $213

8 0
3 years ago
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