Answer: The price elasticity of demand for hot dog is -0.2
Explanation: Price elasticity of demand is the percentage change in quantity of a goods divided by the percentage change in the price of the goods
PED = %∆Q ÷ %∆P
STEP1: CALCULATE THE PERCENTAGE CHANGE IN QUANTITY
[(510 - 500) ÷ 500 ] × 100 = 2%
STEP2: CALCULATE THE PERCENTAGE CHANGE IN PRICE
[($1.35 - $1.50) ÷ $1.50] ×100 = -10%
STEP3: CALCULATE THE PRICE ELASTICITY OF DEMAND
2% ÷ (-10%) = -0.2
The price elasticity is -0.2 which means that the demand is inelastic. Demand is elastic when percentage change in quantity is greater than percentage change in price.
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Answer:
those assets regularly used to buy goods and services.
Explanation:
Depending on whether you are an economist, an accountant or work in finance, the term money may mean different things. Generally economists use the term money to refer to very liquid assets which are used to purchase the goods and services that we use on our everyday life. Economists distinguish money as assets that perform the basic functions of money:
- medium of exchange
- unit of accounting
- store of value
Higher consumer prices are likely to be accompanied by D. higher interest rates. It leads<span> to increasing the company's cost of raising capital ant then to higher cost production.</span>
Answer:
cost of goods manufactured= $5,000
Explanation:
Giving the following information:
Beginning Finished Goods Inventory= 12,000
Ending Finished Goods Inventory= 8,000
Cost of Goods Sold= $9,000
To calculate the cost of goods manufactured, we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
Isolating cost of goods manufactured
cost of goods manufactured= -beginning finished inventory + COGS + ending finished inventory
cost of goods manufactured= -12,000 + 9,000 + 8,000
cost of goods manufactured= $5,000
