The income elasticity of demand is the percentage change in the <u>quantity demanded</u> divided by the percentage change in <u>income</u>.
Elasticity refers back to the diploma of the sensitivity of a variable consistent with every other variable's trade. in this manner, you could truly diploma the alternate in the aggregate product call for with appreciation to fee adjustments. In different phrases, it is called elasticity of call for.
An example of merchandise with an elastic demand is consumer durables. those are devices that may be purchased every now and then, like a washing device or an automobile, and can be postponed if the rate rises. as an example, automobile rebates were very a success in growing car earnings by using lowering the rate.
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Answer:
$20
Explanation:
Marginal cost is the extra cost incurred in order to produce and additional unit of a product.
Marginal product is an additional unit obtained from an extra unit of input.
From the question;
Variable cost per unit of labor = Marginal cost of labor = $20
Marginal product of labor = $2
Therefore, the marginal cost of production when the firm hires 5 workers is variable cost per unit of labor which is $20.
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Answer:
$15.69
Explanation:
The computation of cost for one bracelet is shown below:-
Total cost = Beginning inventory + Purchases - Ending inventory
= $2,300 + $159,000 - $38,900
= $122,400
Now,
Cost for one bracelet = Total cost ÷ Units of Bracelets
= $122,400 ÷ $7,800
= $15.69
So, for computing the cost of one bracelet we simply divide total cost by units of bracelet.
