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Sergio [31]
3 years ago
15

Suppose that after hurricane​ Irene, the average income in Cape​ Charles, Virginia decreased by 16 percent. In response to this

change in​ income, suppose the quantity of steak demanded in Cape Charles​ (holding the price of steak​ constant) decreased by 14 percent. What is the income elasticity of demand for steak in Cape​ Charles?
Business
1 answer:
SIZIF [17.4K]3 years ago
3 0

Answer:

0.875

Explanation:

The income elasticity of demand measures the responsiveness of quantity demanded to changes in income.

Income elasticity of demand = percentage change in quantity demanded / percentage change in income

14% / 16% = 0.875

Demand is inelastic because the coefficient of elasticity is less than one.

I hope my answer helps you

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On January 1, 2009, Diego owed $14,033 to his friend Ricardo, who was kind enough not to charge Diego any interest. Each month d
aleksandrvk [35]

Answer:

$481

Explanation:

Amount paid = Amount lent - Amount left

Amount paid = $14,033 - $8,261

Amount paid = $5,772

Average amount paid each month = Amount paid / Number of months

Average amount paid each month = $5,772 / 12

Average amount paid each month = $481

So, the average amount of Diego's monthly payments is $481.

6 0
2 years ago
Business behavior determines the ethics of society.We can improve society's moral and ethical behavior by first making a commitm
valkas [14]

Answer: The correct answer is False.

Explanation:

Business behavior will not determine the ethics of society. Businesses can't be responsible to change the moral and ethical behaviors of a single person or an entire world. Only a person can change their own behavior. A society in whole can only be changed by each person acting upon their own free will.

If a business is not ethical, then they need to change the way they work and do business and lead by example.

7 0
2 years ago
Lower of Cost or Market The accountant for Murphy Company prepared the following analysis of its inventory at year end: Item Uni
Nina [5.8K]

Answer:

  $52,860

Explanation:

The computation of the ending inventory using the  lower of cost or market method is shown below:

Product                    Cost           Net realizable value Lower of cost or NRV

RSK-89013 600 × $38 = $22,800 600 × $47 = $28,800   $22,800

LKW-91247 420 × $47 = $19,740     420 × $40 = $16,800        $16,800

QEC-57429  510 × $26 = $13,260    510 × $32 = $16,320         $13,260

Carrying value of the ending inventory is                                       $52,860

7 0
2 years ago
The master budget of Sheridan Company shows that the planned activity level for next year is expected to be 50000 machine hours.
barxatty [35]

Answer:

$1,350,000

Explanation:

Calculation to determine the total manufacturing overhead costs

First step is to calculate the Variable overhead

Variable overhead= $720,000 + $180,000 +$150,000

Variable overhead=$1,050,000

Second step is to calculate Unitary variable overhead

Unitary variable overhead= $1,050,000/50,000

Unitary variable overhead= 21

Now let calculate the total manufacturing overhead costs

For 60,000 units:

Total Manufacturing Overhead Costs = 21*60,000 + 90,000

Total Manufacturing Overhead Costs= $1,350,000

Therefore the total manufacturing overhead costs is $1,350,000

6 0
3 years ago
Will GED let you use The brainly.com app for The real GED Test
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