All categories

3 years ago

Refer to Exhibit 3-6. If a decrease in income causes the demand for good X to shift from D1 to D2, then good X is ____

Business

2 answers:

sergeinik [125]3 years ago

7 0

Answer:

An inferior good

Explanation:

First of all, It is important to understand the behavior of the demand curve, if the demand for a good X causes the demand curve to shift from D1 to D2, this means there is an increase in demand.

If a good increases in demand when there is decrease in income, the good is an inferior good because this is a good that is demanded when buyers have to spend cautiously, this means inferior goods are the opposite of normal goods and buyers would normally not demand such items. Such goods could be inferior either in terms of quality, method of production, manufacturers, e.t.c.

stiv31 [10]3 years ago

3 0

Answer:

(D) an inferior good.

Explanation:

The inferior good had a negative relationship between income and demand.

When the income is lower, the demand increases as people moves away from normal goods to inferior as they are cheaper. And it will decrease once the income level return to his previous level.

This causes even more troubles in recessions to normal company's as the demand decrease and also, it shift to other goods.

You might be interested in

After earthquakes hit the California coast and damaged tens of thousands of cars, there was a growing demand and need for automo

Savatey [412]

Answer:

The answer is option C. car owners wanting car repairs and supply represented by automotive and glass repair and replacement companies.

Explanation:

After earthquakes hit the California coast and damaged tens of thousands of cars, there was a growing demand and need for automotive repair, glass replacement, dent repair and repainting.

Demand is a good or service that consumers are willing and able to purchase at various prices during a given period of time.

In this situation, the car owners are wanting car repairs will be willing to purchase glass and other damaged parts of the car, as well as pay for the services of repairs.

While the automotive and glass repair and replacement companies will handle the supplies and repairs.

4 0

3 years ago

Which of the following quotes speak to the freedoms America identifies itself with? Select all that apply. "And by virtue of the

REY [17]

The quotes are:
"And by virtue of the power, and for the purpose aforesaid, I do order and declare that all persons held as slaves within said designated States, and parts of States, are, and henceforward shall be free"

"The right of citizens of the United States to vote shall not be denied or abridged by the United States or by any State on account of sex."

<span>"Fourscore and seven years ago our fathers brought forth upon this continent a new nation, conceived in liberty, and dedicated to the proposition that all men are created equal..."
</span>
All of these right was carefully drafted under the constitution as basic human rights. Every legal citizens that're born in united states were automatically granted these rights ever since we're born, and no Government officals had the right to overrule it no matter how high their position might be

3 0

3 years ago

Read 2 more answers

Our company sold a batch of goods by way of letter of credit. Due to problems during the loading, most of the goods were loaded

Lana71 [14]

Answer:

The Uniform Customs and Practice for Documentary Credits (UCP) is published by the International Chamber of Commerce and was revised in 1993 and put into use January 1, 1994. The purpose of the UCP is to clarify gray areas that may appear in a letter of credit and to help banks interpret conditions in the letter of credit in a consistent manner.

However, as anyone who has ever worked with a letter of credit knows, there is plenty of disagreement between all parties concerned. Banks, account parties, and beneficiaries can all disagree about what complies and what does not comply when the shipping documents are checked against the terms of the letter of credit.

Sometimes the UCP just doesn’t clarify a situation the way you think it should. After all there is a huge difference between the words “will” and “may.” For instance: “Banks will accept…” versus “Banks may accept….” One is definite and the other appears to be open to interpretation. It’s not surprising confusion results.

8 0

3 years ago

The Chart Company has a process costing system. All materials are added when the process is first begun. At the beginning of Sep

Mnenie [13.5K]

Answer:

58,560 units

Explanation:

The computation of the equivalent units of production for the conversion cost is shown below:

We know that,

Ending work in progress inventory = Units started - units completed

6,100 units = 61,000 units - units completed

So, units completed = 61,000 units - 6,100 units = 54,900 units

It is given in the question that 3 ÷ 5 means 60% ending work in progress inventory units is completed,

So completed units = 6,100 × 60% = 3,660 units

So,the equivalent units of production equals to

= Units completed + completed units in ending inventory

= 54,900 units + 3,660 units

= 58,560 units

6 0

4 years ago

On January 10, 2022, Kingbird, Inc. sold merchandise on account to Tompkins for $8,180, terms n/30.

Eddi Din [679]

Answer and Explanation:

The journal entries are shown below

Jan 10

Account receivable Dr $8,180

To Sales revenue $8,180

(being goods sold on credit)

Here account receivable is debited as it increased the assets and credited the sales revenue as it also increased the revenue

Feb 9

7% Promissory note Dr $8,180

To Account receivable $8,180

(Being note received is recorded)

Here Promissory note is debited and account receivable is credited

4 0

3 years ago