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dangina [55]
3 years ago
15

Based on Roberts and Schlenker​ (forthcoming), the corn demand elasticity is ε =0.3​, and the supply elasticity is eη= 0.15. Acc

ording to the 2007 Census of Agriculture, the United States has 347,760 corn farms. Assuming that the farms are of roughly equal size, what is the elasticity of demand facing a single farm?
Business
1 answer:
matrenka [14]3 years ago
7 0

Answer: 52,164.15

Explanation:

The price Elasticity of demand for corn refers to how much the quantity demanded of corn changes as a result of a change in price.

When given the elasticity for a group and need to calculate for a single unit, use the formula;

εi = nε - (n -1)eη

Demand elasticity for single unit = (Number of units * entire demand elasticity) - ( number of units - 1) * supply elasticity of each firm

= (347,760 * 0.3) - (347,760 - 1) * 0.15

= 104,328 - 52,163.85

= 52,164.15

<em>Note: Do confirm that the figures you provided are the correct ones. If yes then no problems. </em>

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Ray Wilson is Quality Manager of the Tiffin, Ohio, plant of North-West Electric, a manufacturer of electrical components. Some N
Savatey [412]

Answer:

North-West Electric

Quality Department

If Ray decided to delayer his organization, what he would be doing is:

a. Reducing the number of job levels to achieve flexibility in assignments.

Explanation:

Delayering helps to cut some management layers from the organizational structure.  It reduces the administrative costs of running the entire organization.  Delayering helps the organization to make quicker decisions instead of following bureaucratic processes.  It also increases the effectiveness and efficiency of the organization.  Finally, it enables the staff to become more flexible and willing to step outside their established roles.

5 0
3 years ago
The probability that Mary will win a game is 0.03, so the probability that she will not win is 0.97. If Mary wins, she will be g
valkas [14]

Answer:

Expected value of X = -11.09

Explanation:

Expected profit:

= Probability of winning × Amount she wins

= 0.03 × $180  

= 5.4

Expected loss:

= Probability of loosing × Amount she paid

= 0.97 × $17

= 16.49

Let X be amount of money Mary wins or loses.

E(X) = Expected profit - Expected loss

= 5.4 - 16.49

= -11.09

Expected value of X = -11.09

That is expected value of loss of $11.09

4 0
3 years ago
Petrus Framing's cost formula for its supplies cost is $1,860 per month plus $11 per frame. For the month of March, the company
MissTica

Answer:

$355 unfavorable

Explanation:

Budgeted supplies cost was [$1,860 + (635 frames x $ 11)] = ($1,860 + $6,985) = $8,845

Actual supplies cost was $9,200, so the variance was = budgeted cost - actual cost = $8,845 - $9,200 = $355 unfavorable

Since the actual supplies cost was higher than the budgeted supplies cost, then the variance must be unfavorable (because more money was spent than expected).

4 0
3 years ago
A firm earns a normal profit when its: Multiple Choice accounting profit is positive. economic profit is positive. economic prof
erastova [34]

Answer:

The correct answer is accounting profit is positive.

Explanation:

Economic profits are the difference between the total revenue earned by selling the goods and total costs incurred in the production process. It includes both implicit as well as explicit costs.

The explicit costs are the direct costs incurred in the production process. There is an actual payment involved.  

The implicit costs are the indirect costs incurred. They are generally the opportunity cost of sacrificing the alternative option. There is no actual payment involved.  

The accounting profits include only explicit costs incurred in the production process. It is the difference between total revenue earned and explicit cost.  

A normal profit means zero economic profits. But accountable profits is higher than economic profits, so there will be some positive accountable profit.

8 0
3 years ago
Finance managers at Big Bend Inc. made a financial blunder when they solely looked at the previous year’s sales to estimate sale
saul85 [17]

Answer:

B. Perpetuating the status quo

Explanation:

The status quo is the current state of affairs. The manager preferred to safely quote the previous sales as future estimate. The previous sales in this case represents the status quo.

3 0
3 years ago
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