The longer the time period considered, the more the elasticity of supply tends to INCREASE.
The elasticity of supply refers to the responsiveness of suppliers to the change in price of their products or services. Elasticity of supply is measured as a ratio of proportionate change in quantity supplied to the change in price. Elasticity of supply tends to increase with time.<span />
Who reports to the treasurer is responsible
for paying suppliers?
<span>The Accounts Payable team is responsible or
paying suppliers and reporting to the treasurer. Accounts payable refers to
funds that are owed by a company to its creditors. The Accounts Payable team
will report directly to treasurer unless there is a cashier in place to handle
the transaction. </span>
When price increases by 5%, quantity supplied increases by 4%.
<h3>What is the change in the quantity supplied?
</h3>
Price elasticity of supply measures the responsiveness of quantity supplied to changes in price of the good. There is a positive relationship between price and quantity supplied
Price elasticity of supply = percentage change in quantity supplied / percentage change in price
0.80 = percentage change in quantity supplied / 5%
percentage change in quantity supplied = 5% x 0.80 = 4%
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Answer:
204 guest
Explanation:
The overage cost is $60 because ordering a plate for a guest that doesn’t show up costs $60. The underage cost is = $85 – 60 = $25, because not committing to a guest that does show up costs an extra $25. The critical ratio is 25/(60 + 25) = 0.2941. From the table, and , so the optimal number of guests to commit to is 204.
