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Snezhnost [94]
4 years ago
9

Read the below news clip, then answer the following question.

Business
1 answer:
bearhunter [10]4 years ago
6 0

Answer:

D. highly elastic

Explanation:

As we know that the price and the quantity demanded has an inverse relationship as per the law of demand.  

In the high elastic demand, if the price changes slightly then it would have a big impact on the quantity demanded.  

In the given scenario, if the gas stations change the price either increase or decrease, the quantity demanded significantly decreased which reflects that the demand is highly elastic

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What song lyric from the Rolling Stones expresses a powerful economic idea?
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Answer:

The correct answer is: "You can't always get what you want".

Explanation:

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____ requires separate drinking fountains, separate seats in theaters, restaurants, hotels, and separate toilet seats.
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Brodrick Company expects to produce 21,700 units for the year ending December 31. A flexible budget for 21,700 units of producti
statuscvo [17]

Answer:

\left[\begin{array}{cccc}&$Flexible Budget&$Actual&$Variance\\$Sales&548,000&500,000&48000U\\$Variable&-82,200&-113,700&31,500U\\$Contribution&465,800&386300&79,500U\\$Fixed Cost&-142,000&-134,000&8,000F\\$Income&323,800&252300&71,500U\\\end{array}\right]

Explanation:

Sales Price: 434,000 / 21,700 = 20

Variable cost: 65,100 / 21,700 =   3

fixed cost: 142,000

Values at 27,400 units:

sales:  27,400 units x $20 = 548,000

variable cost: 27,400 units x $3 = 82,200

Now, we compare with the actual result and calcualte the income

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4 years ago
A firm has a Cobb-Douglas production function for its inputs of capital and labor. The firm is currently paying $4 per labor hou
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