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16% and gift wrap sellers total revenue will decrease. Elasticity of demand is a significant variation on the concept of demand. Elastic, inelastic, or unitary demand can be classified. An elastic demand is one in which the change in quantity demanded as a result of a price change is large.
When the change in price is relatively small as compared to change in quantity demanded, the demand is said to be inelastic. Close substitutes for a product influence demand elasticity.
If consumers can easily substitute another product for your product, they will quickly switch to the other product if the price of your product rises or the price of the other product falls.
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Answer:
So yield to maturity will be 11.1 %
Explanation:
We have given final value FV = $1000
Current price = $900
Time is given t = 1 year
We have to find the rate of interest
Future value is given by
, here A is future value and P is current price
So
r = 11.1 %
Answer and Explanation:
1. Petty cash Dr, 150
To Cash account $150
(Being establishment of the fund is recorded)
For recording this we debited the petty cash as it increased the current assets and credited the cash as it decreased the value of current assets
2. Office supplies $35
Entertainment expense Dr, $110
To Cash account (balancing figure) $140
To Cash short and over $5 ($150 - $35 - $110)
Here we debited the office supplies and entertainment expense as it increased the expenses and we credited the cash account as it decreased the current assets
3. Petty cash account $150 ($300 - $150)
To Cash account $150
(Being the increase in balance is recorded)
For recording this we debited the petty cash as it increased the current assets and credited the cash as it decreased the value of current assets
The average of anything means you add all the values and divide by the number of values. In this case you would add all the month's utility bills and divide by the number of bills included. However, in this instance, I would exclude April since this in an anomaly and she will not get a free month's cable every month. SO add the other other months together and divide by 5.