The price of a camera decreases from $200 to $180, and in response to the price change the quantity demanded increases from 60 to 70 units. Therefore, demand for cameras in this price range is inelastic.
An economic word known as "inelasticity" describes an item or service's unchanging quantity when its price varies. When prices rise, consumers' purchasing patterns essentially stay the same, and when prices fall, those same purchasing patterns still hold true. This is known as inelastic demand. When an item or service's quantity remains constant when its price increases, it is said to be "inelastic. "When a good or service's price increases or decreases, consumers' purchasing patterns essentially stay the same. The same is true when the price of the good or service decreases. The demand for an item or service that is totally inelastic would not fluctuate regardless of price; however, no such good or service exists. Elastic contrasts with inelastic.
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Answer:
(a) the first-in, first-out (FIFO) method; $1054
(b) the last-in, first-out (LIFO) method; $998 and
(c) the weighted average cost method $760
Explanation:
FIFO
Inventory ; 13 units × $38 = $494
14 units × $40 = $560
Total = $1054
LIFO
Inventory ; 13 units × $38 = $494
14 units × $36 = $504
Total = $998
weighted average cost
August 7
New Cost per Unit = ((14 units × $36) + (19 units × $38)) / ( 14 units + 19 units )
= $37.15
December 11
New Cost per Unit = ((33 units × $37.15) + (14 units × $40))/( 33 units+14units)
= $38.00
Inventory Cost = 20 units × $38.00
= $760
A market is
e. all of the above
Explanation:
A market has the following characteristics,
- It is often a physical place facilitates to market
- exchanges between buyers and sellers typically
- involves monetary transactions
- might not have well-defined geographical limits
- the value, cost and price of items traded are as per supply and demand in a market.
- Physical market is a place where buyers can directly meet the sellers physically and purchase their desired merchandise from them in exchange of money.
- A market is a place where people can go to buy or sell things.
The difference in value between a country's imports and exports.
Answer:
$1,701,371
Explanation:
Gross Profit = Sales - Cost of Sales
therefore,
In percentage this equation can be expressed according to the Company policy as :
<em>46 % = 146 % - 100%</em>
Cost of Sales = 100/146 x $2,484,001 = $1,701,371
Conclusion :
Budgeted cost of goods sold for February is $1,701,371
