1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
N76 [4]
3 years ago
5

When the price of a movie ticket rises from $6 to $8 for senior citizens, Gary (a senior citizen) decides to go to the movies ev

ery other day (15 times per month) instead of every day (30 times per month). Calculate the price elasticity of Based on your results comment on whether movies are elastie or tickets? demand for movie inelastic?
Business
1 answer:
Aleonysh [2.5K]3 years ago
7 0

Answer:

2.33 ; demand for movies is elastic

Explanation:

The computation of the price elasticity of demand is presented below:

= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in price ÷ average of price)  

where,  

Change in quantity demanded is

= Q2 - Q1

= 30 - 15

= 15

And, an average of quantity demanded is

= (30 + 15) ÷ 2

= 22.50

Change in price would be

= P2 - P1

= $8 - $6

= $2

And, the average of price is

= ($8 + $6) ÷ 2

= 7

So, after solving this, the price elasticity of demand is 2.33

Since it is not given by which method we have to calculate it. So, we use the mid point formula.

Based on the above calculation, we concluded that the demand for movies is elastic

You might be interested in
The chart of accounts is designed to
SOVA2 [1]

Answer: The correct answer is b).meet the information needs of a company's managers and other users of its financial statements

Explanation: Chart of accounts refers to list of accounts of an organization. It shows at a spot how an organisation receives money and spends money.

Chart of accounts contains Assets, Liabilities, Income, Expenses and Equity.

3 0
3 years ago
Under common law, most property issues can be settled by who has a good title. Explain why such traditional characteristics of p
Rom4ik [11]

Answer:

Traditional characteristics of property ownership, such as transfer, risk of loss, insurable interest, and right to encumber are "broken up" and subject to varying tests under the UCC to help create boundaries.

Explanation:

the Uniform Commercial Code (UCC), a standardized collection of guidelines that govern the law of commercial transactions.

Real estate ownership carries with it a complex set of rights, and the bundle of rights concept has traditionally been the way in which those rights are described and summarized.

Traditional characteristics of property ownership, such as transfer, risk of loss, insurable interest, and right to encumber are "broken up" and subject to varying tests under the UCC to help create boundaries and limits to control in other to avoid excesses.

6 0
3 years ago
The following information is available for the first month of operations of Lane Inc., a manufacturer of mechanical pencils:
aniked [119]

Answer:

a. Cost of goods sold = Sales - Gross profit

= $416,720 - $242,950

= $173,770

b. Direct materials cost = Materials purchased -Indirect materials - Materials inventory, end of period

= $128,350 - $45,220 - $17,090

= $66,060

c. Direct labor cost =Total manufacturing costs for the period - Direct materials cost - Factory overhead

= $239,610 - $66,060 - ($90,430 + $45,220 + $13,750)

= $239,610 - $66,060 - $149,380

=$239,610 - $215,440

=$24,170

7 0
3 years ago
Why do neoclassical economists tend to put relatively more emphasis on long-term growth than on fighting recession?
Bogdan [553]

Neoclassical economics places a larger focus on providing extra options and <u>improving living standards, </u><u>which are ultimately decided by long-term progress.</u>

As a result, it focuses on long-term growth rather than fighting recessions.

In actuality, neoclassical economics holds that a product's price is mostly influenced by its manufacturing costs. According to neoclassical economics, the primary factor for client decision-making therefore becomes price.

As a result, letting the neoclassical economists concentrate on prices is not the best way to combat the recession. Long-term economic performance is always emphasized by neoclassical economists.

Note that the neoclassical approach to macroeconomics emphasizes the idea that, over time, the economy tends to recover to its potential GDP and natural unemployment rate.

Learn what John Maynard Keynes would recommend to fight the recession: brainly.com/question/25586856


#SPJ4

8 0
2 years ago
Vista components has found it needs to reorganize including a significant trim of its middle management, the action will likely
DENIUS [597]

Flattening the organization and empowering employees, allowing them to get close to the customer.

There are various legal types of organizations such as corporations, governments, non-governmental organizations, political organizations, international organizations, armed forces, charitable organizations, non-profit organizations, partnerships, cooperatives, and educational institutions.

Hybrid Organization An entity that operates simultaneously in both the public and private sectors, carries out public missions, and develops commercial market activities.

Volunteer Associations are organizations made up of volunteers. Such organizations, including informal clubs and coordinating bodies, should establish jurisdictions, including informal clubs and coordinating bodies, with goals in mind that can be expressed in manifestos, mission statements, or in ways that reflect their activities in an informal way.

Depending on the circumstances, we may be able to operate without legal process. Remember, every action of an organization, legal or illegal, reflects its goals.

learn more about the organization here.  brainly.com/question/24448358

#SPJ4

8 0
2 years ago
Other questions:
  • The accountant at Novak Corp. has determined that income before income taxes amounted to $13400 using the FIFO costing assumptio
    7·1 answer
  • In an economy with equilibrium prices and quantities, producers are using their resources in a(n) _____ way.
    10·2 answers
  • WJ Group Inc., a large multinational conglomerate, had begun to experience declining revenues over the years. The top management
    10·1 answer
  • Martin has given himself an entertainment budget of $5 per week. He has decided that each week he will spend that $5 by either a
    10·1 answer
  • The ____ server is usually a high-powered workstation that maintains a large file system of data sets, user profiles, and access
    11·1 answer
  • The concentration ratio provides a measure of the extent to which an industry Question 63 options: produces a useful product. is
    10·1 answer
  • Miscavage Corporation has two divisions: the Beta Division and the Alpha Division. The Beta Division has sales of $580,000, vari
    7·1 answer
  • Wallace Company provides the following data for next year: MonthBudgeted Sales January$ 120,000 February 108,000 March 132,000 A
    13·1 answer
  • Form 8889, Part 1 is used to report HSA contributions made by _______________. A. Carol B. Carol’s employer C. Carol’s cousin D.
    13·1 answer
  • If a call option has a $10 strike price, and the underlying stock is trading at $11, then the option is considered: a. in the mo
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!