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Cerrena [4.2K]
3 years ago
11

The price elasticity of demand for beef is about 0.60. Other things equal, this means that a 20 percent increase in the price of

beef will cause the quantity of beef demanded to _____.
Business
1 answer:
givi [52]3 years ago
3 0

Answer:

Quantity of beef demanded will decrease by 12%

Explanation:

Data provided in the question:

Price elasticity of demand for beef, Ed = 0.60

Increase in the price of beef = 20%

Now,

Price elasticity of demand for beef,

Ed = [ Percentage change in Quantity ] ÷ [ Percentage change in price  ]

or

0.60 = [ Percentage change in Quantity ] ÷ 20%

or

Percentage change in Quantity = 0.60 × 20%

or

Percentage change in Quantity = 12%

Also,

Price and Quantity are inversely proportional

Hence,

With the increase in price, the quantity will decrease

Therefore,

Quantity of beef demanded will decrease by 12%

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3 years ago
Accounting Equation Shannon Cook is the stockholder and operator of Personality Shine LLC, a motivational consulting business. A
Neporo4naja [7]

Answer:

a. Stockholders' equity as of December 31, 2017: $635,000

b. Stockholders' equity as of December 31, 2018: $524,000

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Please find the below for detailed explanation and calculations:

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Applying the Accounting Equation to find the Stockholder's Equity at the two point of time require, we have the calculation as below:

* December 31, 2017:

Total Asset = $836,000; Total Liabilities = $201,000

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3 0
3 years ago
During March, the company worked 16,000 machine-hours and produced 10,000 units. The company had originally planned to work 18,0
OLEGan [10]

Complete question:

You have just been hired by SecuriDoor Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company’s costing system and “do what you can to help us get better control of our manufacturing overhead costs.” You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control.

      After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for April:

                                          Actual Cost in April

 Utilities    $16,700 plus $.14 per machine-hour      $ 21,020    

 Maintenance   $38,300 plus $1.50 per machine-hour   $ 59,100    

 Supplies      $.40 per machine-hour          $ 7,000    

 Indirect labor  $94,700 plus $1.80 per machine-hour   $ 128,000    

 Depreciation   $68,400    $ 70,100  

During March, the company worked 16,000 machine-hours and produced 10,000 units. The company had originally planned to work 18,000 machine-hours during March.

Solution:

1. The activity variances are shown below:

                              SecuriDoor Corporation

                                   Activity Variances

                         For the Month Ended March 30

                                Planning Budget    Flexible Budget    Activity  Variances

Machine-hours (q)          18,000                16,000  

Utilities ($16,700 + $.14q)   $ 19,220         $ 18,940               $ 280   F

Maintenance ($38,300 + $1.50q)  65,300     62,300           3,000   F

Supplies ($.40q)               7,200                6,400                 800   F

Indirect labor ($94,700 + $1.80q)  127,100     123,500       3,600   F

Depreciation ($68,400)    68,400           68,400           0     None

Total                                $ 287,220       $ 279,540              $ 7,680   F

2. The spending variances are computed below:

                               SecuriDoor Corporation

                              Spending Variances

                          For the Month Ended March 30

                                    Flexible Budget    Actual Results  Spending Variances

 Machine-hours (q)         16,000                16,000  

Utilities ($16,700 + $.14q)   $ 18,940         $ 21,020           $ 2,080   U

Maintenance ($38,300 + $1.50q)  62,300     59,100        3,200   F

Supplies ($.40q)               6,400                7,000                600   U

Indirect labor ($94,700 + $1.80q)   123,500     128,000     4,500   U

Depreciation ($68,400)     68,400           70,100                1,700   U

Total                               $ 279,540            $ 285,220  

8 0
3 years ago
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Answer:

D. Accounts receivable is debited $6,820; the dental revenues account is credited $6,820.

Explanation:

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The services rendered increases the revenue to Dr. Peabody.  Revenue is considered a capital account because it increases the owner's equity. An increase in a capital account is credited. Dr. Peabody will credit the dental revenue account with $6,820.

3 0
3 years ago
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