Answer:
A. Disagree
B. Disagree
C. Disagree
Explanation:
Elasticity of demand measures the responsiveness of quantity demanded to changes in price.
Demand is elastic if a small change in price leads to a greater change in quantity demanded. The absolute value of elastic demand is usually greater than 1.
Demand is inelastic if a small change in price has little or no effect on the quantity demanded. The absolute value of inelastic demand is usually less than 1.
Demand is unitary, if a change in price has the same proportional effect on quantity demanded. The absolute value of unitary elasticity of demand is equal to 1.
The absolute value of elasticity for cocaine is 0.2 which indicates that it has an inelastic demand, if price increases, there would be no change in the quantity demanded. Amount spent on cociaine would increase and producers revenue would rise.
The absolute value of elasticity for Christmas three is 1.3 which indicates that it has an elastic demand. If price falls, the quantity demanded would rise and revenue earned by sellers would rise as a result.
When elasticity of demand is unitary, an increase in price leads to the same proportional increase in revenue.
I hope my answer helps you
Answer:
The correct answer is $104,390.
Explanation:
According to the scenario, the given data are as follows:
Accounts receivable on Sep.30 = $110,000
Collected amount in Oct. = $110,390
Accounts receivable on Oct.31 = $104,000
So, we can calculate the sales on account in October by using following formula:
Sales = Closing Balance + Amt received from Creditor - Opening Acct Receivable
= $104,000 + $110,390 - $110,000
= $104,390
Hence, the sales on account during October is $104,390.
Answer:
The infant industry argument says that Question 7 options:
tariffs should be imposed to allow a new industry in a country to get established.
Explanation:
The argument for the infant industry protectionism suggests that the imposition of tariffs on imports gives a new industry in the country the required breathing space it requires to develop, grow, and be established before it can face competitive forces from outside, which imports imply. Since newly formed industries often do not command the economies of scale and learning experience that their competitors from other countries may have, therefore, they need to be singularly shaded from external competition until they have achieved similar economies of scale and learning curve. But, can they attain any competitive edge without learning from competitors?
Answer: The machine cost 64,500 and has accumulated depreciation of 36,120 so the book value of the machine is (64,500-36,120)=28380
The book value of the machine is 28380 so if the machine is sold for 32,250 then the gain on sale is (32,250-28380)= 3,870
Debit Credit
Cash 32,250
Machine 28,380
Gain on sale 3,870
If the machine is sold for 19,350 then there will be a loss on the sale of the machine and the loss will be debited. (28380-19350)=9,030
Debit Credit
Cash 19,350
Loss on sale 9,030
Machine 28,380
Explanation:
Answer:
The number and characteristics of sellers and buyers is called market structure.
Explanation:
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