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Kipish [7]
3 years ago
12

Which statement is the best definition of the price elasticity of demand?The ratio of the percent change in demand to the percen

t change in income.The ratio of the percent change in price to the percent change in quantity demanded.The absolute value of the slope of the demand curve.The ratio of the percent change in quantity demanded to the percent change in price.
Business
2 answers:
Yakvenalex [24]3 years ago
8 0

Answer:

The correct answer is letter "D": The ratio of the percent change in quantity demanded to the percent change in price.

Explanation:

Price Elasticity of Demand is a measure of the response of one factor to a change in another variable. It can explain the degree to which supply and demand change with the price of goods or consumer income for a good or service. <em>We calculate elasticity by dividing the change in quantity demanded with the change in price</em>. A result <em>greater than or equal to 1 means a good or service is elastic</em>; <em>less than 1 means an inelastic</em> good or service.

Vikki [24]3 years ago
7 0

Answer:

The ratio of the percent change in quantity demanded to the percent change in price.

Explanation:

Price elasticity of demand measures how responsive quantity demand is to changes in price.

The formula is given by

Price elasticity of demand= Percetage change in demand/ Percentage change in price

Usually the price elasticity bis negative. Goods that don't obey the law of demand have positive elasticity.

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An additional worker is hired for an hour at a wage w = $12. the worker produces 4 hamburgers per hour with a price of $3 per ha
Lelechka [254]

The real wage paid to the worker is 4 hamburgers per hour.

<h3>What is Wage?</h3>
  • A wage is the sum of money that an employer pays an employee for work that was completed within a certain time frame.
  • The minimum wage, prevailing rate, annual bonuses, and remunerative rewards like prizes and tip payments are a few examples of wage payments.
  • It is broken down into two parts: a direct cost made up mostly of gross pay plus various benefits; and an indirect cost made up primarily of traditional and legal employer contributions and other fees.
  • Regular and supplemental pay can be divided into two groups.
  • The number of hours worked multiplied by the employee's hourly wage can be used to determine gross wages for hourly workers.

Learn more about wage here:

brainly.com/question/10062041

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3 0
1 year ago
On July 10, 2020, Pronghorn Music sold CDs to retailers on account and recorded sales revenue of $635,000 (cost $508,000). Prong
mixas84 [53]

Answer:

(a)

Dr Accounts Receivable $635,000

Cr 7/10/2020 Sales Revenue $635,000

Dr Cost of Goods Sold $508,000

Cr Inventory $508,000

(b)

Dr Sales Returns & Allowances $82,700

Cr 10/11/2020.Accounts Receivable $82,700

Dr Returned Inventory $66,160

Cr Cost of Goods Sold $66,160

10/31/2020 No entries are needed as the return period has expired.

Explanation:

(a)

Dr Accounts Receivable $635,000

Cr 7/10/2020 Sales Revenue $635,000

Dr Cost of Goods Sold $508,000

Cr Inventory $508,000

(b)

Dr Sales Returns & Allowances $82,700

Cr 10/11/2020.Accounts Receivable $82,700

Dr Returned Inventory $66,160

Cr Cost of Goods Sold $66,160

($508,000 / $635,000) x $82,700= $66,160

10/31/2020 No entries are needed as the return period has expired.

8 0
3 years ago
Ronaldo Soccer Shop's income statement reports sales of $100,000; cost of goods sold of $46,000, operating expenses of $34,000,
butalik [34]

Answer:

d. $100,000

Explanation:

<u><em>Ronaldo Soccer Shop</em></u>

<u><em>Income Statement</em></u>

Sales  $100,000;

Cost of goods sold  $46,000,

Operating expenses $34,000,

Interest expense  $15,000,

Income tax expense  $2,000,

Net Income  $3,000

The vertical analysis of the income statement is performed by dividing each of these income statement line items by the total sales.

Vertical Analysis ( income Statement) = (Income Statement Item/ Total Sales )* 100

4 0
3 years ago
Which statement is false?
ch4aika [34]

Answer:

I am pretty sure it is D. Hope this helps.

Explanation:

8 0
3 years ago
You are preparing the financial statements for the Johnson family. To begin with you just want to identify each line and indicat
Gala2k [10]

Answer:

Home Value $549,000 - Balance Sheet

Joint Savings balance $5,400 - Balance Sheet

Tom's 2014 Salary Before Taxes was $78,000 - Income Statement

Kate's 2014 Salary Before Taxes was $84,000 - Income Statement

Fed income taxes, state income taxes and FICA combined totaled $46,120 (paid) - Income Statement

2014 property taxes were $14,000 (paid) - Income Statement

Mortgage $300,000 - Balance Sheet

House Payment plus insurance per month $2400 - Income Statement

Kate bought Microsoft stock in 2012 and they still own it. It's worth $40,0000 - Balance Sheet

Tom's 401k at work has several mutual funds worth a total of $120,000 - Balance Sheet

Tom has a 2002 VW GTI worth about $3,000 - Balance Sheet

Kate has a 2013 Audi S6 worth about $35,000 - Balance Sheet

Car loan on Audi totals is $25,000 - Balance Sheet

Car Payment is $1583 - Income Statement

Car insurance for 2014 was $2000 (paid) - Income Statement

Credit Card Balance $4,000 - Balance Sheet

Tom's monthly contribution o his 401k is $1,000 - Income Statement

Joint Checing account balance $1,200 - Balance Sheet

6 0
3 years ago
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