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
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.

You might be interested in
Assume that Corn Co. sold 7,600 units of Product A and 2,400 units of Product B during the past year. The unit contribution marg
Afina-wow [57]

,Answer: a. 9,450 units

Explanation:

You need to find the weighted average contribution margin for both products.

Product A

Weighted average contribution margin = Contribution margin * Units sold / Total units sold

= 34 * 7,600 / (7,600 + 2,400)

= $25.84

Product B

= 59 * 2,400 / 10,000

= $14.16

Breakeven point in units = Fixed costs/ (Weighted average contribution margin of both A and B)

= 378,000 / (25.84 + 14.16)

= 9,450 units

5 0
3 years ago
The owner of a store that sells fine-quality fabrics for home seamstresses bemoans the fact that few young women know how to do
podryga [215]

Answer:  This case is an example of <em><u>core competencies that further have turned into core rigidities.</u></em>

In this particular case , the store was capable of catering to the demands of the market. Thus providing excellent service and technical advice.

But with the dawn of an era, now the store is earning lower-than-average returns. Also this is to be pondered upon that in current era only few potential customers are able to appreciate the premium quality of the fabrics.

5 0
3 years ago
At July 31, Sandhill Co. has this bank information: cash balance per bank $8,140, outstanding checks $770, deposits in transit $
horsena [70]

Answer:

The adjusted cash balance per bank at July 31 is $8,615.

Explanation:

Outstanding checks are the ones which the business has issued and recorded, but which the bank has not yet cleared. Hence, Sandhill Co. should deduct this amount from the cash balance per bank.

Deposits in transit are the deposits that are received and recorded by the business, but which the bank has not yet processed. Hence, Sandhill Co. should add this amount to its cash balance per bank.

The bank service charge is already accounted for in the cash balance per bank and requires no further treatment.

Therefore,

Initial cash balance per bank               $8,140

Less: Outstanding checks                    ($770)

Add: Deposits in transit                        $1,245

Adjusted cash balance per bank         $8,615

8 0
3 years ago
Read 2 more answers
Organizations use ______ such as commissions, profit-sharing, bonuses, and stock options to attract and retain top performers.
Softa [21]

Answer:

The answer is incentives

Explanation:

Hope this helps:)....if not then sorry for wasting your time and may God bless you:)

7 0
2 years ago
A lender estimates that the closing costs on a $312,500 home loan will be $12,500. the actual closing costs were 4.25% of the lo
IceJOKER [234]
<span>The answer is B. higher by 0.25%.
</span>
8 0
3 years ago
Read 2 more answers
Other questions:
  • 8. Hebner Housing Corporation has forecast the following numbers for this upcoming year: Sales $1,000,000 Cost of Goods Sold 600
    10·1 answer
  • Suppose that each 0.1-percentage-point increase in the equilibrium interest rate induces a $3 billion decrease in real planned i
    6·1 answer
  • Kroger sponsors such brands as Private​ Selection, Heritage​ Farm, and Simple Truth. Kroger does not manufacture any of these pr
    8·1 answer
  • A​ firm's production function is best described as
    8·1 answer
  • Residents of three villages with three different types of water supply were asked to participate in a survey to identify cholera
    5·1 answer
  • Cafeteria Department Cutting Department Assembly Department Janitorial Department cost allocation $155,000 $31,000 $124,000 Cafe
    5·1 answer
  • Within Year, Inc. has bonds outstanding with a $1,000 par value and a maturity of 19 years. The bonds have an annual coupon rate
    6·1 answer
  • Which precaution should be taken to prevent cross contact?
    14·1 answer
  • Midwest Life Insurance sells a life insurance policy to Thiago. Under the terms of the contract between Thiago and Midwest Life,
    5·1 answer
  • Which step in the decision-making process would help you in deciding how much money you want to make at work?.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!