Answer:
230
Explanation:
Good A has an income elasticity of -1.5. The goods is an inferior good since it has a negative income elasticity. An increase in income reduces its demand, but a decline in income increases its demand.
Fraol’s income has decreased. He will demand more of good A.
the formula for calculating income elasticity is as follows
Income elasticity of a good = % Change in demand/ % change in income.
i.e - 1.5 = % Change in demand/ % change in income.
% change in income =( 40,000 -36,000)/40,000 x 100
=4,000/40,000 x 100
=10%
-1.5 = %CD/10
%CD= 10 x -1.5
%change in demand = 15%
the new demand will be( 15% x 200 ) + 200
=(15/100 x 200 )+200
=(0.15x200) +200
=30 +200
=230
Answer:
Lance’s attitudes are strongly influenced by the ideas of Bureaucratic theory
Explanation:
Bureaucratic theory was coined by Max Weber. Lance’s attitudes in this case relate to the various rules of a bureaucracy such as division of labor, formal selection procedure, and impersonality.
Concerning the formal selection procedure, staffing should be done on the basis of the most qualified and competent people in order to fulfill organizational goals.
Under the division of labor rule, employees’ there is clear definition of responsibility and authority of each employee.
Under the formal rules and procedures, bureaucracy requires managers to depend on these formal organizational rules when engaging employees.
Finally, impersonality rule requires rules and procedures to be applied to everyone uniformly.
Answer:
0.1172 is the probability that the life span of the monitor will be more than 19,141 hours.
Explanation:
We are given the following information in the question:
Mean, μ = 17,000
Variance = 3,240,000
Standard deviation, σ = 1800
We are given that the distribution of life spans is a bell shaped distribution that is a normal distribution.
Formula:
P(life span of the monitor will be more than 19,141)
P(x > 19141)
Calculation the value from standard normal z table, we have,
0.1172 is the probability that the life span of the monitor will be more than 19,141 hours.
Answer:
April, 1
DR Prepaid Insurance .............................................................$23,000
CR Cash ........................................................................................................$23,000
Dec, 31
DR Insurance Expense.............................................................$8,625
CR Prepaid Insurance................................................................................$8,625
Working
Insurance expense;
April to December = 9 months
= 23,000 * 9/24 months
= $8,625
Nov, 1
DR Cash ......................................................................................$16,800
CR Deferred rent revenue .....................................................................$16,800
Dec, 31
DR Deferred rent revenue ...................................................$5,600
CR Rent Revenue......................................................................................$5,600
Working
= 16,800 * 2/6 months
= $5,600
Answer:
d. Relatively smaller shortages in the short run than in the long run because supply and demand tend to be more inelastic in the short run than in the long run.
Explanation:
"The adverse effects of rent control are less apparent to the general population because these effects occur over many years. In the short run, landlords have a fixed number of apartments to rent, and they cannot adjust this number quickly as market conditions change. Moreover, the number of people searching for housing in a city may not be highly responsive to rents in the short run because people take time to adjust their housing arrangements. Therefore, the short-run supply and demand for housing are relatively inelastic."
Reference: Gans, J., King, S., & Mankiw, N. G. (2011). Principles of microeconomics. Cengage Learning.