Answer:
c. -3.07
Explanation:
price elasticity of demand = % change in quantity demanded / % change in price
- % change in quantity demanded = (27,000 - 20,000) / 20,000 = 0.35 = 35%
- % change in price = (45,000 - $50,800) / $50,800 = -0.114 = 11.4%
price elasticity of demand = 35% / -11.4% = -3.07 or |3.07| in absolute terms
since the price elasticity is higher than |1|, then it is price elastic, which means that a 1% change in price will change the quantity demand in a higher proportion.
<span>This is the recognition level of brand loyalty. Rose only remembers the cream from the name of the brand and the positive advertisements, and not necessarily from the claims or results that the brand showed. This shows a loyalty to the brand name and not so much the product itself.</span>
Answer: $5061
Explanation:
The vehicle operating cost in the flexible budget for November would be calculated as:
= Fixed cost + (Variable cost per unit × Quantity)
= $1470 + ($399 × 9)
= $1470 + $3591
= $5061
Therefore, the vehicle operating cost in the flexible budget for November would be closest to $5061.
Answer:
The element that relates to the why the loss matters is the consequence of the loss.
Explanation:
The logic of loss is a guideline that precscribes losses are to be considered either in monetary terms or in loss of life so as to permit analysis, on the basis of comparisons, management of risk and policy implementation. Usually, the following elements are identified during this process: cause, extent and consequence.
The cause relates to the damage involved, the extent relates to the size and duration and the consequence relates to the value that will pe lost, either in monetary terms or life. Hence, the importance of a loss is considered when one evaluates its consequences.
Answer:
are equal to it's domestic production
Explanation:
A country's Gross Domestic Product (GDP) is defined as value of all goods and services produced in a country during a given time. Domestic production refers to those goods and services produced at home for local consumption.
Expenditure refers to the monies expended by all entities namely; household, firms and government on goods and services with a country.
When all the entities involved in generating a country's GDP spend their money towards purchasing goods and services produced in a country, then local producers would have more money to buy materials that will be used for further production. The higher the money spent, the higher the production and vice versa.
The above is a cycle that is repeated each time household, firms and government buys locally produced goods hence expenditure on a nation's domestic production equal to it's domestic production.
