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
RideAnS [48]
3 years ago
5

Sylvia's annual salary increases from $102,300 to $109,500. Sylvia decides to increase the number of vacations she takes from th

ree to four. Use the midpoint method to calculate her income elasticity of demand for vacations. Round your answer to two decimal places.income elasticity of demand:Units This good isa normal good.an inferior good.a luxury good.
Business
1 answer:
Vinvika [58]3 years ago
7 0

Answer:

4.20 and normal good

Explanation:

The computation of the income elasticity of demand is shown below:

= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in income ÷ average of quantity income)  

where,  

Change in income would be

= Q2 - Q1

= 109,500 - 102,300

= 7,200

And, average of income would be

= (109,500 + 102,300) ÷ 2

= 105,900

Change in quantity demanded would be

= 4 - 3

= 1

And, average of quantity demanded would be

= ($4 + 3) ÷ 2

= 3.5

So, after solving this, the income elasticity of demand is 4.20

Since the elasticity comes in positive which means the good is a normal goods

You might be interested in
In the long run, when marginal cost is above average total cost, the average total cost curve exhibits
serg [7]
The answer is B



Have a good day
6 0
3 years ago
A list of financial statement items for Blossom Company includes the following:
cricket20 [7]

Answer:

Total current assets            $83,580

Explanation:

The preparation of the current assets section of the balance sheet is shown below:

<u>Current Assets                  Amounts </u>

Cash                                   $22,360

Debt investments(short term) $17,360

Accounts receivables     $30,100

Supplies                             $8,170

Prepaid Insurance              $5,590

Total current assets            $83,580

5 0
2 years ago
Dr. Shetty is able to drive down the cost of complex medical procedures from $100,000 to $2,000 not by doing one big thing, but
melomori [17]

Answer:

C. Process Innovation.

Explanation:

As Dr. Shetty is able to drive down the cost of complex medical procedures from $100,000 to $2,000 not by doing one big thing, but rather by doing a thousand small things. This approach focuses on driving down the cost of healthcare through process innovation. Process innovation is the mechanism when we implement a new or significantly improved manufacturing method with the help of a new technology in order to remain competitive and meet consumers demands at the same time. We try to solve an already existing issue or reforms an existed process in a different way to generate something with huge benefits, likewise, same is the case here with Dr. Shetty who has reduced the cost of healthcare quite significantly just by changing and improving his production methods.

7 0
3 years ago
Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-st
eduard

Answer:

<u>Part a</u>

Blossom Company

Income statement for the year 2014 - multiple-step form

                                                                                                            $000

Sales revenue                                                                                   97,088

Less Cost of goods sold                                                                   (61,158)

Gross Profit                                                                                        35,930

Less Operating Expenses :

<u>Administrative expense</u>

Officers' salaries                                                           5,488

Depreciation of office furniture and equipment         4,548         (10,036)

<u>Selling expense :</u>

Delivery expense                                                         3,278

Sales commissions                                                      8,568

Depreciation of sales equipment                               7,068          (18,914)

Operating Income (Loss)                                                                  6,980

Less Non Operating Expenses :

Income tax                                                                     9,658

Interest expense                                                            2,448      (12,106)

Net Income (Loss)                                                                            (5,126)

<u>Part b</u>

Blossom Company

Income statement for the year 2014 - single-step form

                                                                                                            $000

Sales revenue                                                                                   97,088

Less Cost of goods sold                                                                   (61,158)

Gross Profit                                                                                        35,930

Less Expenses :

Officers' salaries                                                          5,488

Depreciation of office furniture and equipment        4,548        

Delivery expense                                                         3,278

Sales commissions                                                      8,568

Depreciation of sales equipment                               7,068        

Income tax                                                                    9,658

Interest expense                                                          2,448         (41,056)

Net Income (Loss)                                                                             (5,126)

Explanation:

The multiple-step form shows the Operating Income and Net Income separately by grouping expenses as either operating and non-operating expenses.

The single-step form shows all expenses under one category and no grouping of expenses as either operating or non-operating.

4 0
3 years ago
As described in the chapter case, which of the following constitutes a managerial element of the UPS tracking system?A) The web-
m_a_m_a [10]

Answer:

the correct answer is C

Explanation:

As described in the chapter case, which of the following constitutes a managerial element of the UPS tracking system?

C) The decision to use automation

8 0
3 years ago
Other questions:
  • Think about the ideal job that you would like to obtain after graduation. Describe this job, the kind of manager you would like
    7·1 answer
  • Hot Wok Cuisine is a premium Asian restaurant chain that differentiates itself from a large number of competitors by providing e
    15·1 answer
  • The company has a target capital structure of 40% debt and 60% equity. Bonds pay 10% coupon (semi-annual payout), mature in 20 y
    11·1 answer
  • Which of the following is most necessary for specialization among producers to take place? A. Free trade B. Competition C. Scarc
    12·2 answers
  • Checkable deposits are classified as money because:
    14·1 answer
  • An interactive, Internet-enabled system that allows individual customers to design their own products by answering a few questio
    7·1 answer
  • Ted's new company is experiencing a steady decline in profit. He needs external financing to prevent his company's profits from
    13·1 answer
  • Jack works in a clothing store at the mall. He is paid on commission, so the more he sells the more money he makes. When a custo
    5·1 answer
  • The Finishing Department had 6,800 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to ma
    9·1 answer
  • If there are 25 number 05 buyers what will be market demand​
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!