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worty [1.4K]
3 years ago
10

Danny "Dimes" Donahue is a neighborhood’s 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he

bakes himself. At a price of $2.75 each, he sells 250. At a price of $2.25 each, he sells 300. A. What is the elasticity of demand?
B. Is demand elastic or inelastic over this price range?
C. If demand had the same elasticity for a price decline from $2.25 to $1.75 as it does for the decline from $2.75 to $2.25, would cutting the price from $2.25 to $1.75 increase or decrease Danny's total revenue?
Business
1 answer:
allochka39001 [22]3 years ago
8 0

Answer: c

Explanation:

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When the price of Good X rises by 20 percent the quantity for Good Y falls by 40 percent

Therefore the cross price elasticity can be calculated as follows

= -40/20

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Hence the cross price elasticity is -2

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During January 2016, Wells Corporation purchased $200,000 of inventory; they paid one-fourth in cash, and signed a note for the
ivanzaharov [21]

Answer:

Inventory                        $200,000    

Cash                                                      $50,000

Notes payable                                      $150,000

Explanation:

Data provided in the question:

Cost of the inventory purchased = $200,000

Amount paid in cash =  one-fourth

= one-fourth of $200,000

= $50,000

For the remaining balance signed a note i.e = $200,000 - $50,000

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Now,

This transaction will be recorded as:

Inventory                        $200,000    

Cash                                                      $50,000

Notes payable                                      $150,000

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