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pychu [463]
3 years ago
12

If a $100 drop in the price of a $10,000 car resulted in an increase in the quantity of cars purchased from 100 to 110 and a $10

0 drop in the price of a $1000 vacation rental resulted in an increase in the quantity of weekly vacation homes rented from 100 to 110, the price elasticity of demand is:
Business
1 answer:
nordsb [41]3 years ago
5 0

Answer:

Price elasticity of demand is greater for the Car

Explanation:

Price elasticity of Demand = (Q2 - Q1/Q1) ÷ (P2 - P1/P1)

For the car,

PED = (110 - 100/100) ÷ (10000-9900/10000)

= 0.1 ÷ 0.01

= 10

PED = (110 - 100/100) ÷ (1000-900/1000)

= 0.1 ÷ 0.1

= 1

Since 10 > 1, hence the PED of the Car is greater than that of vacation homes.

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What is a market that runs most efficiently when one large firm supplies all of the output referred to as?
stealth61 [152]

Answer:

a natural monopoly

Explanation:

A monopoly is a market structure which is typically characterized by a single-seller (one seller) who sells a unique product in the market by dominance. This ultimately implies that, it is a market structure wherein the seller has no competitor because he is solely responsible for the sale of unique products without close substitutes.

A monopolist refers to any individual that deals with the sales of unique products in a monopolistic market.

On a related note, a natural monopoly is a market that runs most efficiently when all of the output is supplied by one large business firm. Thus, a business firm is considered to be a natural monopoly if it's capable of producing the total output of the market at a lower cost than two or more business firms could.

Some examples of natural monopoly are the United States Postal Service, electricity grid, water supply, gas network, sewer services, energy distributors, railway service, etc.

7 0
2 years ago
Why do many advertising sales agents work on holidays and weekends? Explain
Black_prince [1.1K]

Answer:

Advertising sales agents work on holidays and weekends because that is when people buy. For example, during Christmas they are working advertising products so people will buy for Chirstmas. It is the biggest part of the year where people buy products and they need to work to advertise to consumers to buy their products.

5 0
2 years ago
Read 2 more answers
The XYZ Corporation has a distinct division of labor, consistent rules, and a clear hierarchy. Managers maintain distance betwee
Mamont248 [21]

Answer:

A bureaucracy

Explanation:

Bureaucracy is an organisational structure that is aimed at maintaining uniformity and control in an organisation.

This is achieved through established processes and ways of interaction between staff.

Bureaucracy is characterised by multiple layers and complex processes that makes actions and decisions slow.

This is exemplified in the given scenario where XYZ Corporation has a distinct division of labor, consistent rules, and a clear hierarchy. Managers maintain distance between themselves and subordinates, and promotions are awarded based on technical expertise.

3 0
2 years ago
Internal business partnerships between supply and other functional areas such as marketing/sales, finance/accounting, and engine
podryga [215]

Answer:

a. desirable because of the interdependencies between and among functions.

Explanation:

Workflow management systems can be defined as a strategic software application or program designed to avail companies the infrastructure to setup, define, create and manage the performance or execution of series of sequential tasks, as well as respond to workflow participants.

Some of the international bodies that establish standards used in workflow management are;

1. World Wide Web Consortium.

2. Workflow Management Coalition.

3. Organization for the Advancement of Structured Information Standards (OASIS).

Workflow management systems enhances the automation and management of various business processes, as well as create partnership between different units through the business process.

Hence, internal business partnerships between supply and other functional areas such as marketing/sales, finance/accounting, and engineering are desirable because of the interdependencies between and among functions.

6 0
2 years ago
Ralph has worked as a model builder at Snowdrop Architects for 30 years. He gets laid off, and the firm then hires Charlotte, wh
Sliva [168]

Answer: Ralph does not have a good claim against Snowdrop, because age was not the deciding factor in Snowdrop’s decision to lay off Ralph.

Explanation: The reason for the firm laying off Ralph is vague and not explicitly stated. Therefore Ralph cannot make a claim against Snowdrop for laying him off due to his age.

5 0
3 years ago
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