All of the following are economic institutions EXCEPT

If the absolute value of the own price elasticity of demand is greater than 1, then demand is said to be:

OLEGan [10]

Answer:

A. elastic.

Explanation:

Elasticity of demand measures the responsiveness of quantity demanded to changes in price.

Demand is elastic when a change in price leads to a change in quantity demanded. The coefficient of elasticity for elastic demand is usually greater than one.

Demand is inelastic when a change in price has no effect on quantity demanded.

The absolute value of the coefficient of elasticity for inelastic demand is usually less than 1.

Demand is unitary when a change in price leads to an equal proportional change in quantity demanded.

The absolute value of the coefficient of elasticity for unitary demand is usually equal to one .

I hope my answer helps you.

8 0

3 years ago

Grouper Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item

zhuklara [117]

Answer:

Normal profit was missing, so I looked for it:

Item Q Cost Cost to Estimated Cost Normal*

No. p/ unit replace selling price of Completion profit

and Disposal

1320 1,500 $3.87 $3.63 $5.45 $0.42 $1.38

1333 1,200 $3.27 $2.78 $4.24 $0.61 $0.67

1426 1,100 $5.45 $4.48 $6.05 $0.48 $0.47

1437 1,300 $4.36 $3.75 $3.87 $0.30 $0.25

1510 1,000 $2.72 $2.42 $3.93 $0.97 $1.18

1522 1,200 $3.63 $3.27 $4.60 $0.48 $0.84

1573 3,300 $2.18 $1.94 $3.03 $0.91 $0.93

1626 1,300 $5.69 $6.29 $7.26 $0.61 $1.56

we have to first determine the ceiling NRV and floor NRV

Item Cost to Estimated Cost NRV NRV

No. replace selling price of Completion ceiling floor

and Disposal

1320 $3.63 $5.45 $0.42 $5.03 $3.65

1333 $2.78 $4.24 $0.61 $3.63 $2.96

1426 $4.48 $6.05 $0.48 $5.57 $5.10

1437 $3.75 $3.87 $0.30 $3.57 $3.32

1510 $2.42 $3.93 $0.97 $2.96 $1.78

1522 $3.27 $4.60 $0.48 $4.12 $3.28

1573 $1.94 $3.03 $0.91 $2.12 $1.19

1626 $6.29 $7.26 $0.61 $6.65 $5.09

we have to determine the market value:

Item Cost to NRV NRV Market value

No. replace ceiling floor (middle of the 3)

1320 $3.63 $5.03 $3.65 $3.63

1333 $2.78 $3.63 $2.96 $2.96

1426 $4.48 $5.57 $5.10 $5.10

1437 $3.75 $3.57 $3.32 $3.57

1510 $2.42 $2.96 $1.78 $2.42

1522 $3.27 $4.12 $3.28 $3.28

1573 $1.94 $2.12 $1.19 $1.94

1626 $6.29 $6.65 $5.09 $6.29

Item Market value Cost Quantity Inventory

No. per unit value

1320 $3.63 $3.87 1,500 $5,445

1333 $2.96 $3.27 1,200 $3,552

1426 $5.10 $5.45 1,100 $5,610

1437 $3.57 $4.36 1,300 $4,641

1510 $2.42 $2.72 1,000 $2,420

1522 $3.28 $3.63 1,200 $3,939

1573 $1.94 $2.18 3,300 $6,402

1626 $6.29 $5.69 1,300 $7,397

total $39,406

7 0

3 years ago

"California Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2021. In preparing its insura

leva [86]

<h3>California Inc Estimated ending inventory is $319,000 </h3>

Explanation:

Goods available for sale = Beginning inventory + Net purchases

California Inc Beginning inventory $310,000
California Inc Net purchases = $905,000
California Inc Goods available for sale = $1,215,000

Gross profit = Net sales * profit %

California Inc Net sales = $1,280,000
California Inc gross profit = 30%
California Inc gross profit = $384,000

Estimated cost of goods sold = Net sales - Gross profit

California Inc Estimated cost of goods sold = $1,280,000 - $384,000
California Inc Estimated cost of goods sold = $896,000

Estimated ending inventory = Goods available for sale - Cost of goods sold

California Inc Estimated ending inventory = $1,215,000 - $896,000
California Inc Estimated ending inventory = $319,000

California Inc Estimated ending inventory is $319,000

3 0

3 years ago

Cara Fabricating Co. and Taso Corp. agreed orally that Taso would custom-manufacture a compressor for Cara at a price of $120,00

Svetradugi [14.3K]

Answer:

D. $122,000

Explanation:

3 0

3 years ago

The juice company is a medium-sized company producing fourdifferent flavors of juice, including two new flavorsrecently added on

abruzzese [7]

The text presents a problematic situation related to the production, profitability, and demand of a juice factory.

The text describes a problematic situation of a juice company in which it began to produce two more flavors of juice different from the traditional ones (juice A and juice B).

However, this did not produce the expected results because the expected profits were not obtained due to the fact that the production of these new juices was less and required more resources for their manufacture.

In collusion, the addition of two new flavors was somewhat disadvantageous because it did not bring the expected economic results and complicated the production of the juices that the company was already producing.

Learn more in: brainly.com/question/17096236

This question is incomplete because the text is incomplete. Here is the complete text and the question.

The juice company is a medium-sized company producing four different flavors of juice, including two new flavors recently added on the ground they were in high demand by customers who were willing to pay a premium for them.

Recently, under the pressure of shareholders about the poor financial performance, Grace Orland, manager of the juice company, has been concerned over the erosion of the recent financial results especially for the standard flavors (A and B) which used to earn a 20 percent of profit margin.

Richard Dunn, the manufacturing manager, was also excited to introduce the new flavors since they were expected to generate higher margins while using the same technology as standard flavors. However, I have noticed that the introduction of new flavors added some technical complexities to the production process. For instance, unlike Flavors A & B, which were produced in huge volume and in long production runs, difficulties started to arise with the new flavors which were produced in smaller batches but required more changeovers and more production runs (see Exhibit 3).

1. Describe the problem the company is facing.

8 0

2 years ago