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<span>The demand curve for corn depends on what market it is needing it. If corn is needed for food for humans or for animals and if the need is normal or in addition to a current or outstanding reason makes a difference.</span>
C Is The Answer I Just Took This My E2020.
Elastic.
This is
the formula for elasticity:
Elasticity
= (Quantity variation/Quantity)/(Price variation/Price)
Inelastic
demand is the one in which a variation in price doesn’t lead to an important
variation in the quantity bought by consumers. So, in the formula, numerator is
much smaller than denominator, so the fraction is lower than 1. That happens
with necessary goods (typically, food).
On the
contrary, elastic demand is the one in which a variation in the price leads to
an important variation in the quantity bought by consumers, and that means the
fraction is higher than 1. So if I sell the product at a lower price, I will
sell much more product.
Considering the formula:
R = P*Q, when demand is elastic,
I will
have much more sold quantity with just a little lower price, which leads to a higher
revenue.
Answer:
Closing Stock = <u>38000 </u>
Explanation:
Net Sales = COGS + Gross Profit
- <u>Net sales</u> = sales - sales return = 185000 - 6000 = 179000
- <u>Gross Profit</u> = 60% of sales (as per gross profit ratio)
= 60% of 179000 = 107400
- <u>COGS </u>= Opening Stock + Net Purchase + direct expenses - Closing Stock
* <u>Net purchase</u> = Purchase - purchase return = 111000 - 4500 = 106500
*<u>Direct Expense</u> = Freight Inwards = 3100
Putting all values in formula :- Net Sales = COGS + Gross Profit
179000 = (0 + 106500 + 3100 - closing stock) + 107400
179000 = 106500 + 3100 + 107400 - closing stock
179000 = 217000 - closing stock
closing stock = 217000 - 179000
closing stock = 38000
