The price elasticity supply of doctors could be considered relatively inelastic because it takes a minimum of four to six years of training to be able to work as a physician.
<h3>What is supply?</h3>
Supply can be defined as the part of a commodity or a service that is being placed in the market for the consumer to buy.
The price elasticity supply of the doctor will increase after their education, but the price will not be that much efficient as it produces relatively less elasticity.
The proportion variation inside a commodity's currency values in a substantially lower proportion variation in the amount desired.
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Answer: B. increases, and so the value of money falls.
Explanation: When the price level rises, the number of dollars needed to buy a representative basket of goods<u><em> increases, and so the value of money falls</em></u>. A representative basket of goods refers to a fixed number of consumer goods and services. The price of these goods and services are valued annually. If one or more of these products increase their value you will need more dollars to buy the basket of goods. So, the value of money falls.
Answer:
$15.3 per direct labor hour
Explanation:
Overhead costs are those costs which are incurred for the manufacturing of the product but not directly attributable to any product / service. It can be variable or fixed.
Formula for overhead costs = $65,000 + $14 per direct labor hour
Numbers of direct labor hours = 50,000 hours
Total Cost = $65,000 x ($14 x 50,000 ) = $765,000
Over head rate per direct labor hour = Total overhead cost / Numbers of direct labor hours = $765,000 / 50,000 = $15.3 per direct labor hour
Answer:
Pros and cons
Explanation:
The shutting down of restaurants like these will have significant effect on the market as a whole. As the question states the street to be a busy street, then the closing of such restaurants will lead to more space for the crowd. Closing down many of these restaurants will also lead to reduced competition for the one that remain opened and, hence, may lead to increased sales of their food.
However, closing such restaurants will also lead to rise in unemployment of the owner and staff of the restaurants. This can also lead to reduced traffic of people on the street as most enjoy the meals of such restaurants.
Thus, closing down such restaurants will have both negative and positive impact on the surroundings as a whole.
Answer:
45.67%
Explanation:
The component percentage for total expenses is shown below:
Component percentage = (Total expenses ÷ Sales revenue) × 100
where,
Total expenses equal to
= Advertising Expense + Insurance expense + rent expense + supplies expense + utility expense
= $1,300 + $850 + $900 + $250 + $125
= $3,425
And, the sales revenue is $7,500
So, the component percentage is
= ($3,425 ÷ $7,500) × 100
= 45.67%
