A change in the cost of inputs would have the greatest impact on the price in the market for belts
Demand is elastic if a small percentage change in price leads to greater percentage change in quantity demanded. For example, a 10% change in price leads to a 50% change in the quantity demanded.
Demand is inelastic if a small percentage change in price leads to little or no change in the percentage change in quantity demanded. For example, a 10% change in price leads to a 5% change in the quantity demanded.
Supply is elastic if a small percentage change in price leads to greater percentage change in quantity supplied. For example, a 10% change in price leads to a 50% change in the quantity supplied.
Supply is inelastic if a small percentage change in price leads to little or no change in the percentage change in quantity supplied. For example, a 10% change in price leads to a 5% change in the quantity supplied.
An increase in cost would lead to a fall in supply as it would be more expensive to produce. A decrease in supply would lead to an increase in price.
In markets where the demand is elastic, the change in price would lead to a greater decrease in demand when compared with a market where demand is inelastic.
In markets where supply is inelastic, when price increases, suppliers would not be able to reduce supply as much as the market where supply is inelastic
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Answer:
correct option is a. money
Explanation:
solution
we know that Toyota Motor Corporation is a Japanese automotive manufacturer company
so they material resource are paint and steel and tire and factory etc
but not money because money is a financial resource not a material resource
and all resource is depend on money
so here correct option is a. money
Answer:
Actual Operating costs $231,250
Planned Operating Costs budgeted = $ 235058
Planned Operating Costs at actual level = $ 232430
Explanation:
The Planned costs are the costs estimated at the planned level of activity.
The actual costs are costs that actually occur.
But flexible costs are those which are planned ( determined) at actual level of activity.
Canniff Air
Actual Planned
Operating costs $231,250
The cost formula for plane operating costs is $56,960 per month plus $2,634 per flight plus $6 per passenger.
Planned Operating Costs= $56,960+ 2634 *67 flights + 6*270 passengers
= $ 56960 + 176478+ 1620
= $ 235058
Actual Operating Costs = $56,960+ 2634 *66 flights + 6*271 passengers
= $ 56960 + 173844+ 1626
= $ 232430
We put the values in the given formula to obtains these costs both planned and actual.
