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Natasha2012 [34]
3 years ago
9

g Firm X is a monopolist with marginal cost of $5/unit. When maximizing profit, Firm X charges a price of $24/unit. What elastic

ity of demand is Firm X facing at its current level of output
Business
1 answer:
Yanka [14]3 years ago
7 0

Answer:

Firm X is facing low elasticity of demand at its current level of output.

Explanation:

This is why Firm X is able to set such a high price of $24/unit when its marginal cost is $5/unit.  Usually, a monopolist does not want to set prices and outputs in the inelastic range of the demand curve.  It is always interested in setting profit-maximizing prices and outputs.  Firm X should be wary of setting too high prices because consumers can decide to lower their demand.

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Walmart sells a bike that cost $100 to a customer for $250 cash. using a perpetual inventory system, the entry to record the sal
hjlf

1. Using a perpetual inventory system, the entry to record the sale for Walmart includes a debit to the <u>Cash account</u><u> </u>and a credit to the <u>Sales Revenue account</u> for $250.

2. The entry to record the cost of the sale under the perpetual inventory system includes a debit to the <u>cost of goods sold</u> and a credit to <u>Inventory</u> for $100.

<h3>What is the perpetual inventory system?</h3>

The perpetual inventory system can be differentiated from the periodic inventory system by the fact that perpetual inventory continuously updates the inventory value without relying on the physical inventory count.

Under this system, the cost of goods sold is <u>debited</u> and the inventory account is <u>credited</u>.

Learn more about the perpetual inventory system at brainly.com/question/25014592

3 0
2 years ago
In many large U.S. cities, taxicab companies operate as near monopolies because of_____.
Naya [18.7K]

Answer: Option (b) is correct.

Explanation:

Correct Option: Licenses

In United States, there is a licensing system which prohibits the number of taxicabs allowed. So, there are less number of taxicabs companies operates in most of the united states cities.

There is a advantage for the taxicabs companies for using the monopoly power.

Whereas, some of the cities of U.S use 'taxi medallions" as the permits for picking up the passengers.

4 0
3 years ago
the cost of land improvements are capitalized separately from land because land improvements tend to have a useful life.
lisabon 2012 [21]

Land improvements are capitalized separately from Land because land improvements have only a limited useful life.

Land is a special fixed asset which means that:

  • It is purchased for long term use
  • It is not depreciated because it lasts forever

Land improvements on the other hand, will not last forever. They will eventually wear out and need to be replaced. They are therefore capitalized separately from land so that they can be depreciated if need be.

In conclusion, land improvements are capitalized separately from land because they have a limited useful life.

<em>Find out more at brainly.com/question/14436052.</em>

4 0
3 years ago
A tire without good traction has less _____.
zavuch27 [327]

Answer:

A tire without good traction has less grip on the road.

Explanation:

during inclement weather, especially snow and ice, even if properly inflated, the tire will spin but not move forward & driver will not have control over the vehicle, causing the vehicle to slip sideways into (other traffic, over the side of the road, possibly falling over a steep decent).

Read more on Brainly.com - brainly.com/question/12817926#readmore

3 0
3 years ago
Read 2 more answers
When economists say that money serves as a store of value, they mean that it is :_______
timofeeve [1]

Answer:

a) a monetary unit for measuring and comparing the relative values of goods.

Explanation:

In the case when the economist said that money could be treated as the store of value so this means that it represent one of the functions of money which can be stored and retrieve later onwards

Also it is a monetary unit that could be used for measuring and also compared the goods value

Therefore the option a is correct

6 0
3 years ago
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