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SVEN [57.7K]
3 years ago
13

For each of the following products, indicate whether you believe demand will be relatively price elastic or relatively price ine

lastic. Give economic reasons for each reply. Remember that high demand does NOT imply high elasticity. High elasticity occurs if a change in quantity demanded is relatively large compared to the associated change in price regardless of how high the quantity demanded is to begin with. a. Mayonnaise in general b. A specific brand of mayonnaise c. Chevrolet automobiles d. Tesla automobiles e. Washing machines f. Beer
Business
1 answer:
insens350 [35]3 years ago
8 0

Answer:

Note that goods that are considered in general have a broad demand and goods with broad demand are inelastic as there are no substitutes for them. Goods that are specific by nature have narrow demand and have elastic demand because consumers can switch to others if the price is increased slightly.

Hence, Mayonnaise in general, Washing machines and beer have inelastic demand as there are no close substitutes. The remaining three, namely, specific brand of mayonnaise, Chevrolet automobiles and Tesla automobiles have elastic demand as there are substitutes and consumers/users will switch to others if the price is no more favorable.

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What warranty is created when a merchant affirms that the goods meet certain standards of quality, description or condition?
Karo-lina-s [1.5K]

Answer:

An express warranty

Explanation:

Express warranties can be made in writing, orally or even inferred by the salesperson's conduct. Even if the salesperson made a mistake by offering an express warranty, it is still valid. An express warranty states that a good or service will specifically be a certain way, or perform in a certain way. When a salesperson shows a model of the good, that is considered a express warranty that the good will be the same as the model.

8 0
2 years ago
Why do we have to pay
const2013 [10]

Answer:

you have to pay because it's a trade instead of for an example trading a coat for a meal you would give pay money to get the object.

Explanation:

Hope this helps:)

6 0
2 years ago
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Ivan
Alona [7]

Answer:

Requirement: Prepare the entry to record the sales transactions and related taxes.

1.   Date      Account Titles and Explanation     Debit     Credit

   Apr. 10   Cash                                                 $30,975

                        Sales Revenue                                          $29,500

                        Sales Tax Payable                                     $1,475

                 (To record Cash sales along with sales tax)

2. Date      Account Titles and Explanation    Debit     Credit

   Apr. 15   Cash                                                 $18,530

                        Sales Revenue                                          $17,000

                        Sales Tax Payable                                     $1,530

                  (To record Cash sales along with sales tax)

<u></u>

<u>Workings</u>

- Total Sales along with sales tax = $18,530, Sales Tax Rate = 9%. Sales Tax Amount = 18530*(0.09/1.09) = $1,530

- Sales Without Sales Tax = $18,530 - $1,530 = $17,000

7 0
3 years ago
1. Which one of the following is the first step in the selection process
Nikolay [14]
Answer: B

Before any actual work is begun you need to have a formal application so there’s something to be worked with.
4 0
3 years ago
Scott Company sells merchandise with a one-year warranty. Sales consisted of 2,500 units in Year 1 and 2,000 units in Year 2. It
Alenkasestr [34]

Answer:

$0

Explanation:

Scott Company must record the warranty expense and liability regarding the products sold during the years that they occur. For example, the following journal entry must be made to record the warranty expense for year 1:

Dr Warranty expense 25,000

    Cr Warranty liability 25,000

During year 2, they will record the warranty expense for that year:

Dr Warranty expense 20,000

    Cr Warranty liability 20,000

That means that during year 3, the only warranty expense recorded will be the one related to the goods sold during that year.

8 0
3 years ago
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