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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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Pat picked a card from a standard deck, looked at it, and then put it back. he then picked a second card. what is the probabilit
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16/52 maybe :) There are 52 card in the deck then the diamonds and jokers would make 16. Maybe I'm not really sure but maybe. Hope this helps!!
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3 years ago
Teel Printing uses two measures of activity, press runs, and book set-ups, in the cost formulas in its budgets and performance r
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Answer:

Spending variance                              $100 unfavorable

Explanation:

The spending variance is the difference between the standard cost allowed for the actual activity and the actual cost of the activity

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Standard cost allowed for the actual activity

=7,850 + (402×203) + (952×112)=                                          196,080

Actual cost                                                                                <u>196,180</u>

Spending variance                                                                       <u> 100</u> unfavorable

6 0
3 years ago
What most likely will happen if the pie maker continues to make additional pies? the marginal costs will continue to rise, incre
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<span>The most probable thing that will happen if the pie maker keeps making additional pies is this: the marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, decreasing the profit. This is to assume that no buyer is interested in purchasing the pies at a certain period of time. </span>
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3 years ago
Read 2 more answers
PLEASE ANSWER ASAP! Which of the following statements are true about brokerage firms? (Select all that apply.)
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Answer:

C and E.

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Brokerage Firms are those firms that acts an a middlemen between the buyer and a seller to expedite a transaction. It is a financial institutions that ease the buying and selling of securities. These companies also charge a amount of fee or compensation on the completion of transactions. A brokerage firm is also known as brokerage company or brokerage.

There are three types of brokerage firms. They are:

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The discount brokerage provides less comprehensive services than the traditional one or the full-service brokerage. These services are provided via online as well by discount brokerage.

So, from the given options the correct options are C and E.

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3 years ago
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Answer: D. Longhorn owns the inventory and should report it on its balance sheet.

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Goods to be sold on consignment for a company means a company is selling goods for another company and will be paid for their services.

In that case, the company being sold for will retain the ownership of the goods because the company that is selling it for them is simply providing a service.

Angus in this scenario are simply holding the goods to sell it and so do not own the goods. Longhorn should therefore record it in their own books as inventory.

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