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kozerog [31]
2 years ago
14

Suppose the demand for roses increases from 500 to 600 stems when income rises from $10,000 to $20,000. Income elasticity for ro

ses is:__________
Business
1 answer:
Readme [11.4K]2 years ago
3 0

Answer:

Demand   Income    % Δ in Demand    % Δ in Income   Elasticity

500            10000

600            20000          18.18%                  66.67%             0.2727

The formula for midpoint elasticity = ((600-500)/((600+500)/2))/((20000-10000)/((20000+10000)/2)) = 0.2727

As the elasticity value is 0.2727 is less than 1, the good is slightly elastic and the good is normal good as the demand increases with the increase in income.

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babunello [35]
It depends ob your situation. For example, in the office situation, if you came late for a special meeting (like people coming from other countries just to visit you), then you would most probably won't see the meeting again!


I hope it helpd you!
5 0
3 years ago
Stately Crafters is a custom manufacturer of hand-crafted furniture. The company has 101 locations throughout the country and re
Angelina_Jolie [31]

Answer: (D) Organic

Explanation:

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4 0
3 years ago
In 2018, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method.
babunello [35]

Answer: The journal entry is as follows:

Explanation:

Given that,

Barton and Barton company's inventories were $32.6 million at December 31st, 2017

But the records of B and B's company indicated that inventories would have totaled $24.1 million  December 31st, 2017

Therefore, the journal entry for the adjustment in the records of B and B's company in 2018 is as follows:

                                             <u>Debit</u>                  <u>Credit</u>

Retained Earnings A\c       $8.5 million

To Inventory                                                      $8.5 million

Retained Earnings = $32.6 million - $24.1 million

                               = $8.5 million

6 0
3 years ago
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8 0
3 years ago
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TiliK225 [7]
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