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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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                                                 Wayman Corporation  

                        Income Statement for the year ended Dec 31, 2018  

 

Sales Revenue                                                      $348,000  

Less: Cost of Goods Sold                                      $124,000  

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  Total General & Admin Expenses   $44,000    

 Total Operating Expenses                                     $102,000    

Income from Operations                                     $122,000    

Other Expenses  

Interest Expense                                                     $14,000    

Income before income taxes                              $108,000    

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Net Income                                                              $64,000  

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