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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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The bank is considering paying interest to customers carrying daily checking account balances in excess of a certain amount. If
olya-2409 [2.1K]

Answer:

If the amount is 1 for example,

And the bank does not want to pay more than 4%, then the amount will be,

4/100 ×1= 0.04

5 0
3 years ago
A credit entry was recorded for unearned revenue and a debit for cash. What does this entry indicate?
rusak2 [61]

Answer:

This means that there is an increase in cash(cash has been collected). And for the unearned revenue which is a liability, there is an increase in the liability

Explanation:

This means that there is an increase in cash(cash has been collected). And for the unearned revenue which is a liability, there is an increase in the liability.

Note: Debit side increases asset(cash) and expenses while credit side decreases liability,income and equity.

Credit side decreases asset(cash) and expenses while debit side increases liability,income and equity.

7 0
2 years ago
Please help!! URGENT! Question & answers in photo
FinnZ [79.3K]

Answer:

its black? or is it just mine

Explanation:

8 0
2 years ago
Read 2 more answers
Item 6 In Year 1, Lee Inc. billed its customers $57,600 for services performed. The company collected $41,200 of the amount bill
katrin [286]

Answer: $57,600

Explanation:

Accounting works by the Accrual basis. What this means is that transactions are recorded in the period they occur not in the period they are paid for.

In the above, Lee Inc. billed its customers $57,600 for services performed during the year. This is a service company and since their revenue comes from billings, this is their revenue for the year.

It does not matter that some of the services have not been paid for, it matters that the services were performed during the year.

5 0
3 years ago
Inflation is a general rise in the level of prices experienced by people in a nation.
vladimir2022 [97]

Answer:

True.

Explanation:

Inflation is an economic term that can be defined as the increase in the prices of a product on the market in a given period.

It can occur due to several factors, when there is an imbalance between supply and demand, then it is correct to say that when the demand for a product is greater than the supply, there will be an increase in prices and, consequently, inflation.

It can also occur when there are situations of monopoly, which is the pricing of a product controlled by a company.

Another factor that causes inflation is the increase in a company's production costs, which can be caused by factors such as scarcity, or economic crisis.

Uncontrolled inflation has a negative impact on the consumer's life, which starts to lose its purchasing capacity and has its quality of life reduced.

4 0
2 years ago
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