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Dmitry_Shevchenko [17]
3 years ago
10

g The price elasticity of gasoline demand in the United States is 0.4 If the price of gasoline rises by 8 what is the expected c

hange in the quantity of gasoline demanded in the United States Group of answer choices 5 20.0 3.2 3.2 5
Business
1 answer:
Phantasy [73]3 years ago
8 0

Answer: 3.2

Explanation:

The price elasticity of demand shows the change in quantity demanded of a good in response to a change in its price.

Price elasticity of demand = Change in quantity demand / Change in price

0.4 = Change in quantity demanded / 8

Change in quantity demanded = 0.4 * 8

= 3.2

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Value of what they buying....


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3 years ago
1. Describe Village Volvo's service package.
Novay_Z [31]

Answer:

See the explanation for the answer.

Explanation:

1. Village Volvo’s service package involves following 5 service package:-

a) Implicit Service:-Mechanics of Volvo provides very friendly environment with positive attitude. They acts as helping hand to customers by providing them advice/consultancy.

b)  Explicit Service:-Volvo provide high quality of repair services with a reasonable price thereby ensuring that all Volvo vehicles are running smoothly with no problems.

c)   Facilitating goods:-They provide good waiting area for their customers with services such as TV, coffee, soft drink machine newspaper.

d)  Supporting facility: - They occupy new building and keep it neat and clean. This building include all facilities as per requirement.

e)  Information:-Mechanic understand vehicle’s problem first, analyze solution and notify customer with estimated cost and time required.

2. Distinctive characteristics of a service firm illustrated by Village Volvo are:-

a)  Trust

b)  Customer comfort and satisfaction

c)  Respect

3. Village Volvo can manages its back office like a factory by adoption framework of quality management i.e

a)  Giving more importance to safety of its employees.

b)  Stressing more on security of its employees

c)  Create friendly environment for employees to work in and provide employee satisfaction.

d)  Provide a sustainable growth.

4. Village Volvo can differentiate itself from Volvo dealers from following ways:-

a)  Sustainable customer touch points.

b)  Professional mechanics/agents

c)  Through service excellence, village Volvo can create a differentiation.

3 0
3 years ago
Why do many business owners prefer corporations over other forms of business organization?
lianna [129]
Many business owners prefer corporations over other form of business organization because corporation has several advantages:
1. Corporation is a legal entity that is created by the state.
2. It is for an unlimited life span.
3. Transfer of ownership is easy.
4. Corporate form also increases the credibility of a company.
5. Companies also find it easier to raise money in a corporation.
5 0
3 years ago
Scribd outback outfitters sells recreational equipment. one of the company's products, a small camp stove, sells for $50 per uni
artcher [175]
Their income would decrease by $14,000 per month if the change was made.  
First, let's see what the income is right now before changing the sales price. 
8000 * 50 - 8000 * 32 - 108000 
= 400000 - 256000 - 108000 
= 36000  
Now let's calculate a new sales price and sales quantity 
10% less cost = (1.00 - 0.10)*50 = 0.90*50 = 45 
25% more sales = (1.00 + 0.25) * 8000 = 1.25 * 8000 = 10000  
Now let's see the projected profits. 
10000 * 45 - 10000 * 32 - 108000 
= 450000 - 320000 - 108000 
= 22000  
And the difference in net income... 
22000 - 36000 = -14000  
Ouch. Not a good idea. They would make $14,000 less after changing their price.
5 0
3 years ago
(Present value​) The state​ lottery's million-dollar payout provides for ​$3 ​million(s) to be paid over 19 years in 20 payments
blondinia [14]

Answer:

Pv if i is 12%= $1,254,866.53

PV if i=24% = $764,507.77

Explanation:

The stream of cash flows described here is an annuity due, 20 equal payments in equal intervals, with the 1st payment being received today and the last one at the end on the 19th year.

PV=\frac{Pmt[1-(1+i)^{-n}]}{i} *(1+i)

Where Pmt is equal payments made each period

             i is the required rate of return per period

             n is the number of periods

given that i = 0.12

PV = \frac{150,000[1-(1+0.12)^{-20} ]}{0.12} *(1.12) = $1,254,866.53

if i is 0.24;

PV= \frac{150,000[1-(1+0.24)^{-20} ]}{0.24} *(1.24) = $764,507.77

6 0
3 years ago
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