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ivann1987 [24]
3 years ago
10

If a 7% increase in the price of cheese causes a 7% reduction in the total revenue received by cheese farmers, the demand for ch

eese is:A.Inelastic.B.Elastic.C.Unit elastic.D.Infinite
Business
1 answer:
Vanyuwa [196]3 years ago
5 0

Answer:

C.Unit elastic

Explanation:

Unit elastic demand is the term that describes a scenario where a change in price causes a proportionate change in demand. It is one of the types of elastic demand. A good or service is said to have elastic demand if a small change in price causes a considerable change in the quantity demanded.

In the unit elastic demand, if a product price changes by a certain percentage, the demand will change by an equal percentage. In this scenario, a 7 percent price increase results in a 7 percent decrease in demand.

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Investing is best for
nexus9112 [7]

Answer:

whats the question this is just a statement?

Explanation:

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6 0
3 years ago
An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement F
yawa3891 [41]

Answer:

The contribution margin for Sam's Bookstore for the first quarter is 0.84 or 84 %

Explanation:

Contribution Margin = Contribution ÷ Sales

Where,

<em>Contribution = Sales - Variable Costs</em>

where,

Sales :

Sales = $ 900,000

Number of Books Sold = $ 900,000 ÷ $50

                                      = 18,000 books

Variable Costs Calculation :

Cost of goods sold                                                           $630,000

Variable selling expenses ($5 × 18,000 books)               $90,000

Variable administrative expenses( 4% × $ 900,000)       $36,000

Total Variable Costs                                                         $756,000

Therefore,

Contribution Margin =  $756,000÷  $ 900,000

                                  = 0.84 or 84 %

7 0
3 years ago
Explain how the basic economic problems are solved under capitalism?​
kotykmax [81]

Under capitalistic economy, allocation of various resources takes place with the help of market mechanism. Price of various goods and services including the price of factors of production are determined with help of the forces of demand and supply. Free price mechanism helps producers to decide what to produce

I hope tis helped you <3 also can u mark me as the brainliest it will help me level up

6 0
3 years ago
Read 2 more answers
Discuss the value of technology in business.
Anna35 [415]

Answer:

The vaule of technology in business is very important like the most important of the business because it help keeps tracks of things,  save database, and it help the business grow.

7 0
3 years ago
Which of the following statements is CORRECT?
Kaylis [27]

A, B, D ,and E statements are correct

Explanation:

The main reason for the annual report is that it is utilized by investors when they expect future income and dividend from the company as well as the risks associated with those cash flows.

The statement of income shows the difference between the income and costs of a company–that is, its profits–over a given duration. Nevertheless, any income reported comes in cash and the expenditure reported always reflects cash expenditures. There will therefore be no substantial difference for the same period between a company's profits reported and its real cash flow.

Suppose all companies follow generally accepted standards of transparency. Two years ago, both companies started operations with similar fixed assets worth $1 million, and neither company sold either or purchased any of these properties. All firms would have to report to their balance sheets the same amount of net fixed assets as the statements are sent to creditors.

Assets other than currency are expected to produce cash over time and the amount of cash they generate will be the same as the amounts on the ledger.

5 0
3 years ago
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