Answer:
cross price elasticity of demand = 1.8
Explanation:
cross price elasticity of demand = % change in quantity of X / % change in price of Y
cross price elasticity of demand = 9% / 5% = 1.8
When the cross price elasticity of demand is positive, it means that the products are substitutes. If the cross price elasticity is negative, then the products are complements.
C. Accounts Payable
Income tax expense is the amount that your company calculates for taxes, whereas income tax payable is the actual amount calculated by the IRS that the company owes which is recorded as a liability in accounts payable until the tax bill is paid off.
Answer:
People often use the terms free enterprise, free market, or capitalism to describe the economic system of the United States. A free enterprise economy has five important characteristics. They are: economic freedom, voluntary (willing) exchange, private property rights, the profit motive, and competition
Explanation:
People often use the terms free enterprise, free market, or capitalism to describe the economic system of the United States. A free enterprise economy has five important characteristics. They are: economic freedom, voluntary (willing) exchange, private property rights, the profit motive, and competition
Answer:
$27,500
Explanation:
As mention in the question the company selling the 2000 seats
also the manufacturing cost is =$40
Direct labor cost =$15
As the seat company A =500 seats
So the Direct Material Cost= seat company A allotment *manufacturing cost
=500*40
=$20,000
Also the Direct labor cost =seat company A allotment *direct labor cost
=$500*$15
=$7500
Therefore the total relevant cost of the firm is
=Direct Material cost +Direct labor cost
=$20,000+$7500
=$27,500
Answer:
A. An asset would be debited and a Liability credited.
Explanation:
Purchasing on account means buying on credit. The debts of the business increase. As a result, liabilities increase.
Equipment is a business asset. Purchasing equipment increases assets.
In the double-entry accounting system, An increase in an asset is recorded by debiting the asset account. An increase in liabilities is captured by crediting the liabilities account.
