An elastic products prices are responsive to changes in demand. Generally, the necessity of the product is related to it's elasticity. For example, insulin is essential for diabetics, so the price is extremely inelastic—people will pay any amount because it is a life or death situation. The price of a new MP3 player can be inelastic, especially because results show that people want the newest thing, and will pay more if it works better than the previous model. Additionally, the price of "scalper" tickers to the World Series will increase by demand, but they will still sell regardless. The price of dairy products, however, is rather elastic; this is because when the price rises, people switch to a cheaper brand. The difference between an inelastic and elastic product is that elastic products have substitutes, whereas inelastic products have no substitutes (or sometimes very few).
Answer: A. the price of dairy products
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Answer:
B. leveraging the expertise of people across the organization
Explanation:
The correct option is - 3 ( "Money spent last month repairing a damaged front fender" )
<u>Explanation:</u>
Sunk cost means the cost that has been already incurred in the past and cannot be recovered. This implies that sunk costs should be not be considered in future decision making of the project, because these are the cost that can not be changed with under taking the project or not. The significant aspect about this costs is that they shouldn't be allowed to influence subsequent decisions.
With the theatre ticket example, there's an opportunity to leave the theatre at the intermission and spend the rest of your evening doing something else more enjoyable. If you don't like the play then you might decide to leave, but the sunk cost of the ticket shouldn't influence your decision to stay or leave.
Answer:
of changes in the elements of the accounting equation. A useful way to conceptualize the accounting equation is that the left side (assets), "is what the Owner has" and the right side (liabilities + owner's equity) "is the method by which the Owner obtained the asset"
Explanation:
Answer:
9.61 years
Explanation:
For this question , we use the NPER formula that is presented in the attached spreadsheet
Given that,
Present value = $12,000
Future value = $30,000
Rate of interest = 10%
PMT = $0
The formula is shown below:
= NPER(Rate;PMT;-PV;FV;type)
The present value come in negative
So, after solving this, the answer is 9.61 years