Answer:
1
Explanation:
Elasticity of demand measures the responsiveness of quantity demanded to changes in price.
Elasticity of demand = percentage change in quantity demanded / percentage change in price
Percentage change in quantity demanded = (30/20) - 1 = 0.5 = 50%
Percentage change in price = (1500 / 3000) - 1 = 0.5 = 50%
50% / 50% = 1
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Answer:
The answer is. C) any buyer who is willing and able to pay the price will find a seller for the product.
Explanation:
At a product's equilibrium price, the quantity demanded of the product equals the quantity supplied of the product. So that means that there will always be a supplier willing to sell the product to any consumer who is willing to pay for that product.
Answer:
Consumers should choose to take the flight.
Explanation:
The price of a rental car = $50
Marginal utility from the car = 20 utils
Now find the per dollar utility from car = $50 / 20 = 2.5
The price of a flight = $85
Marginal utility from the flight = 30 utils
Now find the per dollar utility from flight = $85 / 30 = 2.83
Since the per dollar, MU is greater in the case of flight so consumers should choose to take the flight.
Answer:
He should not contribute the property to the partnership.
Explanation:
There is an ensuing loss if the partner contributes the property to the partnership instead of a gain. Partnerships recognize the basis of contributed capital. They usually compare the fair market value with the book value to determine if a loss has been incurred or a gain made. However, the tax consequences of the contributed property will be allocated to the partner making the property contribution.
Answer: B) cars and petrol
