Elastic demand means that consumers are sensitive to price and that increased prices can lead to lower sales. There isn't enough information to fully answer this question. We don't know how elastic the demand is. If the demand is only slightly elastic, the increased price and lower demand could still equal higher profits.
Answer:
The Capability Index for this process is 1.04. The right answer is B
Explanation:
According to the given data we have the following:
μ = 31 Seconds
USL = 45
LSL = 10
Standard deviation σ= 4.5
Therefore, in order to calculate the Capability Index for this process we would have to use the following formula:
Cpk=Min<u>(
USL-μ</u> , <u>μ-
LSL</u>)
3×σ 3×σ
Cpk=Min<u>(
45-31</u> , 31<u>-
10</u>)
3×4.5 3×4.5
Cpk = Min ( 1.04,1.56) = 1.04
The Capability Index for this process is 1.04
Explanation:
The preparation of the end December Income statement for Cowboy Law Firm is presented below:
Cowboy Law Firm
Income statement
Revenue
Service Revenue $7,900
Total revenues $7,900 (A)
Less: Expenses
Salaries expense $1,500
Utilities expense $1,000
Total expenses $2,500 (B)
Net income $5,400 (A- B)
Answer:
C) $50,000,000
Explanation:
The aggregate rent is the surplus earned by the lawyers for operating over their cost at this market equilibrium.
In the picture attached, the rent is showed graphically.
At PL=$250 per hour, the amount of demanded hours is QL=1,000,000.
The oportunity cost at a zero hours level is PL(0)=$150.
The rent can be calculated as:
The aggregate rent is $50,000,000.
The AAA payed farmers to reduce their production in order to raise prices.
