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dem82 [27]
3 years ago
12

Read the attached file

Business
1 answer:
Ulleksa [173]3 years ago
4 0

Answer:

1)

A good without any good substitutes is likely to have a relatively low elasticity of demand. Low elasticity of demand means that consumers cannot replace the good with substitutes when the price goes up.

2)

The yacht is likely to have the more elastic demand because it is a luxury good that people can easily forgo in case they do not have enough income. An amputation procedure for a diabetic on the other hand, is a medical issue that is will have an extremely inelastic demand. In other words, patients will pay any necessary amount for the procedure, because it is vital for their lives.

3)

Food as a whole will be the least elastic because people cannot go without food, and it is one of the most basic necessities that need to be covered.

Vegetables will be in between. They are one essential food group, but they could be replaced in some cases.

Red bell peppers is the most elastic good because it is akin to a luxury good in the sense that is not objectively necessary to consume for anything other than flavor, and as a spice, it has many close substitutes.

4)

The demand for natural gas will tend to be less elastic in the short run than in the long run. In the short-run, people will have to continue buying natural gas even if the price rises, but in the long-run, many people will opt for other alternatives like electric cars.

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Could somebody do my quiz for me on e2020?<br> don't fail make good grades
Gre4nikov [31]

By the looks of it you already got it taken care of but thanks for the points ;)

4 0
2 years ago
Happy Helpers Maid Service is calculating its standard direct labor rate. The direct labor rate is $19 per hour. Happy Helpers i
marshall27 [118]

Answer:

$24.28

Explanation:

Direct labor rate = $19    Payroll tax expense = 12%  Costs for sick minus days = $3

112% of $ 19 = $21.28

Fringe benefits = $3

Total= 21.28+3 = $24.28

7 0
3 years ago
If the contribution margin ratio for france company is 45%, sales were $425,000, and fixed costs were $100,000, what was the inc
Semenov [28]

Answer:

d. $91,250

Explanation:

We can calculate variable costs by using the contribution margin ratio formula.

Contribution Margin Ratio= Sales revenue Less Variable Costs/Sales revenue

45%= $ 425,000- Variable Costs / $ 425,000

45% * $425,000= $ 425,000 -Variable Costs

$ 191250= $ 425,000- Variable Costs

Variable Costs = $ 425,000- $ 191250

Variable Costs = $ 233750

Sales $ 425,000

Variable Costs 233750

Fixed Costs= $ 100,000

Income from Operations= $ 91250

7 0
3 years ago
Ramort Company reports the following cost data for its single product. The company regularly sells 21,500 units of its product a
Fittoniya [83]

Answer:

Gross margin= $744,760

Explanation:

<u>The absorption costing method includes all costs related to production, both fixed and variable.</u> The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

Unitary fixed overhead= 52,900 / 21,500= $2.46

Total unitary production cost= 10.3 + 12.3 + 3.3 + 2.46= $28.36

<u>Now, the gross margin:</u>

Gross margin= sales - COGS

Gross margin= 21,500*63 - 21,500*(28.36)

Gross margin= $744,760

7 0
3 years ago
Which of the following items does not result in an adjustment in the merchandiseinventory account under a perpetual system?
pychu [463]

Answer:

c.Payment of freight costs for goods shipped to a customer

Explanation:

In the inventory account management using the perpetual system, whenever there is an event that may result in a change in the carrying value of inventory, the quantity of the change is immediately determined and adjusting entries are posted.

Examples of such events include purchase of merchandise inventory, return of merchandise inventory to the supplier, .Payment of freight costs for goods received from a supplier (this forms part of the cost of inventory).

From the options given, the only entry that will not result in an adjustment to inventory is c.Payment of freight costs for goods shipped to a customer. This will form part of the selling and distribution cost under operating expenses.

3 0
2 years ago
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