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Greeley [361]
2 years ago
7

The price elasticity of gasoline supply in the United States is 0.4. If the price of gasoline rises by​ 8%, what is the expected

change in the quantity of gasoline supplied in the United​ States?
A. ​3.2%
B. ​+ 0.32%
C. ​+ 32.0%
D. ​+ 3.2%
Business
1 answer:
Jet001 [13]2 years ago
8 0

Answer:

a

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price

0.4 == quantity / 8  

3.2%

If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.  

Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one

Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.  

Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases  

Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.

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Faughn Corporation has provided the following data concerning manufacturing overhead for July:
creativ13 [48]

Answer: D. Manufacturing overhead was underapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000

Explanation:

The Manufacturing overhead applied is less than the actual manufacturing overhead incurred by:

= 79,000 - 69,000

= $10,000

Manufacturing overhead is therefore underapplied as the amount applied is too low to cover the amount incurred.

The Cost of Goods sold after closing out is:

= Cost of goods sold before closing out + Underapplied manufacturing overhead

= 243,000 + 10,000

= $253,000

6 0
3 years ago
In 2002, a Swedish home electrical appliance manufacturer decided to use the same advertising message wherever it advertised aro
ella [17]

Answer:

Global advertising

Explanation:

Global advertising -

It refers to the method of popularizing a specific goods or services to the whole world , is referred to as global advertising .

Only specific companies or business are able to advertise their products on the global platform and earn some profit .

The example are -

Microsoft , Coca cola , McDonald's etc .

Hence , from the given scenario of the question ,

The correct answer is Global advertising .

7 0
3 years ago
Which of the following statements is FALSE regarding resignations in the workplace? The most qualified employees are often the o
Musya8 [376]

Answer:

The correct option is the statement that reads " If a firm commits to making its environment a good place to work,workers will not leave"

Explanation:

The most qualified employees are always been poached because of the value they add to any organization,hence the first statement is absolute truth.

The second statement  is wrong because there the best working environment cannot stop people from resigning,what in case someone needs to study masters abroad?

A certain level of turnover is healthy since it paves from for new hands with fresh perspective to be hired.

However, when turnovers becomes excessive,it implies a fundamental problem with the workplace.

7 0
3 years ago
The second stage of the consumer buying process is?
zubka84 [21]
Well i suppose the second stage involves the information search of the consumer buying process.<span />
3 0
3 years ago
Real per capita GDP in South Korea in 1957 was about $400, but it doubled to about $800.00 by 1978. a. What was the average annu
miskamm [114]

Answer:

3.33%

Explanation:

Data provided in the question:

Real per capita GDP in South Korea in 1957 = $400

per capita GDP in South Korea in 1978 = $800

Total number of years taken to double the GDP = 21 years

Now,

Using the Rule of 70, which states that

Number of years to double the GDP = 70 ÷ (average annual economic growth rate )

thus,

21 years = 70 ÷ average annual economic growth rate

or

Average annual economic growth rate = 3.33%

3 0
3 years ago
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