Answer:
Income elasticity of demand for snarfblatts is 1.
Explanation:
the consumer spends 20% of the income on snarfblatts, thus the percentage change in consumption of the snaerblatts is equal to the percentage in income, that is:
Elasticity = % change in demand of snarfblatts/% change in income
= 1
Therefore, Income elasticity of demand for snarfblatts is 1.
Answer:
110,000 units
Explanation:
<u>Calculation of the equivalent units of production for materials in June</u>
Beginning work in process 20,000
Units started and completed (90,000-10,000) 80,000
Ending work in process <u>10,000</u>
Equivalent units of production for materials for June <u>110,000</u> units
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<h3>What is fair test?</h3>
Fair test is used to investigate in research, the researcher keeps some variable as constant while other are changed and not constant to get effective answers. Fair test can be used to generate accurate answers in research.
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Answer:
b. maximum amount of output that can be produced given the labor force, capital stock, and technology.
Explanation:
GDP refers to the gross domestic product which reflects the finalized value of the goods and services produced domestically
On the other side, the potential GDP refers to the maximum level of output that can be produced by considering the labor force, capital stock, technology by taking the constant inflation rate
Therefore option b is correct