Answer:
im a genius but not this smart
Explanation:
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Answer:
The answer is: George will win the lawsuit
Explanation:
George and Mary had a legal binding contract, in which each party agreed to:
- Mary agreed to pick up George's horses and care for them during his two month trip.
- George agreed to pay Mary for her work as horse keeper.
If Mary breached the contract by failing to perform her part, George is entitled to sue her.
<span>Wiley CPA Exam Review 2010, Auditing and Attestation explained this on an exam that the auditor should issue a report to comply with the law on internal control and also to document financial information. The yellow book becomes an auditing standard that provided uniformity on reports.</span>
Answer:
The opening balance is the amount of money that is available in the bank at the beginning of each financial period, such as the start of each month or each year. It is the amount brought forward and first figure entered in the account at the beginning of each period. When the amount is newly opened, the opening balance is the first amount entered in the account
Therefore, the opening balance is the difference between the closing balance and the deposit less the withdrawals within a period
Closing Balance = The Opening Balance + Total Income - Total Expense
Therefore;
<em>The Opening Balance = Closing Balance - Total Income + Total Expense</em>
Explanation:
Answer:
A low-price strategy
Explanation:
Price elasticity of demand is the responsiveness of quantity demand to a change in price. It is calculated by dividing the % change in quantity demanded by the % change in price.
- Perfectly elastic demand: Even no changes in price causes a change in quantity demanded (horizontal demand curve)
- Elastic demand: Change in price causes a relatively higher change in quantity demanded (Sloped demand curve, PES > 1)
- Unitary elastic demand: Change in price causes the same change in quantity demanded (PES = 1)
- Inelastic demand: Change in price causes a relatively lower change in quantity demanded (Steep slope in demand curve, PES < 1)
- Perfectly inelastic demand: Even with changes in the price, there is no change in the quantity demanded (vertical demand curve).
In this case, demand for hamburgers by both students and faculty is elastic since it is 4 and 3 respectively and hence higher than 1. Thus, any change in price will cause a higher change in quantity demanded.
Note: <em>The negative figures DOES NOT mean less than 1. The negative figure is because price and quantity demanded have an inverse relationship (when one rices, the other falls). Hence, even -4, -3, -6 are all elastic. However, -0.2, -0.9 and such are considered inelastic. </em>
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When demand is elastic, a fall in price will help to maximize total revenue and profits, because when price falls by a certain amount, demand will increase by a much larger amount. Thus, in order to maximize profits, a low-price strategy should be used. In this low price strategy, students should be charged lower than faculty members, since students have a more elastic demand compared to faculty members. For example, students can be charged $5.6 and faculty members $5.8
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