READING BUT NOT BORING OR NOT LAME BUT GOOD
Answer:
inversely related to the price elasticity of demand for item in question.
Explanation:
Price can be defined as the amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire goods and services. Thus, it refers to the amount of money a customer or consumer buying goods and services are willing to pay for the goods and services being offered. Also, the price of goods and services are primarily being set by the seller or service provider.
Generally, all businesses and entrepreneurship go into the business of buying and selling or providing services to service takers (consumers) for the sole purpose of making profit and maximizing the profits over time.
At the profit-maximizing level of output, the amount by which a business firm can mark up price is inversely related or proportional to the price elasticity of demand for the item (product) in question. Thus, the amount by which a business firm can mark up price increases as the price elasticity of demand for a item (product) decreases and vice-versa.
A price elasticity of demand can be defined as a measure of the responsiveness of the quantity of a product demanded with respect to a change in price of the product, all things being equal.
Also, a mark-up price is simply the difference between the cost price of a good (product) or service and its selling price.
Answer: 5.725%; 5.55%
Explanation:
The arithmetic average or mean is the sum of a collection of numbers that is divided by the count of the numbers in the collection.
Arithmetic average = Total return ÷ total time period
=(5.1+12.2-3.8+9.4) ÷ 4
= 22.9 ÷ 4
= 5.725%
Geometric average will be:
=[(1+rate1)(1+rate2)(1+rate3)(1+rate4)]^(1/4) - 1
=[(1+0.051)(1+0.122)(1-0.038)(1+0.094)]^(1/4)-1
=5.55%
Answer:
1. Cost of Leather
Leather strips cost $12 as a standard for labor.
Cost of Leather = $12 * quantity
Cost of Leather = $12 * 92,000
= $1,104,000
2. DIrect Labor Cost
Costs $9 per the amount of time it takes to produce the belts.
Labor Cost = 9 * 92,000
Labor Cost = $828,000
