The demand for ben & jerry's ice cream will likely be more price elastic than the demand for dessert.
<h3>What is the elasticity of Demand?</h3>
When all other conditions are equal, the elasticity of demand is a concept in economics that quantifies how responsive consumers are to shifts in the quantity desired as a result of a price adjustment. In other words, it demonstrates the number of things consumers are willing to buy as the cost of those products rises or falls.
By dividing the percentage change in quantity by the percentage change in price during a specific period, the elasticity of the demand formula is computed. It appears as follows:
Elasticity is defined as % change in quantity / % change in price.
The quantity demanded as a result of a percentage change in a product's price is hence the measure of demand elasticity. Demand can be elastic or inelastic depending on whether products' demand is more responsive to price fluctuations. When a product's demand is flexible, the desired quality is extremely responsive to price variations. When a product's demand is rigid, the desired quality does not adapt well to price variations.
Therefore, The demand for ben & jerry's ice cream will likely be more elastic than the demand for dessert.
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Answer:
The computation is shown below:
Explanation:
a. The company overhead rate based on direct labor is
= Total Overheads ÷ Direct Labor Hours
= $1,048,000 ÷ 40,000
= $26.2 per hour
b) Overheads Rate using Activity Based Costing is
= Cost ÷ Activity level
For Order Processing, it is
= $226,800 ÷ 14,000 orders
= $16.2 per order
For setups, it is
= $157850 ÷ 4,100 setup
= $38.5 per setup
For Milling, it is
= $395,850 ÷ 20,300 machine hours
= $19.5 per machine hour
For Shipping
= $267,500 ÷ 25,000
= $10.7 per shipment
We simply applied the above formula so that the per unit could come
Answer:
d) a bond issued by the U.S. government
Explanation:
A bond issued by the US government will be expected to pay the lowest interest rate because the default risk is almost 0 with the US government which means that it is a risk free investment for the lender. The investor will be willing to lend money to US government at the lowest interest rate out of all the options because it is the safest investment therefore the investor's required rate of return is the lowest for US government.
Answer:
labor input pairs of jeans marginal physical value of marginal
per day product physical product
0 0 0 0
1 10 10 $300
2 36 26 $780
3 56 20 $600
4 68 12 $360
5 74 6 $180
6 76 2 $60
7 76 0 0
8 74 -2 -$60
The marginal revenue product is the value of marginal physical product, and you calculate it by multiplying marginal physical product times the unit price of the pair of jeans.
