1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
almond37 [142]
3 years ago
5

If income increases by 10% and, in response, the quantity of housing demanded increases by 7%, then the income elasticity of dem

and for housing is A) -1. B) -0.7.
Business
1 answer:
Katen [24]3 years ago
4 0

Answer:

the income elasticity of demand is 0.7

Explanation:

The computation of the income elasticity of demand is shown below:

As we know that

Income elasticity of demand is

= Percentage change in quantity demanded ÷ Percentage change in income

= 7 ÷ 10

= 0.7

hence, the income elasticity of demand is 0.7

The same is relevant

You might be interested in
In the​ video, Walmart's creation of small retail stores that offer the convenience customers​ can't find in​ Walmart's larger s
Tresset [83]

Answer: THREAT OF SUBSTITUTE PRODUCTS.

Explanation:Porter's model was developed by a Harvard business school Lecturer known as Michael E. Porter in 1979. Michael E. Porter developed a Five Forces model that identifies and analyzes five competitive forces that shape every industry, and determines an industry's weaknesses and strengths.

The five competitive forces are as follows;

COMPETITIVE RIVALRY which determines the strength and number of your competitors.

SUPPLIER POWER which determines the uniqueness of the supplies given to you by your suppliers and the number of suppliers you have etc.

BUYER POWER which evaluates how many buyers you have,how easy it is for them to buy your products etc.

THREAT OF SUBSTITUTION which evaluates how easy it is for your buyers to buy another substitutes to your product etc.

THREAT OF NEW ENTRY which evaluates the ability or easy access of new products to penetrate the market,how well you are to maintain your strength etc.

4 0
3 years ago
In what way does the kettle falls five case illustrate a weakness of a federal system? choose the best answer.
almond37 [142]

The kettle falls five case illustrate a weakness of a federal system in such a way that f<span>ederalism limits political power and that it depends on compliance of state.</span>
<span>The federal system also aggravates the efficiency in awareness of Policies and its implementation. The kettle falls five case was very surprising.</span>

6 0
3 years ago
It costs​ Homer's Manufacturing to produce baseballs and Homer sells them for a piece. Homer pays a sales commission of​ 5% of s
Nonamiya [84]

Answer:

$105,075

Explanation:

The computation of the operating income is shown below:

Sales (4 × 69,500)                                              $278,000

Less:Variable costs (0.95 × 69,500 + 5% × 278,000)  $79,925

Contribution margin                                                     $198,075

Less: fixed cost (13,000 + 80,000)                      $93,000

Net operating income                                                 $105,075

We simply deduct the variable cost and the fixed cost from the sales to arrive at the net operating income

4 0
3 years ago
Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 2002 has been selected
olchik [2.2K]

Answer:

c. 108.3

Explanation:

Calculation to determine what The value of the CPI in 2004 was:

Using this formula

Consumer Price Index (CPI) 2004 = (2004 Basket cost / Base year basket cost) x 100

Let plug in the formula

Consumer Price Index (CPI) 2004 = (650 / 600) x 100

Consumer Price Index (CPI) 2004 = 108.3

Therefore The value of the CPI in 2004 was:108.3

5 0
3 years ago
On December 31, management had determined that it would not be able to collect the $1,200 owed to it by one of its customers. On
mario62 [17]

Answer:

a. Journal entries to record the reinstatement of the account receivable

Account Title and Description                           Debit     Credit

Account receivable account                                $600

       Allowance for Doubtful Accounts account                $600

(Reinstatement of the account receivable)

b. Journal entries to record the receipt of cash

Account Title and Description             Debit     Credit

Bank Account                                        $600

        Account receivable account                        $600

(Receipt of cash)

5 0
3 years ago
Other questions:
  • In using the high-low method, the fixed cost is determined by subtracting the total cost at the high level of activity from the
    13·1 answer
  • A teacher is working to teach a student with intellectual disability new skills. given the student's functioning level, the teac
    15·1 answer
  • On may 1, newtown motors, a used-car dealer, wrote a letter to o'reilly, which stated, "we have a 1969 pontiac firebird in mint
    14·1 answer
  • Lydia works at a medical facility in which all employees are required to wear white shoes. lydia does not agree with this rule.
    11·1 answer
  • A stockholder in a Subchapter S corporation:
    6·1 answer
  • Many demographers predict that the United States will have zero population growth in the twenty-first century, in contrast to av
    6·1 answer
  • Consider each of the transactions below. All of the expenditures were made in cash.
    13·1 answer
  • Question 18 of 20
    9·1 answer
  • Appraisers rely on recently completed transactions of similar properties to guide their selection of the cap rate to be used to
    14·1 answer
  • Which is the best general statement about the role of government in business in the United States? O A. Government determines wh
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!