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Sunny_sXe [5.5K]
3 years ago
5

If soybean farmers know that the demand for soybeans is inelastic, in order to increase their total revenues they should a. use

more fertilizers and weed killers to increase their yields. b. plant additional acres to increase their output. c. reduce the number of acres they plant to decrease their output. d. Both a and b are correct.
Business
1 answer:
charle [14.2K]3 years ago
5 0

Answer: Option C

                                     

Explanation: In simple words, inelastic demand refers to a situation when the demand of the buyer does not change as per the price of the commodity. Thus, the price does not increase or decrease with decrease or increase in demand.

Hence the farmers should decrease the supply as there would be no profit for them to supply a product that has an inelastic demand.

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Which of the following statements is true about marginal revenue?
shutvik [7]

Answer: Option B

Explanation: Marginal revenue is the additional revenue from selling one more unit.

A. Marginal revenue equals zero means there is no additional revenue from selling one more unit, the demand could be positive.

B. Negative marginal revenue shows that the  revenue earned from selling additional unit is less than the additional unit sold before.

C. Positive marginal revenue shows that the revenue earned from selling additional unit is more than the additional unit sold before.

D. Marginal revenue increases when price and quantity both increases.

5 0
3 years ago
Suppose Lisa's utility function is 4XY, where X is the consumption of beer and Y is consumption of pizza. For this utility funct
Evgesh-ka [11]

Answer:

Bundle 1: Beer = 2; Pizza = 6

Bundle 2: Beer = 3; Pizza = 4

Bundle 3: Beer = 4; Pizza = 3

Bundle 4: Beer = 12; Pizza = 1

Explanation:

Given that;

Lisa utility function UF(X,Y) = 4XY

where;

X = beer

Y = Pizza

MU_X = 4Y

MU_Y = 4X

The utility level = 48

so, UF(X,Y) = 4XY

putting different values of X (i.e beer ) given to us in this equation, we can calculate the values of Y(i.e pizza) to fulfill the utility

So; when X (beer) = 2

48 = 4×2×Y

48 = 8Y

Y = 48/8

Y = 6

Thus, Bundle 1: Beer = 2; Pizza = 6

when X (beer) = 3

48 = 4×3×Y

48 = 12 Y

Y = 48/12

Y = 4

Thus; Bundle 2: Beer = 3; Pizza = 4

when X (beer) = 4

48 = 4×4×Y

48 = 16 Y

Y = 48/16

Y = 3

Thus; Bundle 3: Beer = 4; Pizza = 3

when X(beer) = 12

48 = 4×12×Y

48 = 48 Y

Y = 48/48

Y = 1

Thus; Bundle 4: Beer = 12; Pizza = 1

3 0
3 years ago
Below are the transactions for Ute Sewing Shop for March, the first month of operations.
balandron [24]

Answer:

Explanation:

March 1

Cash  1700

    Share Capital 1700

To record the issuance of shares

March 3

Equipment 1400

  Cash           1400

To record the purchase of equipment on cash

March 5

Rent Expense 470

    Cash               470

To record the rent expense

March 7

No entry neither cash nor serves are provided.

March 12

Purchase 117

  Cash           117

To record the purchases

March 15

Cash 670

 Income 670

To record the services Income.

March 19

Advance 570

     Payable   570

To record the advance cash receipt for services not yet provided thus advance is our liability.

March 25

Payable 228    570/25*10

   Income    228

To record the services income against advance given.

March 30

Utilities Expense   82

    Cash                      82

To record the monthly utilities expense

March 31

Dividend Pay  85

       Cash              85  

To record the payment of dividend.

2)

                                <u>Share Capital Account</u>

                                                 Opening =    0

                                                   Cash          1700

          <u>Closing=1700</u>                 <u>                            </u>

 

                                     <u>Cash  Account</u>

Opening = 0

share capital   1700                              Equipment          1400

                                                               Rent                   470

                                                                Purchase           117

Income             670

Adv. Pay           570

                                                                  Utilities             82

                                                                   Dividend          85

                                                                   <u>Closing balance- 786</u>    

     

                                       <u>Equipment</u>

Opening = 0

Cash           1400

                                                             <u>Closing-1400</u>

                                       <u>Rent Expense</u>

Opening = 0

Cash           470

                                                             <u>Closing-470</u>

                                       <u>Purchase Expense</u>

Opening = 0

Cash           117

                                                             <u>Closing-117</u>

                                <u>Income Account</u>

                                                 Opening =    0

                                                   Cash          670

                                                    Payable     228

      <u>Closing- 898</u>                                           <u>                            </u>

                                <u>Payable Account</u>

                                                             Opening =    0

                                                             Cash          570

Income 282

<u>Closing-342</u>                                           <u>                            </u>

                                       <u>Utilities Expense</u>

Opening = 0

Cash           82

                                                             <u>Closing-82</u>

                                   <u>Dividend</u>

Opening = 0

Cash           85

                                                             <u>Closing-85</u>

3)                     Trail Balance

     Head Of Account                           Debit                    Credir

Cash                                   786  

Share Capital                                           1700

Equipment                           1400  

Rent Expense                                                   470  

Purchases                            117  

Income                                                           898

Payable                             342

Utilities                                     82  

Dividend                                            85  

Total                                   2940                 2940

7 0
3 years ago
How long does a trademark last? _____ five years fifteen years twenty years ten years
valina [46]

Answer:

10 years.

Explanation:

3 0
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For most people, the purchase of a Ford automobile would employ which type of consumer decision making? a.Generic decision makin
sashaice [31]

Answer:

1. B

2. E

Explanation:

1. Consumer or buyers use the extended decision making as it is that decision making which involves high level of the purchase involvement, extensive internal and the extensive information search with complex evaluation of the alternatives. In case of automobiles, buyers will choose the extended decision making as it is expensive, infrequently purchased products.

2. As there is involvement of high risk of financial loss in the future purchasing power, for people or consumer, the automobiles have the situational involvement, it is the short term state which directs towards the attaching relevance of a situation or person. In other words, it is an state where, it establish a level of involvement when a consumer or person think of a specific situation or object.

8 0
3 years ago
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