Which of the following would be considered a

When the price of good y increases by 10% it will result in the quantity demanded of x to increase by (0.6*10) =6%. The current quantity demanded of good x is 10 so a 6% increase will mean the quantity demanded of x will be (1.06*10)= 10.6

Explanation:

The cross elasticity of goods x and y is 0.6, which means that a one percent increase in price of good y will increase the demand for good x by 0.6%, this means that x and y are substitute goods, as when the price of y increases people tend to buy more of x.

When the price of good y increases by 10% it will result in the quantity demanded of x to increase by (0.6*10) =6%. The current quantity demanded of good x is 10 so a 6% increase will mean the quantity demanded of x will be (1.06*10)= 10.6

8 0

3 years ago

Haack Inc. is a merchandising company. Last month the company's cost of goods sold was $70,600. The company's beginning merchand

dexar [7]

Answer:

$84,100

Explanation:

Haack incorporation cost of goods last year was $70,600

The beginning merchandise inventory was $16,500

The ending merchandise inventory was $30,000

Therefore the total amount of purchases can be calculated as follows

Cost of goods= beginning inventory + purchases-ending inventory.

70,600= 16,500+purchases-30,000

70,600-16,500= purchases - 30,000

54,100 = purchases - 30,000

54,100+30,000= purchases

Purchases= 84,100

Hence the total purchases is $84,100

3 0

3 years ago