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Mekhanik [1.2K]
3 years ago
9

The market demand for wheat is Q = 100 − 2p + 1pb + 2Y . If the price of wheat, p, is $2, and the price of barley, pb, is $3, an

d income, Y, is $1000. Then what is the income elasticity of wheat?
Business
1 answer:
stira [4]3 years ago
4 0

Answer:

0.95

Explanation:

Given that,

Market demand for wheat: Q = 100 − 2p + 1pb + 2Y

price of wheat, p = $2

price of barley, pb = $3

Income, Y = $1000

Q = 100 − 2p + 1pb + 2Y

   = 100 - (2 × 2) + (1 × 3) + (2 × 1,000)

   = 100 - 4 + 3 + 2,000

   = 2,099

Differentiating Q with respect to Y,

dQ/dY = 2

Income elasticity of wheat:

= (dQ/dY) × (Y ÷ Q)

= 2 × (1,000 ÷ 2,099)

= 0.95

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Riverwood Properties bought three lots in a subdivision for a? lump-sum price. An independent appraiser valued the lots as?
Law Incorporation [45]

Answer:

Explanation:

The cost allocation of each lot is presented below:

                                          (A)                      (B)                            (A × B)

Lot       Appraised Value  Percentage  Purchase value          Allocated cost      

Lot 1        $76,500               15%               $355,000                 $53,250

Lot 2       $229,500             45%             $355,000                  $159,750

Lot 3      $204,000             40%            $355,000                   $142,000

Total      $510,000              100%                                              $355,000

Now the journal entry would be

Land - Lot 1 $53,250

Land - Lot 2  $159,750

Land - Lot 3   $142,000

     To Cash A/c $355,000

(Being the lots are purchased for cash)

8 0
3 years ago
Brady Company entered into these transactions during May 2022, its first month of operations.
Monica [59]

The effect of each transaction on the accounting equation is to be shown in the attachment below.

The following information should be considered:

  • In the accounting equation, the total assets should be equivalent to the total liabilities & the shareholder equity.
  • It determined the financial position, performance of the company.
  • It is known as the presentation of the balance sheet.

In this way, the accounting equation should be prepared.

Learn more: brainly.com/question/14689492

4 0
2 years ago
In a retail cash sales environment, which of the following controls is often absent?
JulijaS [17]

Answer:

The correct answer to the following question is option b) Separation of functions.

Explanation:

In a retail environment , the cash management process starts when a customer pays the cashier for the product or services he or she has purchased. The cashier then counts the cash in till drawer and then at end of the day cashier takes that cash to the third party who can be either manager or owner or a supervisor. Then cashier would receive a receipt against the cash for till drawer.

Now supervisor would collect cash from all the cashier and prepare the cash to be deposited in bank. So from this process it is quite clear that here there is separation of functions here and while all other options given in the question are present in the process.

6 0
3 years ago
When GE appointed Jeff Immelt--a white male and long-time GE executive--to succeed Jack Welch--also a white male--as their new C
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Answer:

Stability

Explanation:

When a company wants to make a transition in leadership there are various strategies being such change depending on business needs.

For example a company may want a strategic change, an ambiguous change, an innovative change, or a stable change.

In the given scenario GE appointed Jeff Immelt a white male and long-time GE executive to succeed Jack Welch also a white male as their new CEO.

There is no change in the profile of the new leader, and the fact that he is a long-time GE executive shows they want to maintain the same traditions as before.

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3 0
3 years ago
wist Corp. has a current accounts receivable balance of $330,800. Credit sales for the year just ended were $3,804,200. a. What
Alex17521 [72]

Answer:

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Explanation:

<u>Receivables Turnover Ratio</u>

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Receivables turnover ratio measures how many times a company's receivables are converted to cash in a period. A high receivables turnover ratio can indicate that a company’s collection of accounts receivable is efficient and that the company has a high proportion of quality customers that pay their debts quickly.

<u>Days' sales in Receivables/ Average Collection Period</u>

Days' sales in receivables = 365 days / Receivables turnover

                                            = 365 / 11.50

                                            = 31.74 days

On average, credit customers took 31.74 days to pay off their accounts.

The days' sales in receivable ratio which is also known as the average collection period tells you the number of days it took on average to collect the company's accounts receivable during the past year.

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