Select the correct answer.

The demand for emeralds tends to be very elastic. This is because emeralds are more of a _____________. It also means that a 33%

Natalka [10]

Answer:

C) luxury item, an increase

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price.

An elastic demand means a small change in price leads to a greater change in quantity demanded.

A luxury good is a good that isn't a necessity. They are usually bought as a status symbol.

Luxury goods usually have elastic demands.

Emeralds are luxury goods and if there's a fall in price of emeralds the quantity demanded of emeralds would rise.

I hope my answer helps you

8 0

3 years ago

Payments from customers received before performing services for the customers are recorded as

Pachacha [2.7K]

Answer:

B) liabilities.

Explanation:

When the payment is received from the customer before performing the services is known as unearned service revenue

The journal entry is

Cash A/c Dr XXXXX

To Unearned Service revenue A/c XXXXX

(Being advance payment is received)

We simply debited the cash account as cash is received and credited the respective account i.e unearned service revenue

7 0

3 years ago

Any help 75 points

Lapatulllka [165]

Answer: law of supply

6 0

3 years ago

Read 2 more answers

A monopolist does not have a supply curve because the firm's decision about how much to supply is impossible to separate from th

Stella [2.4K]

True. A monopolist does not face the same constraints as an open or free market but instead is bounded by the consumers' demand for its products. Therefore, the firm's decision about how much to supply is directly related to its demand curve because they can produce as much or as little as the consumes demand.

7 0

3 years ago

Osborn Manufacturing uses a predetermined overhead rate of 18.20 per direct labor-hour. This predetermined rate was based on 12,

Leto [7]

The correct statement is that the under applied overheads for Osborn Manufacturing Company is calculates as a negative balance of $5700 at the overhead rate of $18.20.

Explanation:

The calculation of the overhead costs is done by using the formula for under applied overheads and calculating the required values from such given information.

Calculation of manufacturing overheads

The formula for the calculation of manufacturing overheads whether under applied or over applied can be determined is as below,

Under - applied Overheads = Applied Overhead - Actual overhead

However, to calculate further the actual overheads can be calculated as below by applying the given values to the formula,

Applied Overheads = Actual Level of Direct labour hours x overhead rate hours

Applied Overheads = 11500 x 18.20

Applied Overheads = $209300

Now applying the values to the formula, we get,

Under - applied Overheads=209300 - 215000

Under - applied Overheads = -$5700

Hence, the correct statement is that under applied overheads for Osborn Manufacturing Company is calculated as a negative balance of $5700 at the overhead rate of $18.20.

Learn more about manufacturing overheads here:

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5 0

1 year ago