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The price elasticity of demand for beef is about 0.60. Other things equal, this means that a 20 percent increase in the price of

givi [52]

Answer:

Quantity of beef demanded will decrease by 12%

Explanation:

Data provided in the question:

Price elasticity of demand for beef, Ed = 0.60

Increase in the price of beef = 20%

Now,

Price elasticity of demand for beef,

Ed = [ Percentage change in Quantity ] ÷ [ Percentage change in price ]

or

0.60 = [ Percentage change in Quantity ] ÷ 20%

or

Percentage change in Quantity = 0.60 × 20%

or

Percentage change in Quantity = 12%

Also,

Price and Quantity are inversely proportional

Hence,

With the increase in price, the quantity will decrease

Therefore,

Quantity of beef demanded will decrease by 12%

3 0

3 years ago

Tucker Company makes chairs. Tucker has the following production budget for January - March. January February March Units Produc

Mademuasel [1]

Answer:

Tucker Company

The number of board feet of wood that Tucker needs to purchase in February is:

= 46,297.

Explanation:

a) Data and Calculations:

Production Budget

January February March Total

Units Produced 11,297 12,205 9,276 32,778

Board fee for each chair 4 4 4 4

Total board feet required 45,188 48,820 37,104 131,112

Board feet required 45,188 48,820 37,104 131,112

Ending Materials Inventory 9,764 7,421

Beginning Materials Inventory (0) (9,764) (7,421)

Purchase of board feet 54,952 46,297

3 0

3 years ago

The following is information for Palmer Company. Year 3 Year 2 Year 1 Cost of goods sold $ 643,825 $ 426,650 $ 391,300 Ending in

Vlad1618 [11]

If Palmer Company. Year 3 Year 2 Year 1 Cost of goods sold $ 643,825 $ 426,650 $ 391,300 Ending inventory 97,400 87,750 92,500 compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2:

a) Inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2

Inventory turnover =$426,650/($92,500+$87,750)/2

Inventory turnover=$426,650/$90,125

Inventory turnover=4.7 times

Days' sales in inventory=$87,750/$ 426,650×365 days

Days' sales in inventory=$87,750

Days' sales in inventory=75.07 days

b) Inventory turnover for Year 3, and its days' sales in inventory at December 31, Year 3

Inventory turnover=$643,825 /($87,750+$97,400)/2

Inventory turnover=$643,825/$92,575

Inventory turnover=6.95 times

Days' sales in inventory=$97,400/$643,825×365 days

Days' sales in inventory=55.22 days

Learn more here:

brainly.com/question/15520316

4 0

2 years ago

A good group decision-making approach when the objective is to make sure that every person’s idea is heard is:

Dimas [21]

Answer:

Nominal group technique which is sometimes denoted as NGT is type of decision making approach that first step include identification of problems and then resolve them.

Explanation:

Nominal group technique which is sometimes denoted as NGT is type of decision making approach that first step include identification of problems and then resolve them.

This type of approach want every single member involvement and their ideas to be share among the present group. The main advantage of this approach is that it include every individual participation, chaos or noise between the discussion is less.

3 0

3 years ago

The Closed Fund is a closed-end investment company with a portfolio currently worth $260 million. It has liabilities of $2 milli

attashe74 [19]

Answer and Explanation:

The computation is given below:

NAV = (Total value - Liabilities) ÷ Number of shares outstanding

= ($260M - $2M) ÷ 6M

= $258M ÷ 6M

= $43

b. The premium or discount is

= (Market price - NAV) ÷ NAV

= ($40 - $43) ÷ $43

= -$3 ÷ $43

= -0.06976 or -6.98%

So here the fund should be sold at 6.98% discount

4 0

3 years ago