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kozerog [31]
3 years ago
13

Q= 17-2P+3P/S where P is the price of the product and Upper P Subscript Upper S is the price of a substitute good. The price of

the substitute good is ​$2.40. Suppose P=​$0.60. The price elasticity of demand is
Business
1 answer:
MakcuM [25]3 years ago
4 0

Answer: The Price Elasticity of demand is Inelastic at 0.05

Explanation: Elasticity of demand is the degree of responsiveness of price to quantity demanded.

Using the equation; Q= 17-2P+3P/S

Where P = $0.60; P/S = $2.40

Q = 17 - 2 (0.60) + 3 (2.40)

= 17 - 1.20 + 7.20 = 23

Price elasticity of demand at Price = $0.60 is change in price x Price/ quantity

Therefore; -2 × 0.6/23 = -0.05

Using absolute value, the Price elasticity = 0.05

This is inelastic because demand is less than 1.

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Illinois​ Furniture, Inc., produces all types of office furniture. The​ "Executive Secretary" is a chair that has been designed
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Answer:

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Illinois​ Furniture, Inc., produces all types of office furniture. The​ "Executive Secretary" is a chair that has been designed using ergonomics to provide comfort during long work hours. The chair sells for​ $130. There are 480 minutes available during the​ day, and the average daily demand has been 50 chairs. There are eight tasks

answer : a) 9.6 minutes

               b) 5 work stations

               c) choose initial task and task with maximum task time

               d) 21 minutes

Explanation:

A) cycle time for the production of a chair

cycle time = (production time available per day ) / ( unit demand per day )

                 = 480 minutes / 50 chairs

                 = 9.6 minutes ≈ 10 minutes

B) theoretical minimum number of workstations

    = Total task / cycle time

 where total task = (4 + 7 + 6 + 5 + 6 + 7 + 8 + 6 ) = 49 minutes

             cycle time = 9.6 minutes

hence theoretical minimum number of workstations = 49 / 9.6 = 5.1

 ≈ 5 workstations

C ) Assignment of tasks to workstations

      attached below

you will choose the initial/first task and also the task with maximum tax time

D) For the process the total idle time per cycle

total idle time = summation of all idle times for the 8 tasks = 21 minutes

Task A, C = 0 minutes

Task B = 3 minutes

Task E = 4 MINUTES

Task F = 3

Task G = 2

Task H = 4

Task D = 5

6 0
3 years ago
Please determine which economic feature is described by the statements below. A __________ occurs as the result of a significant
Dafna11 [192]

Answer: Recession; Depression; Peak ; Trough

Explanation:

The business cycle is the short-term movement of the economy as it goes in and out of recession.

A recession is the significant decline in the national output. Die to recession, there are less consumption by consumers and this negatively affects the national output.

A depression is a lengthy and deep decline in the output of an economy. When there's a long time contractions in economic activities, depression has taken place.

A peak is the highest point of output before the start of a recession. It is when growth and reached its maximum rate in an economy.

Trough is the lowest point of output when there is a recession. It is the lowest point when there's a decline in economic activities.

4 0
3 years ago
Read 2 more answers
Whats the difference between life values and work values
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Answer:

<u><em>life values</em></u><em>:</em> are things you respect in your rights as a human

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Curiosity Determination Fairness.

Freedom Friendships Fun.

Generosity Growth Honesty.

Integrity Justice Kindness.

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Alenkasestr [34]

Answer:

d. 81

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Therefore, The store should order 81 .

3 0
3 years ago
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