I would tell them were other store you can by it that can have there produce available
Answer:
The demand for Post Raisin Brand cereal is: ELASTIC
the demand for all types of breakfast cereals is: INELASTIC
Explanation:
To calculate the price elasticity of demand (PED) we can use the following formula:
PED = % change in quantity / % change in price
- If PED > 1, the demand is price elastic
- If PED = 1, the demand is price unitary
- If PED < 1, the demand is price inelastic
*The PED always results in a negative number, e.g. price deceases, quantity increases, but for practical reasons we convert the negative number into a positive (we use absolute values) when we are determining the elasticity.
Answer:
a)
1. Explicit cost
2. Implicit Cost
3. Implicit Cost
4. Explicit cost
b)
Accounting Profit is $62000.
Economic Profit is -$3000. (a loss of $3000)
Explanation:
a)
Explicit costs are those costs incurred by a business that require an outlay of money as a result of operating a business.
Implicit costs, on the other hand, are the costs that do not require an outlay of money as a result of operating a business. They are instead the opportunity costs of operating a business or the benefits that are foregone.
1. The wages and utility bills are a result of operating a business and requires and outlay of money as their payment. They are <u>explicit costs.</u>
2. The rental income could have been earned if Larry rented the showroom he is using to operate his business from. The rent foregone is an opportunity cost and is an <u>implicit cost.</u>
3. The salary Larry could have earned is also something that Brian has to forego to operate his business and is an <u>implicit cost.</u>
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4. The cost of purchases paid to manufacturer requires outlay of money and is an <u>explicit cost.</u>
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b)
Accounting profit = Total Revenue - Total explicit cost
Economic profit = Total revenue - (Total Explicit Cost + Total Implicit Cost)
Accounting Profit = 793000 - 430000 - 301000 = $62000 profit
Economic profit = 793000 - (430000 + 301000 + 15000 + 50000) = -$3000 loss
Answer:
€92.64
Explanation:
The present value i.e PV formula is used that is shown in the attached spreadsheet
The NPER reflects the time period.
Given that,
Future value = €100
Rate of interest = 6%
NPER = 10 years
PMT = €100 × 5% = €5
The formula is shown below:
= -PV(Rate;NPER;PMT;FV;type)
So, after solving this, the answer would be €92.64
Answer:
Human relations skills include the ability to understand human behavior, to communicate effectively with others, and to motivate individuals to accomplish their objectives.
Explanation:
