Answer:
The correct answer is price inelastic.
Explanation:
The price elasticity of demand is the measure of the responsiveness of quantity demanded of a product to the change in its price. It is calculated as the ratio of change in quantity demanded and change in the price.
Relatively inelastic dmeand refers to the situation where a proportionate change in price causes less than proportionate change in quantity demanded.
Here, if a 1% decrease in price causes less than a 1% increase in quantity demanded then the demand is relatively inelastic.
Answer:
A
Explanation:
Gross profit = total sales - total cost of sales
Answer:
Dynamic Weight Loss Co.
DYNAMIC WEIGHT LOSS CO.
Classified Balance Sheet as of June 30, 20Y7
Assets
Current Assets:
Cash $119,630
Accounts Receivable 26,100
Prepaid Insurance 8,400
Prepaid Rent 6,000
Supplies 11,200
Total current assets $171,330
Long-term Assets:
Land 375,000
Equipment 325,900
Accumulated Depreciation (32,600) 293,300
Total long-term assets $668,300
Total assets $839,630
Liabilities and Equity
Current Liabilities:
Accounts Payable $10,830
Salaries Payable 7,500
Unearned Fees 21,000
Total current liabilities $39,330
Equity:
Common Stock 180,000
Retained Earnings 620,300
Total equity $800,300
Total liabilities and equity $839,630
Explanation:
a) Data and Calculations:
Trial Balance as of June 30, 20Y7
Account Titles Debit Credit
Cash $119,630
Accounts Receivable 26,100
Prepaid Insurance 8,400
Prepaid Rent 6,000
Supplies 11,200
Land 375,000
Equipment 325,900
Accumulated Depreciation - Equipment $32,600
Accounts Payable 10,830
Salaries Payable 7,500
Unearned Fees 21,000
Common Stock 180,000
Retained Earnings 620,300
Total $872,230 $872,230
Answer:
Self-managed
Explanation:
Self managed team is management concept wherein group of diverse skill people are expected to work on their own without any supervision. This ensures collective accountability for any task undertaken. Employees have freedom to take their own decision. Self managed team concept is being implemented in organization with aim of increasing productivity, efficiency, cost saving and increased employee satisfaction.
