Answer:
a. positive, so Joan considers hamburger to be an inferior good.
Explanation:
Income elasticity is a microeconomic concept that aims to measure the sensitivity of demand in the face of income changes. To calculate the Income elasticity , a formula is used that divides the observed percentage change in quantity (Q) by the percentage change in price income (P): Elasticity = ▲ Q / ▲ P
The percentage change in quantity (▲ Q) and the percentage change in price (▲ P) are calculated by the difference in quantity / price in the two periods divided by the quantity / price of the first period.
▲ Q = (60 -50/60) = 0,16
▲ Q = (40.000 - 30.000/40.000) = 0,25
Elasticity = ▲ Q / ▲ P = 0,16/0,25 = 0,64
Therefore, the elasticity is positive.
This good is considered inferior, because according to microeconomic theory, inferior goods are those whose demand increases when consumer income decreases. This is the opposite of the normal good, which has its demand increased when income increases.
Answer:
$723,000
Explanation:
Calculation to determine what was Jennings reported net income in 2020
Using this formula
2020 Net income=(2019 Retained earnings-2020 Retained earnings)+ Total Dividend
Let Plug in the formula
2020 Net income=($2,681,000-$2,308,000)+$350,000
2020 Net income=$373,000+$350,000
2020 Net income=$723,000
Therefore Jennings reported net income in 2020 is $723,000
False I believe! Hope this was correct for you..
The CSS Profile, short for the College Scholarship Service Profile, is an online application created and maintained by the United States-based College Board that allows college students to apply for non-federal financial aid.
Answer:
Answer is explained in the explanation section.
Explanation:
Hektic America Inc.
Customer Service Representative
Date: Jan 23rd, 2021 (You can add your date accordingly)
21 Lincoln St., Chester, Mass.
Dear Concern,
This is to inform you that, we have been buying your product Hektik Model 370 Water Stage Manometer order No. 26019 since a long. It is unfortunate to inform you that, it is not working up to the mark. We further can not rely on this product, as it stop working at critical moments. It's spring and drive assembly have been exhausted and it needs replacement. It has broke down several times. Unfortunately, we can not continue using this product, as it has severe repercussions on our company. Therefore, it is highly requested to replace this product with a genuine one and free of charge. Otherwise, we will be compelled to change the supplier of this product for our company.
Your's Truly,
Engineering Technologist,
H. L. Winman and Associates
