Answer:
B. a small percentage decrease in price produces a larger percentage increase in quantity demanded and total revenue increases.
Explanation:
Elasticity of demand measures the responsiveness of quantity demanded to changes in price.
Elasticity of demand = percentage change in quantity demanded / percentage change in price
Demand is elastic if a small percentage decrease in price produces a larger percentage increase in quantity demanded . Total revenue would increase because the percentage increase in Quanitity demanded exceeds the percentage decrease in price.
If demand is elastic, a small percentage increase in price produces a larger percentage decrease in quantity demanded and total revenue increases.
Here, total revenue falls because percentage decrease in price exceeds the percentage increase in price.
Demand is inelastic if a small percentage decrease in price produces a smaller percentage increasein quantity demanded.
Demand is perfectly inelastic if the quantity demanded remains the same regardless of level of price.
I hope my answer helps you
Answer:
The answer is: B) safety needs
Explanation:
According to Abraham Maslow safety needs include employment, health, resources, personal security, etc. Safety needs are located in the second level of Maslow's hierarchy. Safety needs are all related to security and protection, i.e. taking care of yourself.
Due to scarce resources, every individual, whether rich or poor, faces an opportunity cost when choosing to produce or consume more of one good over another.
<h3>What is the problem with scarce resources?</h3>
The gap between scarce resources and hypothetically unbounded needs is referred to as scarcity and is a fundamental economic issue. In order to meet both basic necessities and as many additional wants as feasible, people must decide how to spend resources effectively.
The value of the best option foregone is the opportunity cost of a decision. The state of not being able to obtain all the commodities and services one desires is known as scarcity. It exists because there are more commodities and services that people demand than can be produced with all of the available resources.
Learn more about Opportunity costs here:
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Answer:
$7,000
Explanation:
Balance to be distributed = Assets amount after liquidation - Creditor - Gene loan to the business
Therefore,
Balance to be distributed = $34,000 - $23,000 - $5,000 = $6,000
Since there is no agreement among the partners regarding the distribution of profits, the amount to be distributed will be shared equally for each partners as follows:
Each partner's of the amount to be distributed = $6,000/3 = $2,000
Amount received by Gene = Loan amount from + Distributed balance share
= $5,000 + $2,000
Amount received by Gene = $7,000
Therefore, Gene gets $7,000 in distribution.
Answer:
Explanation:
Base on the scenario been described in the question, we use the following method to solve the question
d = 75 lbs/day 200 days per year
D= 15,000 lb/year H= $3/lb/year S= $16/order
