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TEA [102]
2 years ago
10

John was ordering orange cones to use for soccer drills during practices. If John decided to purchase cones now, he would buy 10

sets at $5 per set. If he decided to purchase the cones at a later time when the demand decreased, he would purchase 14 sets at $3 per set. Using the mid-point formula, the own-price elasticity of the soccer cones is __________.
Business
1 answer:
FrozenT [24]2 years ago
5 0

The own-price elasticity of the soccer cones is -0.67

The computation of the own-price elasticity of the soccer cones is as follows:

We know that

The Elasticity of demand is

= (change in quantity ÷ average quantity) ÷ (change in price ÷ average price)

Here

Change in quantity = 14 - 10 = 4

average quantity = (14 + 10) ÷ 2 = 12

change in price = 3 - 5 = -2

average price = (3 + 5) ÷ 2 = 4

So,

The Elasticity of demand is

= (4 ÷ 12) ÷ (-2 ÷ 4)

= -0.67

Therefore we can conclude that the own-price elasticity of the soccer cones is -0.67

Learn more about the price elasticity of demand here: brainly.com/question/15313354

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4 0
2 years ago
What is the incidence of a tax?
MrRa [10]

Answer:

The sum of a tax and a product’s price

Explanation:

The tax final burden increases the price and  is payed by consumer.

3 0
3 years ago
Presented below is information for Marin Company.
hram777 [196]

Answer:

Debit Accounts Receivable for $104,700; and Credit Sales Revenue for $104,700.

Debit Cash for $85,400; and Credit Accounts Receivable for $85,400.

Explanation:

The (summary) journal entries to record the items noted will look as follows:

<u>Particulars                                   Debit ($)             Credit ($)        </u>

Accounts Receivable                  104,700

Sales Revenue                                                         104,700

<u><em>(To record net sales (all on account) for the year.)                        </em></u>

Cash                                             85,400

Accounts Receivable                                               85,400

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3 0
2 years ago
What is the term used to describe the dollar amount of a physical damage claim paid by the policyholder?A. Coinsurance clause.
Reika [66]

Answer:

C. Deductible.

Explanation:

Variable universal life insurance is insurance that provides permanent insurance coverage as whole life does; however the policyholder, not the insurance company, takes on the investment risk.

A Variable universal life insurance is a type of permanent life insurance policy which avails the holder the opportunity of investing the cash component of the plan (policy) for a much greater returns and as such the investment risk associated with the policy lies completely on the policy holder and not the insurance company.

Additionally, a group life insurance policy can be defined as a single contract plan that covers a group of people by providing life insurance coverage. An employer may opt for a group life insurance policy which would cover the lives of his or her employees.

Deductible is the term used to describe the dollar amount of a physical damage claim paid by the policyholder.

5 0
3 years ago
Last year Randolph Company had sales of $325,000 and a net income of $19,000, and its year-end assets were $250,000. The firm's
alexdok [17]

Answer:

13.82%

Explanation:

Data provided in the question:

Sales = $325,000

Net income = $19,000

Assets = $250,000

Total-debt-to-total-assets ratio = 45.0% = 0.45

Now,

Total asset turnover = Sales ÷ Total assets

= $325,000 ÷ $250,000

= 1.3

Profit margin = Net income ÷ Sales

= $19,000 ÷ $325,000

= 0.05846

Equity multiplier = 1 ÷ [ 1 - Debt to asset ratio]

= 1 ÷ [ 1 - 0.45 ]

= 1.818

thus,

ROE = Profit margin × Total asset turnover × Equity multiplier

= 0.05846 × 1.3 × 1.818

= 0.1382

or

= 0.1382 × 100%

= 13.82%

7 0
3 years ago
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