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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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A(n) _____ gets learners into the appropriate mental state for learning and allows them to understand the personal and work-rela
8_murik_8 [283]

Answer:

concept map

Explanation:

Concept map -

It refers to the method of mapping , which enables to deal with the various people , languages etc . , is referred to as concept map .

It is one of the method to adapt in the business in order to plan and plot for the upcoming projects or assignments .

The method makes all the task very easy and precise .

Hence , from the given information of the question ,

The correct answer is concept map .

8 0
3 years ago
Sheridan Company received $135000 in cash and a used computer with a fair value of $318000 from Carla Vista Co. for Sheridan Com
sammy [17]

Answer:

The gain that  Sheridan should recognize on this exchange is $135000

Explanation:

Where Exchange Transaction lacks commercial substance, the asset that is acquired is measured at the <em>Carrying Amount or Undepreciated Cost </em> of the asset given up.

The gain will then include an <em>further consideration acquired</em> on the exchange of an asset.

<u>Entries to record the exchange are as follows :</u>

Cash $135000 (debit)

New Asset at undepreciated cost $420300 (debit)

Cost of Old asset given up $420300 (credit)

Gain on exchange $135000 (credit)

Conclusion :

The gain that  Sheridan should recognize on this exchange is $135000

6 0
3 years ago
Maggie called her insurance agent after estimating the damages. She had already spent $2,000 on pumping out the water and repair
Sonja [21]

The correct answers are B, E and D

6 0
3 years ago
Read 2 more answers
Which of the following statements is true? A. The law requires a home inspection prior to every property transaction. B. Most ho
SOVA2 [1]
The correct option is A.
Home inspection refers to the examination of the condition of a home prior to buying. Home inspections are usually conducted by professional home inspectors who had been trained on that field. The law demands that a property should be inspected prior to buying and selling of that property. Home inspection is done purposely to identify any problem that might be associated with the property.
8 0
3 years ago
Mango Company applies overhead based on direct labor costs. For the current year, Mango Company estimated total overhead costs t
erastovalidia [21]

Answer:

Balance for the Factory Overhead account: 19,000 credit

Explanation:

We will first, calculate the overhead rate based on the predetermination overhead rate:

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

The total manufacturing cost will be distributed over the cost driver. In this case, labor cost:

360,000/180,000 = 2 overhead rate

Then, we calculate the applied overhead 203,000 x 2 = 406,000

Now, the balance for factory overhead account:

Actual overhead: 387,000 debit

        payable, accumulated depreicaiton and other 387,000 credit

WIP 406,000 debit

Applied Overhead 406,000 credit

Balance:

406,000 - 387,000 = 19,000 credit

8 0
3 years ago
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