Answer:
$880
Explanation:
Sales excluding sales tax
11880/(1+0.08)
11880/1.08
= $11,000
Sales tax payable =
Total sales including sales tax - Sales excluding sales tax
= $11,880 - $11,000
= $880
Therefore, sales tax payable is $880
Answer:
An increase in the price of a Japanese-made phone that is popular among U.S. consumers
This price increase would only show in the CPI because the GDP Deflator only accounts for goods produced domestically, while the CPI accounts for the most commonly bought goods and services, whether made domestically, or abroad.
A decrease in the price of a Treewood Equipment feller buncher, which is a commercial forestry machine made in the U.S. but not bought by U.S. consumers Grade it Now Save & Continue Continue without saving.
This price decrease would only be accounted for in the GDP Deflator, because the equipment is made within the U.S., and bought by an U.S. company.
It would not be included in the CPI because 1) it is not bought by consumers 2) it is not a good that is part of the most commonly bought basket of goods and services.
Answer:
The price elasticity of demand is -1.81.
Explanation:
At price level $9 the quantity demanded is 250.
At the price level $8, the quantity demanded is 300.
The price elasticity of demand will be
=
=
=
=
=
= -1.81
Solution:
Let x = amount invested at 6% and
let y = amount invested at 2%.
We can set up some equations that describe x and y:
"$17,200 is invested total" means
x + y = $17,200
"The interest earned from the amount invested at 6% exceeds the interest earned from the amount invested at 2% by $441.00" means
0.06x = 0.02y + $441.00
Solve for x in the first equation to get x = 17,200 - y, then plug that into the second equation and solve for y:
0.05(17,200 - y) = 0.02y + 441.00
860 - 0.06y = 0.02y + 865.35
5.35 - 0.09y = 0.02y
154.80 = 0.11 y
1407 = y
So, $1407 was invested at 2%. Plug y = 1407 into the first equation and solve for x:
x + 1407 = 17,200
x = 15,793
So, $15,793 was invested at 6%.
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