Answer:
0.31
Explanation:
Income elasticity of demand measures the responsiveness of quantity demanded to changes in income
Income elasticity of demand = percentage change in quantity demanded / percentage change in income
Percentage change in income = 
= 2.3
when income was $300, ramen was demanded twice, that is 2/7 times a week. converting to fraction gives 0.29
Percentage change in quantity = 
= 0.72
0.72/2.3 = 0.31
Answer:
the ending cash balance is $330,300
Explanation:
The computation of the ending cash balance is shown below:
Ending cash balance = Opening cash balance + Profit
= $270,000 + (9% × $670,000)
= $270,000 + $60,300
= $330,300
We simply added the opening cash balance and the profit so that the ending cash balance could come
Hence, the ending cash balance is $330,300
Based on other stores, and what their prices are too
Answer:
The net income for 2020 was $90,000
Explanation:
Shmenson Company
Income Statement for the year ended 2020
Sales $470,000
Less Cost of Sales
Beginning Inventories $70,000
Add Net purchases $180,000
Add Freight In $15,000
Less Ending Inventories ($60,000) ($205,000)
Gross Profit $265,000
Less Expenses
Operating expenses ($175,000)
Net Income $90,000
Conclusion
Thus, the net income for 2020 was $90,000.
Answer:
$80,000
Explanation:
Calculation to determine what the amount of variable administrative cost to allocate to Department 1 would be
Variable administrative cost to allocate to Department 1=(40,000 ÷100,000) x $200,000
Variable administrative cost to allocate to Department 1=0.4×$200,000
Variable administrative cost to allocate to Department 1= $80,000
Therefore The Variable administrative cost to allocate to Department 1 would be $80,000
