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k0ka [10]
3 years ago
12

Attina always spends 20 % of her income on snarfblatts. Assume that her income increases by some percentage while the price of s

narfblatts remains constant (and that all snarfblatts cost the same). What is her income elasticity of demand for snarfblatts?
Business
1 answer:
cestrela7 [59]3 years ago
6 0

Answer:

Income elasticity of demand for snarfblatts is 1.

Explanation:

the consumer spends 20% of the income on snarfblatts, thus the percentage change in consumption of the snaerblatts is equal to the percentage in income, that is:

Elasticity = % change in demand of snarfblatts/% change in income

               = 1

Therefore, Income elasticity of demand for snarfblatts is 1.

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3 years ago
The organized effort of individuals to produce and sell, for a profit, the products and services that satisfy society's needs th
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E-business

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3 years ago
Marginal cost is defined as the change in ________ cost when output changes by one unit. In the short run
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Answer:

Marginal cost is defined as the change in <u>total </u>cost when output changes by one unit in the short run.

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6 0
3 years ago
Read 2 more answers
Consider two goods--one that generates external benefits and another that generates external costs. A competitive market economy
KiRa [710]

Answer:

Produce more of the good that generates external cost and less of the good that creates external benefit.

Explanation:

External benefits refer to the situation where the benefit of production of goods or services goes to a third party that is not directly involved in the process of production.  

Similarly, external cost refers to the situation where the cost of production of goods and services is borne by a third party which is not directly involved in the process of production.  

A competitive market economy would tend to produce more of the good that generates external cost and less of the good that creates external benefit. This is because in case of external cost the private cost will be lower than social cost, so the firms will be able to produce more of the good.

5 0
3 years ago
On December 31, the fair value of Blossom is estimated to be $820,800. The carrying value of Blossom’s net identifiable assets,
Ira Lisetskai [31]

Answer:

Dr goodwill impairment   $34200

Cr goodwill                                      $34200

Explanation:

The fact that the fair value of  Blossom’s net identifiable assets is less than the  carrying value is a strong indication that the goodwill has been impaired and the impairment is computed thus:

Goodwill impairment=Fair value of net assets-carrying value

fair value of net assets=$820,800

Carrying value of net assets=$855,000

goodwill impairment=$855,000-$820,800=$34200

The double entries would be a debit to goodwill impairment loss account in the statement of profit or loss and a credit to goodwill.

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