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4 years ago

For which of the following goods is the income elasticity of demand likely highest?

Business

1 answer:

Mekhanik [1.2K]4 years ago

4 0

Answer:

c. boats

Explanation:

Income elasticity of demand measures how quantity demanded responds to changes in price.

Goods that are considered necessities usually have the lowest income elasticity of demand. Therefore, the income elasticity of demand for doctors visits and natural gas would be relatively low.

The income elasticity of demand for luxury goods are usually high. Therefore, the income elasticity for boats would be high.

Goods whose price is small compared to income would have a low income elascitiy. Therefore, the income elasticity for hamburgers would be low.

I hope my answer helps you.

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Q 5.28: Amanda Accountant works for a company that distributes birdseed. While walking through the plant, she notices birdseed s

denis23 [38]

Answer:

The answer is:

Amanda should record the wasted birdseeds (inventory loss) by adjusting the inventory account.

A company's inventory account may be incorrect and show errors due to waste or theft. When a loss in inventory is detected, the inventory account should be adjusted to record all the losses due to waste or theft.

6 0

3 years ago

Steve’s Outdoor Company purchased a new delivery van on January 1 for $47,000 plus $4,000 in sales tax. The company paid $13,000

cupoosta [38]

Sorry idk the answers i’m just trying to ask my questions... sorry

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3 years ago

A dot plot titled Miles Emilia Ran Each Week going from 1 to 6. 1 has 2 dots, 2 has 3 dots, 3 has 2 dots, 4 has 2 dots, 5 has 3

ipn [44]

Answer:

The true statement is " The spread is from 1 to 6."

Explanation:

Consider the provide information.

First we will draw the dot plot as shown in the figure.

Now consider the options.

The data is not symmetric as for the symmetry the dots over 1 should be equal to the dots over 6. i.e 4.

Now find the center of the data by calculation the median of the data.

There are 16 dots in total which is an even number.

So, now we will find the average of the two middle values.

This will be the 8th and 9th value average for the given data set of 16 values.

Count from left to right the 8th and 9th values are both 4.

$\text{Median}=\frac{4+4}{2}$

$\text{Median}=4$

Hence, the center of the data is 4.

The second statement is false.

The peak of the data is at 6.

The third statement is false.

The spread is from 1 to 6 as we can see in the figure shown below.

Therefore, the true statement is " The spread is from 1 to 6."

8 0

3 years ago

Read 2 more answers

Find out the municipal taxes you are subjected to. Calculate your average annual tax payments to your municipality.

DENIUS [597]

Answer:

I conducted an online research on the state of Virginia. The state of Virginia has 95 counties, 39 independent cities, and 190 incorporated towns. Only elected governing bodies can impose local taxes in this state of Virginia. A bulk of the local tax money comes from property taxes.

The following is the list of municipal taxes a consumer in all counties and cities of the state of Virginia is subjected to:

Items Tax Percentage Districts

Retail sales tax 0.7%

Occupancy tax 2.1% only for the Northern Virginia Planning District

Fee on grantors of real estate $0.15 to $100 of the value of property sold only for the Northern Virginia Planning District

Wholesale distributors of motor fuel 2.1% Hampton Roads Planning District

Restaurant meal 1%

Communication taxes 1.05%

Motor vehicle rental tax 4%

Explanation:

The following is the list of municipal taxes a consumer in all counties and cities of the state of Virginia is subjected to:

Items Tax Percentage Districts

Retail sales tax 0.7%

Occupancy tax 2.1% only for the Northern Virginia Planning District

Fee on grantors of real estate $0.15 to $100 of the value of property sold only for the Northern Virginia Planning District

Wholesale distributors of motor fuel 2.1% Hampton Roads Planning District

Restaurant meal 1%

Communication taxes 1.05%

Motor vehicle rental tax 4%

7 0

3 years ago

14. Suppose that the production of $1 million worth of steel in Canada requires $100,000 worth of taconite. Canada’s nominal tar

VMariaS [17]

Answer:

The effective rate of protection for Canada’s steel industry is 21%

Explanation:

The computation of the effective rate is shown below:

Steel percentage = (Production worth of steel) ÷ (Taconite worth)

= ($1,000,000) ÷ ($100,000)

= 10%

And the tariff rate for steel is 20%

And the taconite percentage is 10%

So, the effective rate would be equal to

= Tariff rate for steel + taconite percentage × steel percentage

= 20% + 10% × 10%

= 20% + 1%

= 21%

7 0

3 years ago