All categories

3 years ago

How can prices and elasticity cause colleges and universities to offer financial aid to low-income students?

1 answer:

5 0

The elasticity of demand for college and university education is elastic. Thus, if the price of education is high, low-income students would decide not to get education. In order to incentivise low-income students, schools offer financial aid.

<h3>What does the elasticity of demand mean?</h3>

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price

To learn more about price elasticity of demand, please check: brainly.com/question/18850846

You might be interested in

Equilibrium price is $8 in a perfectly competitive market. For a perfectly competitive firm, MR = MC at 150 units of output. At

Ghella [55]

Answer:

Shut down

$1650

$1500

Explanation:

A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.

In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.

in the shut run, a perfect competition should shut down if average variable cost is greater than price. this is the case for this firm $10 is greater than $8.

total fixed cost = average fixed cost x quantity produced = $11 x 150 = $1650

Total variable cost = average variable cost x quantity produced = $10 x 150 = $1500

4 0

3 years ago

In a monopoly market, Select one: a. other firms have no incentive to enter the market. b. profits will always be positive becau

Ratling [72]

Answer: Option (c) is correct.

Explanation:

Correct option: The demand facing the firm is downward-sloping because it is the market demand.

In a monopoly market conditions, there is a single seller in the market and the monopolist firm is price setter. But the demand curve faced by the monopoly firm is downward sloping because monopolist is a single firm who is operating in the market and there is a need to reduce prices if he wants to sell an additional units.

4 0

3 years ago

Here are selected data for Creek Corporation: Cost of materials purchases on account $ 68 comma 700 Cost of materials requisiti

Sedbober [7]

Answer:

$29,900

Explanation:

According to the scenario, computation of the given data are as follows:-

Predetermined Manufacturing Overhead = 130% of Direct Labor Cost

= $77,000 × 130÷100 = $100,100

Direct Material= $51,300 - $4,500 = $46,800

Direct Labor = $77,000

Total Added Cost to WIP = Manufacturing Overhead + Direct Material + Direct Labor

=$100,100 + $46,800 + $77,000 = $223,900

WIP Inventory at the End of The Year = Beginning WIP Inventory +Total Added Cost to WIP - Cost of Goods Manufactured

= $29,700 + $223,900 - $223,700

= $29,900

5 0

3 years ago

Smidt Corporation has provided the following data for its two most recent years of operation: The unit product cost under absorp

alexira [117]

Answer:

The solution to this issue can be defined as follows:

Explanation:

Please find the complete question in the attachment file.

Direct Substances 9

Direct jobs 5

Overhead output variable 5

Overhead of fixed production $14 = \frac{140000}{10000}$

The Unit cost of the item at absorption cost per year $1 = (9+5+5+14)=33$

6 0

3 years ago

If Sue, owner of Camp Bow Wow in Boulder, Colorado, says Heidi Granahl, CEO and founder of Camp Bow Wow, is a leader who establi

sashaice [31]

Answer:

the correct answer to this question is the "Country Club Leadership Style". However, what you should remember is that you might come across different names for this such as "Laizes Faire Leadership", etc...

Explanation:

In this style of leadership, the main assumption is that wen the employee are happy, they will naturally work better for the company. However, lack of regulation and guidance may end up with a not-so-well disciplined work force and usually this style does not work with every type of employees.

Moreover, this style focuses more on creating a safe working environment with minimal conflict.

6 0

3 years ago