Lynn wants to share parts of an essay she wrote in her slide presentation.

At higher prices, the price elasticity of demand is likely to be ________, whereas it is likely to be ________ at lower prices.

Black_prince [1.1K]

Answer:

2. elastic; inelastic

Explanation:

The price elasticity of demand, the amount consumers demand from a particular price are different for each good or service, and when the price changes, the response shown as the change in the quantity requested is different for each good (even at a different price level for one good).

In the face of price changes, the severity (or degree of sensitivity) of the reaction of consumers in the form of changing the amount they buy against this change is measured by the price elasticity of the demand, which is also called demand elasticity. This flexibility is expressed by a coefficient.

The price elasticity coefficient of demand is equal to the ratio of the percentage change in the quantity demanded to the percentage change in price in the face of a small change in price.

The Price elasticity will be elastic when it equals or more than 1, if not it will be inelastic with the amount of less than 1.

6 0

3 years ago

The amount of oil that is economically feasible to extract from a deposit using current technology is known as ______ oil reserv

strojnjashka [21]

Answer: Proven oil reserves

Explanation:

Proven oil reserves are those that humans can extract oil from given our current technological and economic situations.

Under Proven oil reserves there are those that are Proven developed and those that are Proven Underdeveloped. Proven Developed ones can be extracted from as they come from already existing wells. Proven Underdeveloped however would need further investment to get them ready.

6 0

2 years ago

Which of the following describe the reason(s) why maximization of intrinsic stock value benefits society?

Dafna1 [17]

Answer:

B. Workers prefer companies that minimize operating costs.

C. The owners of stock are society.

D. Successful companies attract more talent.

Explanation:

The intrinsic stock value does not need to reflect the market value of the company stock. However, the intrinsic stock reflects the company's lucrative aspect, something more intuitive that describes the company's operating. Therefore, a high intrinsic stock value reflects a company with great reputation.

A company with high intrinsic stock will surely attract more talent, as the talent pool is motivated by working in a reputable, efficient company. This kind of company is surely cost-effective in terms of operation too.

7 0

2 years ago

Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an ela

shtirl [24]

Answer:

1)

direct materials price variance = actual quantity x (actual price - standard price)

direct materials price variance = 7,820 x ($5.30 - $15) = 7,820 x (-$9.70) = -$75,854 favorable

direct materials usage variance = standard price x (actual usage - standard usage)

direct materials usage variance = $15 x (7,820 - 9,660) = -$27,600 favorable

2)

direct labor price variance = actual hours x (actual rate - standard rate)

direct labor price variance = 2,460 x ($12.30 - $15) = 2,460 x (-$2.70) = -$6,642 favorable

direct labor usage (efficiency) variance = standard rate x (actual hours - standard hours)

direct labor usage (efficiency) variance = $15 x (2,460 - 3,680) = $15 x (-1,220) = -$18,300 favorable

4 0

2 years ago

Whats the process of how a business incorporates?

torisob [31]

This is the process! have a good day!

7 0

2 years ago