The statement that must be true about the demand for a product if it is inelastic is that, a price increase does not have a significant impact on buying habits. The correct answer would be option B. When the demand is inelastic, this situation means that the demand for a product does not decrease nor increase in corresponds to the rise or fall of its price.
Answer: 82,650 units
Explanation:
Equivalent Units of Production (EUPs) for the conversion costs = Units transferred out + Percentage of completed Ending Inventory
Ending Inventory = Beginning Work-In-Process + Units started into production - Units transferred out
= 9,900 + 99,000 - 66,900
= 42,000 units
Equivalent Units of Production (EUPs) for the conversion costs = 66,900 + (3/8 * 42,000)
= 82,650 units
Answer:
the difference between revenue and variable cost
Explanation:
As we know that
Producer surplus is = Total Revenue - Total Variable Cost
So here we can see that the producer surplus would be the difference between the revenue & the variable cost in the industry i.e. perfectly competitive
Hence, the second last option is correct
And, the other options are wrong