A good’s demand is given by: P = 697 – 4Q. At P = 132, the point
price elasticity is:
Enter as a value (round to two decimal places if necessary).
Answers
Therefore, the price elasticity of demand at P = 132 is -2.83.
Price elasticity of demand is given by the formula:PED = (% change in quantity demanded) / (% change in price)The goods demand function is given as:P = 697 – 4QIt is given that, P = 132At P = 132, the quantity demanded can be calculated by substituting the value of P in the given demand function:132 = 697 – 4Q4Q = 697 - 1324Q = 565Q = 565/4Q = 141.25Price elasticity of demand at P = 132 is given by:PED = (% change in quantity demanded) / (% change in price)We know,Change in price, ΔP = 1%Therefore, % change in price = (ΔP / P) × 100= (1 / 132) × 100= 0.758%Change in quantity demanded, ΔQ = -4(0.758)=-3.032%Therefore, % change in quantity demanded = (ΔQ / Q) × 100= (-3.032 / 141.25) × 100= -2.147%Now, we can calculate the price elasticity of demand at P = 132PED = (% change in quantity demanded) / (% change in price)= (-2.147) / (0.758)= -2.83Therefore, the price elasticity of demand at P = 132 is -2.83.
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Related Questions
Write a generalization about the relationship between price and the quantity supplied
Answers
Answer:
PRICE CHANGES
Price and quantity supplied are directly related. As price goes down, the quantity supplied decreases; as the price goes up, quantity supplied increases. Price changes cause changes in quantity supplied represented by movements along the supply curve.
When analyzing a market how do economists deal with the factors that affect market
Answers
Explanation:
In order to study the change in the factors affecting the market easily, economists prefer to consider one factor at a time and keep other factors constant. This strategy is difficult to apply in real world, but this makes the understanding of an economic model simpler
someone please help !!
i need to fill the blanks in w descriptions from the bank on the right, based of an article. some descriptions also need to be inferred. (dark grey boxes are not to be answered)
https ://www.allbus ines s .com/advantages-and-dis advantages -of-sole-proprietors hips -3-875-1.html
Answers
Answer:
aph development continues with an expression of the rationale or the explanation that the writer gives for how the reader should interpret the information presented in the idea statement or topic sentence of the paragraph. The writer explains his/her thinking about the main topic, idea, or focus of the paragrap
Explanation:
Miranda is opening a checking account, but she left her driver’s license at home. Which, if any, of the following can she use to open her account anyway? I. Sav-A-Lot Discount Card
II. Passport III. Social Security card a. I or II b. II or III c. I, II, or III d. None.
Answers
She can use Passport or Social Security card to open her account. The answer is OPTION B
Basic information such as your home address, email address, and phone number are required, as well as identity documents such as a driver's license, Social Security number, and a minimum initial deposit amount. Most checking accounts include checks, while others do not; decide which you will require.
A checking account could be exactly what you need. It's a bank account used for daily deposits and withdrawals—that is, putting money into your account, withdrawing it, or using your debit card in place of cash. Balancing your checkbook, also known as reconciling your account, is the process of ensuring that the records you have kept for your financial activities match those listed on your bank statement.
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Which of the following would increase aggregate demand?
Answers
Increase in income
Explanation:
Select the correct answer.
Some merchandisers design window displays.
A. True
B. False
Answers
Answer:
your answer would be (A) True
Explanation:
The government can limit the bite of the poverty trap by ________.
A. not imposing a set time limit on benefits
B. limiting the number of participants in the program
C. imposing work requirements as a condition of receiving benefits
Answers
The government can limit the bite of the poverty trap by implementing policies that encourage and support work while also providing a safety net for those who are unable to work.
One effective way to achieve this is by imposing work requirements as a condition of receiving benefits. This means that individuals receiving government assistance must actively seek employment or participate in job training programs. This approach not only helps to lift people out of poverty, but it also reduces the burden on the government by decreasing the number of people relying on welfare.
However, it is important to note that this policy should be implemented alongside other supportive measures, such as access to affordable healthcare and childcare, to ensure that individuals have the resources they need to successfully transition to the workforce.
Limiting the number of participants in the program or not imposing a set time limit on benefits are not effective solutions as they do not address the underlying issues that contribute to poverty and may even exacerbate the poverty trap by leaving individuals without a safety net.
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What does it take for a consumer boycott to be successful?
A. The boycott must be conducted by consumers, producers, and the government
B. The boycott must bring the target company's offensive practices to the attention of the news media
C. The boycott must significantly reduce the target company's profits
D. The boycott must succeed in replacing traditional sales with online sales
Edit: Its C
Answers
Answer: IT'S C!!
Someone said it's b but it's not i just got it wrong
The boycott should be successful when the profits of the target company get minimized.
Option C is the correct answer.
What is meant by the target company?
A target company refers to an entity that is targeted in respect of the boycott movement.
The situation where the consumers of the market agree to not acquire a specific product from a specific company is called a consumer boycott. It represents disapproval towards something.
Therefore, the reduction in profits of the target company results in the success of the boycott movement.
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Question 8 of 20
What is the difference between a salary and a wage?
A. A salary is a flat rate for an entire month or year while a wage is an
hourly rate of pay.
B. A salary is pay offered only to managers while a wage is offered
only to team members.
O C. A salary is pay offered only to team members while a wage is
offered only to managers.
D. A wage is a flat rate for an entire month or year while a salary is an
hourly rate or pay
SUBMIT
Answers
The difference between a salary and a wage is that A. A salary is a flat rate for an entire month or year while a wage is an hourly rate of pay.
What is the difference between a salary and wages?Salaries are flat amounts that a person gets after a period which is usually a month or semi-monthly.
Wages on the other hand are the rate at which a person is paid for every hour of work they put in.
In conclusion, option A is correct.
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When manufacturing overhead costs are assigned to production in a process cost system, they are debited to.
Answers
When manufacturing overhead costs are assigned to production in a process cost system, they are debited to a work in process account.
What Is a Work-in-Progress (WIP)?
Production and supply-chain management terms for partially finished goods that are awaiting completion include "work-in-progress" (WIP). Raw materials, labor, and overhead expenses expended for goods that are in different phases of manufacturing are referred to as "work in progress," or WIP.
On the balance sheet, WIP is a part of the asset account for inventory. The finished goods account receives these costs after which they are ultimately passed to the cost of sales.
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The five situational influences that have an impact on the purchase decision process are ______. Multiple choice question. personal influences, the reference group, family, friends, and the Internet problem recognition, search, alternative evaluations, the decision process, and postpurchase behavior the purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states habits, routines, problem solving, research, and delayed decisions
Answers
Answer:
the purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states
Explanation:
Purchase decision can be regarded as thought process which gives a consumer leads starting from identification of a need to generating options, as well as choosing a specific product and brand. Some of this decision are minor such as buying of biscuits, other are major as seen in buying of houses. It is decision-making process that is been utilized by consumers as regards the market transactions before or during purchase as well as after the purchase of a good or service. It can be regarded as as particular type of a cost–benefit analysis when there is multiple alternatives. It should be noted that The five situational influences that have an impact on the purchase decision process are;
✓ antecedent states
✓the purchase task
✓physical surroundings
✓ temporal effects
✓social surroundings
These Situational influences can be regarded as temporary conditions which has effect on how buyers behave, in case whereby they
actually purchase your product, or do not buy, or buy additional products,
In order to overcome the ________ problem, interest groups often provide ________ to their members. free-rider; collective goods free-rider; selective benefits principal-agent; collective goods principal-agent; selective benefits
Answers
The selective benefits are regarded as benefits given only to group members. In order to overcome the free-rider problem, many interest groups offer selective benefits.
The free-rider problem is often known as a type of market failure. It takes place when individuals who benefit from resources, public goods or services of a benefit to all nature do not pay for them or they under pay.
They are problem because they do not pay for the goods but still continue to access or use it.
This problem in social science deals with how to limit free riding and its negative effects in the society.
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For your assignment, read Jeremy's email then write at least three complete sentences describing how Jeremy used the SPA method to advocate for himself.
Dear Mr. Kwali,
One week ago, you gave us the homework to read one chapter every night. You told us that we would have to write a chapter summary every morning when we got to class. I was excited to read this book, but also nervous because it is the longest book I've ever tried to read.
Mr. Kwali, I am having a hard time keeping up with my reading. When I sit down to read, sometimes the letters move around. I am trying to read a chapter every night, but it takes me over an hour to read and I also need to finish all my other homework.
I thought of a solution. Could I come to your classroom at lunch so I could read and maybe get some help from you? This way, I can spend some extra time reading and I won't fall behind.
I know that you don't always have students stay for lunch in your classroom, so thank you for your help. Maybe I can come just twice a week.
Thank you,
Jeremy
Answers
Jeremy presented himself using the SPA technique, outlining his issue, his suggested remedy, and his appreciation.
What is advocate?A person who has received training to promote and defend the rights of others is an advocate. They are frequently attorneys, but they can also be non-attorney professionals like social workers, psychologists, or doctors. A person who speaks up on another person's behalf to ensure that their needs, rights, and interests are taken into consideration is known as an advocate.
They are in charge of analysing the law, conducting pertinent research, and making sure that their client's interests are represented in court or during other legal proceedings. In order to provide the voice of the oppressed a chance to be heard, advocacy is a crucial component of the judicial system. For individuals who believe they have no voice, advocates are frequently viewed as a ray of hope.
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Suppose that a firm is producing the profit-maximizing output under conditions of diminishing returns. its output price is $25, and its marginal cost of production at its current output level is $25. based on this information, it can be concluded that this firm must
Answers
Based on the given information, we can conclude that the firm must be operating at the point of minimum average variable cost (AVC). Here's why:
1. Diminishing returns: Diminishing returns occur when each additional unit of input yields progressively smaller increases in output. In this case, the firm is operating under conditions of diminishing returns, which means that as the firm increases its output level, the marginal cost of production increases.
2. Profit-maximizing output: The firm is producing the profit-maximizing output, which means that it is producing the level of output where marginal cost (MC) equals marginal revenue (MR). However, since the marginal cost at the current output level is equal to the output price ($25), it indicates that the firm has reached the minimum point of its average variable cost (AVC) curve.
3. Minimum AVC: The average variable cost (AVC) represents the variable cost per unit of output. The firm must be producing at the point where AVC is at its minimum because the marginal cost (MC) is equal to the output price ($25). At this point, the firm is minimizing its cost per unit of output.
In conclusion, based on the given information, we can infer that the firm must be operating at the point of minimum average variable cost (AVC).
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Which of the following best describes a stock.
A) An incredibly stable investment that is always a safe investment
B) Is insured by the FDIC
C) Represents a share of ownership of a corporation
D) Only sold in the United States
Answers
Answer: C
Explanation: A stock represents a share of ownership of a corporation. Stocks are bought by people so they can get money. If the company's stock they by it from goes well, they get money as well as interest. The answer is C. Hope this helps!
Suppose that Dent Carr’s long-run total cost of repairing s cars per week is c(s) = 3s2 + 75. If the price he receives for repairing a car is $36, then in the long run, how many cars will he fix per week if he maximize profits?
a. 0
b. 12
c. 9
d. 6
e. 18
Answers
To maximize profits, Dent Carr should produce at the level of output where marginal cost (MC) equals marginal revenue (MR), which is the price he receives for repairing a car. In this case, MC is the derivative of the total cost function: MC = 6s. Since the price is $36, MR is also $36. Therefore, we can set up the equation:
MC = MR
6s = 36
s = 6
So Dent Carr should fix 6 cars per week to maximize profits. The answer is (d) 6.
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Use the as/ad model to describe the effect of each of the following events on the economy of snezhanka (a fictitious nation). beginning with the economy in equilibrium carefully show the shift involved and the new equilibrium. state whether the p (price level) and rgdp at the new equilibrium are higher or lower. for each part of this question, start again at the original equilibrium. what will happen if:
a. taxes on households are decreased?
b. taxes paid by firms are decreased?
c. the value of the national currency, the snezhankan lev, declines in the international currency market?
d. a revolutionary new machine, the aparat, increases worker productivity?
Answers
The following would happen
Aggregate income would increase for households. They would have a rise in output. taxes on households are decreasedWhen the taxes are decreased, the households would have a rise in their purchasing power. Their output would go up form q to q2.
taxes paid by firms are decreasedThe cost of the firms production is going to fall. The firm would then be able to raise their production hence increasing their supply. Output would rise and price level would fall.
the value of the national currency, the snezhankan lev, declines in the international currency market?If the value of the currency should fall, then it would cause the demand for foreign goods to rise then there would be a new equilibrium in the market.
a revolutionary new machine, the apparat, increases worker productivityAn increase in productivity would raise supply for the producer hence bringing about a new rise in the price level.
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How does one's behavior affect business? Give at least two examples.
Answers
Aggressive workplace conduct puts workers at risk, hinders efficiency and damages the reputation of the organization. Even if violence is not overt, it ultimately erodes trust and morale and could lead to actions that are progressively worse.
Which statement is true about the Freedom of Information Act?
A. Requests for information can be made either in writing or orally.
B. It is designed to keep the public in the know about their
government.
C. It allows the public to request all government information.
O D. Citizens cannot be charged money to request information.
SUBMIT
Help please
Answers
The statement which is true about the Freedom of Information Act is:
C. It allows the public to request all government information.What is Freedom of Information Act?This refers to the piece of legislation which was passed in America to ensure that access to information is available to the public and hold their leaders accountable.
With this in mind, we can see that by allowing the citizens to request for government information is important to ensure that they hold their leaders accountable for their actions and deeds.
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Answer: b it is designed to keep the public in the know about their government
Explanation:
monopolistic competition means: group of answer choices firms are in perfect competition but they collude similar to monopolies. firms differentiate their output, but barriers to entry are low. firms differentiate their output, but barriers to entry ar high firms are in a monopoly but they compete.
Answers
Monopolistic competition means firms differentiate their output, but barriers to entry are low.
Monopolistic competition refers to a market structure with lots of businesses that can enter and leave the market with relative ease and can differentiate their goods or services. The fact that the goods and services from the few companies can't be viewed as ideal equivalents for one another is due to their ability to differ from one another.
When a large number of businesses provide competitive goods or services that are comparable but imperfect alternatives, monopolistic competition exists. In that many companies make up the industry in both of these market models and entry and exit are relatively simple, monopolistic competition is analogous to perfect competition.
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Businesses like to keep operating costs as low as possible, so they can focus on
production and profit. One way to keep operating costs down is to keep wages
low. Many businesses pay their workers the minimum wage required by law.
Often; workers consider this unfair and feel they should be paid more than the
bare minimum for the work they do. Paying employees the minimum wage is
certainly not illegal, but is it always ethical? What do you think?*
Answers
Answer:
No I don't think it is very ethical to only be paying employees minimum wage. The cost of living keeps going up and people need to be able to afford the basic necessities of life. The prices of everyday goods like groceries and household basics keep going up making it hard for people to be able to afford them especially when they are only making minimum wage. When the product cost is higher, the company is making more profit, therefore they are able to pay their workers more. When the prices of goods and products increase, wages should increase as well.
Explanation:
HELP!
In an official meeting the leader does NOT require a MOTION or SECOND to make a decision on behalf of the group.
True
False
Answers
Answer:
False.
Explanation:
• Nominations do not need a second
• Closing nominations requires 2/3 vote. To reopen requires a majority vote. Parliamentary Rules for a Committee The formality necessary in a large group would hinder business in the smaller group. Therefore, in a committee:
• Members are not required to obtain the floor before making motions or speaking.
Answer:
TRUEE
Explanation:
the question I have is on the sheet
Answers
Answer:
I think it's first one tooo
Consider the following 1 Present value of vested benefits at present pay levels 2 II. Present value of nonvested benefits at present pay levels 3. III. Present value of additional benefits related to projected pay increases. Which of the above constitutes the projected benefit obligation? a. Ill only b. IL C. I, II, III. d. ll only
Answers
The projected benefit obligation (PBO) consists of the present value of vested benefits at present pay levels, the present value of nonvested benefits at present pay levels, and the present value of additional benefits related to projected pay increases.
Therefore, the correct answer is option C: I, II, III.
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please help me answer these questions
Answers
Answer: See explanation
Explanation:
1. Inelastic demand occurs when a change in price doesn't really have an effect on the quantity of the goods demanded. Examples of products with inelastic demand are salt and prescription drugs.
2. Elasticity for demand helps in the determination of the prices of factors of production. It is also vital in knowing how price changes will affect the revenue of the firm.
3. Normal goods are the goods that when income increases, the demand for them increases as well e.g. household appliances
For inferior goods, when Income increases, their quantity demand reduces. These are common with extremely cheap products.
A document that refers to a customer billing for merchandise bought on credit is called a(n):
Answers
Answer:
Invoice
Explanation:
A sales transaction can be defined as a business transaction between two or more individuals or organizations, which generally involves the buyer purchasing either a tangible or intangible goods and services from the seller (service provider) through the use of money, credit cards or vouchers.
An invoice can be defined as an accounting document which is used for recording the essential details of the payment of goods and services made by a customer. It is the first step in the sales transaction, as it is expected that the seller or service provider makes it available and issues it for all sales transactions. Also, it is an essential accounting document which serves as an evidence of payment and delivery of goods and services to the customer.
In conclusion, a document that refers to a customer billing for merchandise such as finished goods like television, smartphone, shirt, trouser, cup, radio, furniture, etc., bought on credit is called an invoice.
1. Daisy’s Donuts needs your help in calculating their break-even point. They pay $3000 in rent and $2000 in other fixed costs per month. The cost to make each donut is $0.10. Daisy sells her donuts for $0.50 each.
a. How many donuts must Daisy sell to break even each month?
b. What is Daisy’s profit margin?
Andy’s car wash washed 2000 cars in June. The cost of water, soap, and hydro to wash each car are $2.00. Andy charges $5.00 for each car wash. His total fixed costs are $9000.
c. Did Andy break even in June? How do you know?
Bep = fixe9000/5-2
= 9000/3
= 3000 cars
d. How much profit or loss did he have for the month?
2. May purchases scarves for $30 and sell them for $100.
a. What is her profit margin?
b. What is her markup?
c. If she discounted the scarves by 10%, what would the new price be?
Stylogel wants to price a new style of the pen for the retail market. Its fixed costs will be $500 000 per year. It is examining three price points to the retailer: $1, $2.50, and $5, with a manufacturer’s suggested retail price of $2, $5, and $10 respectively. The variable costs of the pens depend on the price point. The $1 pen has variable costs of $.25 because it has little packaging and is made of basic materials. The $2.50 pen has little packaging as well, but the materials are of better quality, so its variable costs are $.50. The $5 pen is made of metal and comes in a gift box; therefore, its variable costs are $2 per pen. Advise Stylogel as to the price it should select.
You have decided to start up your own business for the summer rather than getting a summer job. A business contact that you know can supply you with Nike “knock-off” hooded sweaters at $10 each. The sweaters look the same and are of similar quality to true Nile sweaters that retail in other stores for $60 each. The “knock-off” sweaters have the brand name “Nik” and a swoosh logo very similar to the Nike sweaters.
You go and visit your local shopping mall and find out that there are two possible Kiosk locations that you can rent for July and August. The Kiosk that rents for $500 per week is located at the far end of the mall behind the food court. You note that there is not much shopper traffic in this area as most shoppers just grab something to eat and return to the main mall. The other Kiosk rents for $1000 a week and is located right in the middle of the mall, in front of a store that sells Nike sweaters. Both locations have additional utility costs of $250 per week.
You are going to hire a sales associate to run the Kiosk since you rather be playing golf during the summer. You calculate that this helper will work 35 hours per week. The going rate for sales associates in the mall is $10 per hour and 10% commission of the sales they make. You notice that there are several stores in the mall with “sales help wanted” signs.
Answer the following questions:
Determine all the fixed costs. These are the costs (expenses that remain the same irrespective of how much you sell.
How much would you pay your employee? Give at least 2 reasons for your choice.
What is the relationship between the selling price and demand for the sweaters?
What else, other than price affects the demand for the sweaters? Indicate at least 2 different strategies that you can try to increase the demand for your sweater.
Establish a selling price. Give at least 2 reasons for your choice.
What are your variable costs (expenses that are directly related to how much you sell – the more you sell the higher they are)?
Based on your selling price, what is your profit per sweater sold (how much do you make for every sweater sold?
Determine how many sweaters you have to sell before you start making money (to cover all your fixed and variable costs).
Your golf membership and pay fees for the summer are $6,000. How many sweaters are you going to have to sell to make sure that you make enough profit so that you can play all summer?
Answers
Answer:
I think the first one is 6000. Im not sure about the others though
Explanation:
I hope this helped!
c using the minimax regret method, which decision alternative will you chose? a) sell company b) form joint venture c) sell software on own
Answers
Using the minimax regret method, which decision alternative will you choose to sell company.
Minimax is a selection rule utilized in synthetic intelligence, decision principle, recreation idea, records, and philosophy for minimizing the viable loss for a worst-case (maximum loss) situation. When coping with profits, it's far known as "maximin" – to maximize the minimum gain. In the beginning formulated for several-participant 0-sum recreation idea, covering each the cases in which gamers take exchange actions and people wherein they make simultaneous actions, it has additionally been prolonged to more complicated games and to trendy selection-making within the presence of uncertainty. The maximin fee is the very best cost that the participant can be certain to get without knowing the moves of the opposite gamers; equivalently, it's miles the bottom price the alternative players can force the participant to acquire once they know the player's action.
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Question 2 (1 point)
Huda wants to buy soda. A 12-pack costs $9.50. She knows that with the local sales
tax of $2.00, the total should be $11.50. However, when she gets to the checkout,
the total is now $13.00. Which type of tax is Huda MOST likely paying that would
explain the extra $1.50?
estate
excise
inheritance
O income
Question 3 (1 point)
Answers
Answer:
$2:00,o income $ 1:50 huda soda most type that tax 3)1 point )
The ratio of the price of two goods on a graphed budget line is measured by its:.
Answers
There are lines in budget. The ratio of the price of two goods on a graphed budget line is measured by the slope of the budget.
What is a budget lineThis is regarded as a two-dimensional graph that shows the various choices one have between two goods given the money one have to spend. It is also known as budget constraint.
The ratio of the price of good X that is found on the horizontal axis to the price of good Y on the vertical axis is known as the slope of the budget.
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