Business, 23.06.2020 21:01 mariahrmunoz01
Determinants of the price elasticity of demand
Consider some determinants of the price elasticity of demand:
? The availability of close substitutes
? Whether the good is a necessity or a luxury
? How broadly you define the market
? The time horizon being considered
A good with many close substitutes is likely to have relatively (elastic, inelastic) demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises.
A good?s price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are priced approximately the same, which one has the least elastic demand?
A- Diamond necklace
B- A heart valve for heart attack victims
Answers: 1
Business, 21.06.2019 23:00
Employees of dti, inc. worked 1,600 direct labor hours in january and 1,000 direct labor hours in february. dti expects to use 18,000 direct labor hours during the year, and expects to incur $22,500 of worker’s compensation insurance cost for the year. the cash payment for this cost will be paid in april. how much insurance premium should be allocated to products made in january and february?
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Business, 22.06.2019 09:30
An object that is clicked on and takes the presentation to a new targeted file is done through a
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Business, 22.06.2019 17:10
At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)
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Determinants of the price elasticity of demand
Consider some determinants of the price elasticity o...
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