Final answer:
The ending inventory at cost is calculated using the conventional retail method that involves finding the cost-to-retail ratio from the given data and then applying it to the estimated ending inventory at the retail price.
Explanation:
To calculate the ending inventory at cost using the conventional retail method, we first need to adjust the retail value of the goods to account for markups and markdowns. The calculation starts with the cost-to-retail ratio, which is the relationship between the cost and the retail price of the inventory. With the provided data, we can calculate the cost-to-retail ratio, and then apply it to the ending inventory at the retail price to estimate the ending inventory at cost.
Steps to Calculate Ending Inventory at Cost:
Calculate Cost-to-Retail Ratio: Add the beginning inventory at cost to the purchases at cost to find total goods available at cost. Then, add beginning inventory at retail to the purchases at retail, adjust for markups and markdowns, to find total goods available at retail. Divide the total goods at cost by the total goods at retail for the cost-to-retail ratio.
Estimate Ending Inventory at Retail: Subtract the net sales from the adjusted total goods available at retail.
Apply Cost-to-Retail Ratio: Multiply the estimated ending inventory at retail by the cost-to-retail ratio to find the ending inventory at cost.
Upon performing these calculations using the given information (beginning inventory, purchases, markups, markdowns, and net sales), the ending inventory at cost for the Tore Company can be determined.
Resourced Minerals Inc. agrees to deliver ten tons of coal to Static Energy Corporation. The agreement states that delivery is to be within "9" days, although the parties intend "90" days. Resourced Minerals cannot convince Static Energy to amend the contract. Resourced Minerals should seek
A) Specific performance
B) Rescission
C) Damages
D) Reformation
Answer: Reformation
Explanation: Removal or alteration by court order of the current contract at the request of one of the parties to the agreement is called reformation.
Reformation will be required when there is evidence that the participants have not meant the expression as written or an accident or confusion has caused an omission.
Thus, from the above we can conclude that the correct option is D as the resource mineral is not able to perform under the conditions specified in the contract.
The multiplier effect of fiscal policy predicts that an increase in government spending of $150 billion will increase total income by $750.00 billion if the marginal propensity to consume is 0.80.
If we account for crowding-out, then the increase in aggregate demand will be:
A. more than $750.00 billion.
B. less than $750.00 billion.
C. exactly $750.00 billion.
D. none of these
Answer:
B) less than $750.00 billion.
Explanation:
Crowding-out refers to a situation where private consumption and investment are lowered because government spending uses available financial resources and increases interest rates.
Crowding-out is the result of a government having to borrow money or increase taxes in order to increase spending.
A price ceilingâ is:________
A. a minimum price that buyers may charge for aâ good, usually set by those who sell the good.
B. a maximum price that sellers may charge for aâ good, usually set by government.
C. a maximum price that buyers are willing to pay for aâ good, usually set by government.
D. a minimum price that sellers may charge for aâ good, usually set by government.
Answer:
B A maximum price that sellers may charge for a good, usually set by government.
Explanation:
Price ceiling is a act of consumer protection taken by government to ensure that customers are not charged excessive for any product. Usually the price ceiling is set for basic necessity items which are used in day to day use of consumers.
A price ceiling is a government-imposed maximum price on a good or service to prevent prices from becoming too high and to keep essential goods affordable for consumers.
A price ceiling is a legal maximum price set by the government for a particular good or service, with the aim to keep it affordable for consumers. It is not a minimum price, nor is it set by sellers or buyers. Rather, it is typically put in place to protect consumers during situations of market stress, such as natural disasters or shortages, ensuring that necessary goods remain accessible to those who need them most. A classic scenario where a price ceiling might be applied is in rent control, where the government limits how much landlords can charge tenants to prevent excessive rental rates.
Chloe talked to several stockbrokers and made the following conclusions. Which, if any, of Chloe's conclusions are correct? A. It is relatively easy to reduce firm-specific risk by increasing the number of companies one holds stock in. B. Some people have made a lot of money in the stock market by using insider information, but these cases are not contrary to the efficient markets hypothesis. C. Stock prices, even if not exactly a random walk, are very close to it. D. All of Chloe's conclusions are correct.
Answer: D
Explanation:
All of Chloe's conclusions are correct. These conclusions are true concerning all stock brokers
Briefly explain whether the value of U.S. exports is typically larger or smaller than the value of U.S. imports. The value of U.S. exports
Answer:
Explained briefly in the explaination box.
Explanation:
The amount of U.S. exportation has remained smaller since concerning from the year 1980. The U.S import rates decreased for the following sequential year meanwhile 1984, declining 1 .7 percent later a 2.5-percent decrease in 1983. The descending trend in import costs through the year, that was extra broad-based than in 1983 meanwhile aggregate price changes were predominately affected by lowering energy costs.
A department has budgeted monthly manufacturing overhead cost of $510000 plus $3 per direct labor hour. If a flexible budget report reflects $984000 for total budgeted manufacturing cost for the month, the actual level of activity achieved during the month was__________.
Answer:
Direct labor hour will be 158000
Explanation:
We have given manufacturing overhead cost = $510000
An total budgeted manufacturing cost = $984000
So balance variable cost = $984000 - $51000 = $474000
It is given that $3 per direct labor hour
We have to fond the number of labor hours
So number of direct labor hours will be [tex]=\frac{474000}{3}=158000[/tex]
So dire t labor hour will be 158000
In order to calculate MACRS depreciation, the business only needs to know the asset's depreciable basis, the recovery period, and which depreciation method (i.e. 200% declining balance) is used. True or false?
Answer:
False
Explanation:
MACRS represent Modified Accelerated Cost Recovery System depreciation and it is a depreciation system used in the United States specifically for tax purposes. This method of depreciation allows the recovery of the capitalized cost of fixed assets based on annual deductions over a period of time.
Apart from the depreciable basis, the recovery period and the depreciation method, calculating depreciation based on MACRS also require knowledge of the specific date the asset was placed in service as well as the specific convention that applies to the depreciable asset, for instance, is it a half year or quarter convention?
The convention will help determine the following:
1. The applicable depreciation table based on when the asset was placed in service
2. The amount of depreciation
3. The depreciation method is applicable.
The available depreciation conventions in MACRS include the half-year, mid-quarter and mid-month conventions.
what is the difference between hedonic demand estimation and discrete choice demand estimation/
Answer: Full answer in explanation below
Explanation: Hedonic demand is a method of preference that estimates the demand of a good and it's importance to customers. Also known as hedonic regression, this method breaks down the good into characteristics and then estimates the value of every characteristic.
Discrete choice demand explains, describes and estimates a choice between 2 options given. These choices are based on standard consumption models where an assumption is made that the amount of each consumed good is done on a continuous variable basis.
If you were to purchase a capital appreciation bond from the local school district, how would your investment be paid back?
Answer:
principal and interest payments upon bond maturity.
Explanation:
Based on the information provided within the question it can be said that your investment would be payed back on principal and interest payments upon bond maturity. A capital appreciation bond is a municipal security which is reinvested at a stated rate, and once the maturity date is reach, only then can it be redeemed for it's face value plus all of the accrued interest. These bonds usually take between 10-20 years to mature.
Suppose the supply curve for wool mittens is represented as: Q = 50 + 1/2X - 5Y - 24Z. Which one of the following statements below is true?A. The variable Y could be the price that wool mittens sell for in the market. B. The variable X could be the price of the wool used to make mittens. C. The variable Y could be the price of the wool used to make mittens.D. The variable X could be consumers income.
Answer:
C) The variable Y could be the price of the wool used to make mittens.
D) The variable X could be consumers income.
Explanation:
quantity supplied = 50 + 1/2X - 5Y -24Z
In this equation if X increases, then the quantity supplied increases. Therefore X can either be the product's price or consumer income.
In this equation if Y or Z increase, then the quantity supplied decreases. Therefore Y or Z are production costs, either labor or materials.
In the given supply curve equation, the variable Y is unlikely to represent the price of mittens sold in the market, as its relationship with the quantity supplied (Q) is negative. It's probable, though, that Y or X might represent the price of wool used to make mittens or consumer's income, as an increase in these values could reduce Q.
Explanation:In the equation given the variables X, Y, and Z can be thought to represent various factors that might influence the supply of wool mittens.
Option A suggests that the variable Y could be the price that wool mittens sell for in the market. In a typical supply curve equation, the variable representing quantity supplied (Q) is positively related to the price at which the good is sold because as price increases, suppliers are willing to produce more of the good. In this equation, however, Y is negatively related to Q, implying that as Y increases, the quantity supplied decreases. Therefore, A is not correct.
Choice B proposes that X could represent the price of wool used to make mittens. This is plausible as an increase in the price of a key input (wool, in this case) would likely reduce the quantity that suppliers are willing and able to produce (Q), because it would make production more costly.But since the relation is positive, hence B is also incorrect.
Option C and Option D sound resonable as any increase in the price of wool or decrease in the consumers income can reduce the supply of the wool mittens. Hence, C or D is the correct answer.
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In a perfectly competitive market, the horizontal sum of all the individual firms' supply curves is ___________.
Answer:
Market supply curve
Explanation:
Market supply curve in a perfectly competitive is the sum of the individual firms. It is shown as the upward portion of the marginal cost curve that lies above the average variable cost curve. The movement along this curve shows the production of the firm.
The market supply curve represents the positive relationship between the price of the commodity and the quantity supplied of the commodity. This means that an increase in the price of the commodity will lead to an increase in the quantity supplied of that commodity.
Final answer:
In a perfectly competitive market, the horizontal sum of all individual firms' supply curves forms the market supply curve, which indicates the total quantity supplied at various price levels.
Explanation:
In a perfectly competitive market, the horizontal sum of all the individual firms' supply curves represents the market supply curve. This is because each firm is a price taker and can sell as much of the good as it wishes at the going market price. Therefore, at any given price level, the total quantity supplied by the market is the sum of the quantities supplied by all the individual firms. To obtain the market supply curve, you simply add up the quantities supplied by all the firms at each price level, which can be visually represented as horizontally summing their supply curves.
This coherent aggregation reflects the fact that in a perfectly competitive market, firms are reacting to the same price signals and independently adjusting their output, and as a result, the market's overall supply behavior can be described by combining their individual supply decisions.
Cash values within an ordinary straight whole life insurance policy _______ over time.
Answer:
Increase
Explanation:
Whole Life Insurance Policy represents a life insurance policy that runs through the lifetime of the insured based on either the payments of pre-determined premiums or arrival at the date of maturity. The policy which is also referred to as 'straight or ordinary life' represents a contract between the insured and the insurer. The insurer pays the guaranteed sum or cash values to the insured's beneficiaries at the death of the insured or maturity of the policy.
As compared to another type of life insurance which is the termed life insurance, Whole Life Insurance should provide increasing cash values overtime on the policy. This is because aside the fixed cash value which goes along with the premium the insured pays regularly there is the accumulation of interest credited by the insurer based on pre-agreed terms to the cash value which is to be paid at maturity. The advantage as well as the fact that the tax treatment of these credited interests is quite favourable as they are tax-free. This benefit accumulates when insurance is greater than ten to fifteen years.
Hence, the cash value of the whole life insurance policy is expected to increase over time as a result of the accumulation of tax-free interests/dividends along with side the predetermined cash value.
The first program charges a $35 membership fee and $5 for each class. The second program does not have a membership fee, but charges $10 for each class. t = 5c + 35, t = 10c For how many classes will the cost of both programs be the same? classes
Answer:
the answer is 7 i got it right from the dude above me lol
Explanation:
Final answer:
To find the number of classes for which the cost of both programs will be the same, set the equations for both programs equal to each other and solve for c. The cost of both programs will be the same for 7 classes.
Explanation:
To find the number of classes for which the cost of both programs will be the same, we need to set the equations for both programs equal to each other. The first program has a cost equation of t = 5c + 35, where t represents the total cost and c represents the number of classes. The second program has a cost equation of t = 10c. Setting these two equations equal to each other gives us:
5c + 35 = 10c
35 = 5c
c = 7
Therefore, the cost of both programs will be the same for 7 classes.
Suppose you are the owner of a small t-shirt printing business. While conducting a cost analysis of your business, you find that at current production levels, your average total cost (ATC) is $10. You also know that if you increase production by one more unit, the marginal cost of that unit will be $5. If you produce another t-shirt?
Answer:
As per our research the complete question is
Suppose you are the owner of a small t-shirt printing business. While conducting a cost analysis of your business you find out that at current production levels, your average total costs (ATC) are $10. You also know that if you increase production by one more unit the marginal cost of that unit will be $5. Since you are taking a course in economics this semester, you also know that if you produce another t-shirt:
a) the marginal costs of production will increase
b) the marginal costs of production will decrease
c) the average total costs of production will increase
d) the average total costs of production will decrease
Explanation:
The correct answer is d) the average total costs of production will decrease.
This is due to fact that fixed cost allocated to unit decrease with increase in production. In other words fixed cost is fixed in total but variable per unit and variable cost is fixed per unit but variable in total.
For example a company produce product A having variable cost of 10 dollars per unit and fixed cost of the company is 100 dollars. So if company produce one quatity of A than its total cost will be 110 dollars and per unit cost will be the same but if company produce two units of A its total cost will be 120 dollars but per unit cost will be decrease to 60 dollars. (120/2)
At December 31, 2019 ABC Company’s inventory records indicated a balance of $878,000. Upon further investigation it was determined that this amount included the following: · $168,000 in inventory purchases made by Howell shipped from the seller 12/27/19 terms FOB destination, but not due to be received until January 2nd · $111,000 in goods sold by ABC with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th. · $9,000 of goods received on consignment from Westwood Company What is ABC’s correct ending inventory balance at December 31, 2019?
Answer:
$ 701,000
Explanation:
Balance At December 31, 2019 = $878,000
$168,000 will be deducted since these are not due to be received until January 2nd as well as $9,000 will also be deducted
$878,000 - $168,000 - $9,000 = $ 701,000
An insect that is resistant to currently used pesticides has infested the cotton crop, and this year's crop is only half of what was produced last year. You accurately predict that this will
A. shift the supply curve of cotton to the right, the equilibrium price of cotton will increase, and the demand for cotton will fall
B. shift the supply curve of cotton to the right, the equilibrium price of cotton will increase, and the quantity demanded of cotton will decrease.
C. shift the supply curve of cotton to the left, the equilibrium price of cotton will increase, and the quantity demanded of cotton will decrease.
D. shift the supply curve of cotton to the left, the equilibrium price of cotton will increase, and the demand for cotton will fall.
Answer:
c.) will shift the supply curve of cotton to the left, the equilibrium price of cotton will increase, and the quantity demanded of cotton will decrease
Explanation:
As due to insect , the cotton crop growth decreases due to which supply of cotton crop in market will also decreases and move to the left thud the price of cotton crop will increase in market and because of high prices demand for cotton crops will also decreases and equilibrium will restore.
The correct prediction is that the insect infestation leading to reduced cotton crop will cause the supply curve to shift to the left, increase the equilibrium price of cotton, and result in a decreased quantity demanded.
Explanation:When an insect infestation reduces the cotton crop, resulting in this year's crop being only half of what was produced last year, the correct prediction would be:
C. shift the supply curve of cotton to the left, the equilibrium price of cotton will increase, and the quantity demanded of cotton will decrease.
When a natural event like an insect infestation damages a significant portion of an agricultural crop, the supply of that crop is reduced. This reduction in supply is depicted by a leftward shift in the supply curve because there is less cotton available at any given price. As a result, the equilibrium price will typically increase due to the scarcity of the product. However, the increase in the price of cotton will lead to a decrease in the quantity demanded since buyers may not be willing or able to purchase as much at higher prices.
Under Title VII, employers who have had an incident of sexual harassment reported to them:
a) are required to take some action to investigate the complaint.
b) can be held liable in tort for their inaction.
c) must take disciplinary action immediately.
d) both a and b
e) none of the above
Answer:
A) are required to take some action to investigate the complaint.
B) can be held liable in tort for their inaction.
Explanation:
Title VII of the Civil Rights Act of 1964 prohibits discrimination in any aspect of employment, e.g. race, color, gender, religion, etc.
Title VII states that sexual harassment is a form of discrimination.
Sexual harassment happens when, including but not limited to the following:
The victim as well as the harasser may be a woman or a man, they don't have to be of the opposite sex. Any member of the organization may be a harasser, e.g. victim's supervisor, a co-worker, etc. A person doesn't need to be specifically harassed but can be anyone affected by the offensive conduct. Sexual harassment may occur without economic treat or damage to the victim. The offensive conduct must not be welcomed nor reciprocate.if the rate of appreciation in the past year has been 2% of the previous years value what is the current value of a house that was appraised at 800,000 one year ago
Answer:
816,000
Explanation:
Since in the past, annual rate of appreciation has been 2%, it is reasonable to assume that the same rate of appreciation will apply in the current year.
Accordingly, for a house appraised at 800,000 one year ago, its current value is calculated as follows.
Current Value = Previous Year's Value * (1 + Appreciation Rate)
= 800,000 * (1 + 2%)
= 800,000 * 1.02
= 816,000
Accounts Receivable $6,000 Accounts Payable 7,000 Salaries Expense 6,000 Repairs Expense 900 Truck 12,000 Equipment 9,000 Notes Payable 24,000 Cash 12,000 Supplies Expense 9,000 Service Revenue 24,000 Gasoline Expense 7,100 Salaries Payable 1,500 Calculate the net income
Answer:
net net income is $1000
Explanation:
given data
Accounts Receivable = $6,000
Accounts Payable = 7,000
Salaries Expense = 6,000
Repairs Expense = 900
Truck = 12,000
Equipment = 9,000
Notes Payable = 24,000
Cash = 12,000
Supplies Expense = 9,000
Service Revenue = 24,000
Gasoline Expense = 7,100
Salaries Payable = 1,500
solution
we get here net income that is express as
net income = Total revenues and gains - Total Expenses ..............1
here Total revenues and gains is Service Revenue = 24,000 and
Total Expenses = salaries expenses + repair expenses + supplies expenses + gasoline expenses
Total Expenses = 6,000 + 900 + 9,000 + 7,100
Total Expenses = 23000
so net income = Total revenues and gains - Total Expenses
net income = 24000 - 23000
so net net income is $1000
Equipment was purchased at a cost of $78,000. The equipment had an estimated useful life of five years and a residual value of $3,000. Assuming the equipment was sold at the end of Year 4 for $8,000, determine the gain or loss on the sale of equipment. (Assume the straight-line depreciation method.)
Answer:
Loss of $7,000
Explanation:
Data provided in the question:
Purchasing cost = $78,000
Residual value = $3,000
Useful life = 5 years
Selling cost = $8,000
Now,
Annual depreciation = [ Cost - Residual value ] ÷ Useful life
= [ $78,000 - $3,000 ] ÷ 5
= $75,000 ÷ 5
= $15,000
Therefore,
Accumulated depreciation of 4 years = 4 × Rate of depreciation
= 4 × $15,000
= $60,000
Therefore,
Book value at the end of 4 year = Cost - Accumulated depreciation
= $75,000 - $60,000
= $15,000
Since,
Book value at the end of 4 year is greater than the selling cost
therefore,
there is loss = Book value - Selling cost
= $15,000 - $8,000
= $7,000
Hence,
Loss of $7,000
The purpose of a W–4 form is to _____. inform your employer how much you paid in taxes at your previous job tell the IRS how much money has been paid in taxes let your employer know how much to take out of your paycheck for taxes file a tax return?
Answer:
let your employer know how much to take out of your paycheck for taxes file a tax return
Explanation:
The W-4 Form or the Employee's Withholding Allowance Certificate, must be completed by new employees and its main purpose is to let their employer know how much federal taxes must be withheld form the employee's paycheck. Employers no longer have to routinely submit W-4 Forms to the IRS.
A W-4 form is used to let employers know how much federal income tax should be withheld from an employee's paycheck. It is based on the employee's current circumstances, not past payments. It doesn't involve paying the IRS directly and it isn't used for filing tax returns.
Explanation:The purpose of a W-4 form is to inform your employer how much federal income tax to withhold from your paycheck. When you start a new job, your employer will typically give you a W-4 form to complete. The information you provide on this form, such as your marital status, the number of dependents, and any additional amount you want to withhold, helps your employer determine the amount of taxes to deduct from your wages. It doesn't record how much taxes you paid at your previous employment and it doesn't act as a mode to pay taxes to the IRS. The W-4 form is also not used for filing a tax return.
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Which should be required by a company to mitigate the impact of a custom piece of software being installed by a vendor in case the vendor later goes out of business?
Answer:
Correct control of operational risk related with customized software piece is creating a guarantee of the capacity to replicate the custom piece in case of future problems.
Explanation:
In this case, if it is considered that the custom software piece is too specific for the company, a negotiation with the vendor establishing the company ownership and development of the custom software in control of the company is critical
Candidates running for a nonjudicial office in the State of Texas can raise how much money for their campaign?
a. $150,000 per donorb. $500,000 per electionc. an unlimited amount of moneyd. $40,000 per month
Answer:
option ( c ) an unlimited amount of money
Explanation:
According to the Texas campaign financing rules, there are no restrictions applied by the government of texas to the amount of money that the candidates running for a nonjudicial office in the State of Texas can raise for their campaign
Hence,
The answer will be option ( c ) an unlimited amount of money
Compensating balances
a. are a particular form of collateral commonly required on commercial loans.
b. allow banks to monitor firms' check payment practices, which can yield information about their borrowers' financial conditions.
c. are a required minimum amount of funds that a borrower (i.e., a firm receiving a loan) must keep in a checking account at the bank.
d. are all of the above.
Answer:
The correct answer is D
Explanation:
Compensating balance is the balance which is to be minimum amount that is to maintained or kept in the bank account, so that could be used to offset the cost incurred by the bank for setting up the loan.
It is that balance which is not available for the company to use and might be needed to disclose in the notes of the borrower in the financial statements.
So, it is a specific kind of collateral, allow bank to monitor payment practice of firms and require to have a minimum amount that borrower need to keep in the checking account.
Mary Ellen works at Hershey in the marketing department. Recently, Hershey developed a new chocolate bar that the company is excited about. Mary Ellen's job is to try to increase awareness of the product, get people to try it, and obtain desirable distribution at retail stores. Which consumer sales promotion method should Mary Ellen select based on these criteria?
Answer:
Free Samples
Explanation:
The consumer sales promotion method that Mary Ellen should select based on these criteria is the free samples method.
Free samples method uses small quantities or few units of the new product of Hershey, as give-away; trying to lure people into trying it by way of product testing. This can be done by placing them in a tray in supermarkets and malls OR delivered door to door. They can also be attached to another existing well-known product, by way of 'bundle pricing'.
By so doing the awareness for the new chocolate will be created
Sally agrees to mow Paul's yard for $300 for the summer. Paul wishes to assign the contract to his grandmother. Sally objects because Paul's yard is very small while the grandmother's yard is over an acre. Which of the following is the correct legal outcome for the dispute between Sally and Paul?
a. Sally will win because Paul's attempted assignment would increase the duties to which she agreed.
b. Sally will win because all assignments are invalid without the obligor's consent.
c. Sally will win unless Paul paid her the $300 in advance.
d. Paul will win because he may validly assign the contract without Sally's consent.
e. Paul will win so long as he tells Sally about the assignment prior to the time she begins performance.
Answer: The correct answer is "a. Sally will win because Paul's attempted assignment would increase the duties to which she agreed.".
Explanation: The correct legal outcome for the dispute between Sally and Paul is: Sally will win because Paul's attempted assignment would increase the duties to which she agreed.
This happens because the allocation produces the increase of the risks or duties, which correspond to the debtor.
Branding efforts rely on simple images, icons, logos, words, and brief taglines to communicate enormous amounts of meaning about the organization or its products and services. The meaning depends on context. Branding magic happens when communication strategists successfully align an organization's actions, communication, and culture with the cultural contexts of key publics. This type of branding context is the application of ___________.
Answer:
low-context communication
Explanation:
Low-context communication cultures are those that communicate information in direct, explicit, and precise ways.
It is low-context since branding efforts rely on simple images, icons, logos, words, and brief taglines to communicate enormous amounts of meaning about the organization or its products and services
Tom Cruise is a 17 year old high school student who works as an assistant manager at the local movie theater. If an increase in the price of movie tickets results in an increase in total revenue at the theater, this is evidence that the demand for movie tickets is:_________a) price elasticb) price inelasticc) unitary elasticd) perfectly inelastice) perfectly elastic
If an increase in the price of movie tickets results in an increase in total revenue at the theater, this is evidence that the demand for movie tickets is price inelastic.
Option B
Explanation:
Price elasticity of production is often used in economics to explain the reactivity, or elasticity, to increase prices of the quantity requested by a good or service, when only prices change.
In the case of a change in the price of $200 to $202, for example, a 1% rise, and demand change between 1,000 to 995 units, a reduction of less than 1%, the drugs are inelastic.
The drug would be regarded as completely inelastic if the price increase had no impact on the amount ordered. Medical needs and procedures are relatively inelastic since they are necessary for survival, while luxury goods, like cruises and sports cars, are usually fairly elastic.
All of the following statements about agriculture in market economic systems are true EXCEPT
A. that it is characterized by specialization, profit, and interdependence.
B. in response to low crop prices and overproduction, it is being replaced by intensive subsistence farming.
C. the crop or livestock mix selected by commercial farmers reflects assessment of production and marketing costs and market demands and prices.
D. it involves intensive land use near markets and extensive land use at more distant locations.
Answer:
B, In response to low crop prices and overproduction, it is being replaced by intensive subsistence farming.
Explanation:
A market economic system is one in which laws of demand and supply determine the production of goods and services. Agriculture in market economic systems is not being replaced by subsistence farming because subsistence farming is low scale farming that meets the needs of a family and as such is not affected by any laws of demand and supply as in commercial farming.
Cheers.
In 2007 the U.S. economy went into a deep recession lasting two years. Many households held on to their cars longer rather than trade them in for a new model, causing many dealerships to miss their sales quotas. The appropriate response in this situation would be to_____________
Answer:
The appropriated responses would have been:
to adjust the dealerships' sales quotas until the economy bounced backgive customers longer auto loans and longer lease terms, and lower interest rateseventually the most reasonable thing would be to adjust the price of cars to the decreasing demand, therefore lowering the prices