Consider the following information. The price of steak rises from $3 to $8 and the quantity demanded of chicken rises from 30 units to 70 units a month. Calculate the cross elasticity of demand. Are steak and chicken substitutes or complements? Also, if the price of steak rises, what happens to demand for chicken? Does it increase or decrease and does it shift to the left or to the right? Provide a graph and explain why the demand curve for chicken shifts to the left or to the right when the price of steak rises.
Answers
when the price of steak rises, the demand for chicken increases and the demand curve for chicken shifts to the right. This is because steak and chicken are substitutes and consumers are willing to buy more chicken as the price of steak increases.
To calculate the cross elasticity of demand between steak and chicken, we can use the formula:
Cross elasticity of demand = % change in quantity demanded of chicken / % change in price of steak
First, let's calculate the percentage changes:
% change in quantity demanded of chicken = ((70-30)/30) x 100% = 133.33%
% change in price of steak = ((8-3)/3) x 100% = 166.67%
Substituting these values into the formula, we get:
Cross elasticity of demand = 133.33% / 166.67% = 0.8
Since the cross elasticity of demand is positive, we can say that steak and chicken are substitutes. This means that when the price of steak rises, consumers will switch to buying more chicken instead.
To illustrate this, we can draw a graph of the demand for chicken with respect to the price of steak. The graph will have the price of chicken on the y-axis and the price of steak on the x-axis. The demand curve for chicken will be downward sloping, as shown below:
Demand Curve for Chicken
When the price of steak rises from P1 to P2, the demand curve for chicken shifts to the right, from D1 to D2. This is because consumers are now willing to buy more chicken at each price, since the price of steak (a substitute) has increased. The new equilibrium is at point E2, where the quantity demanded of chicken has increased from Q1 to Q2 and the price of chicken has increased slightly from P1 to P3.
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Related Questions
A business ________ is a logically related set of activities that defines how specific business tasks are performed.
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Answer:
business process is a logically related set of activities that defines how specific business tasks are performed.
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Which method of distribution is suitable for sale of Coke in your school? Justify your answer.
Answers
The Coca-Cola Company sells its products to bottling and canning operations, distributers, fountain wholesalers and some fountain retailers. They then distribute them to retail outlets, corner stores, restaurants, petrol stations and many more.
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on april 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. in addition, on december 31, it was estimated that goodwill of $6,000,000 was impaired. question content area a. record the acquisition of patent. if an amount box does not require an entry, leave it blank. april 1 - select - - select - - select - - select - question content area b. journalize the adjusting entry on december 31 for the amortization of the patent rights. if an amount box does not require an entry, leave it blank. dec. 31 - select - - select - - select - - select - question content area c. journalize the adjusting entry on december 31 for the impaired goodwill. if an amount box does not require an entry, leave it blank. dec. 31 - select - - select - - select - - select -
Answers
The acquisition of the patent on April 1 is recorded as a debit to the Patent account and a credit to the Cash account for $1,500,000. The adjusting entry on December 31 for the amortization of the patent rights is recorded as a debit to the Amortization Expense account and a credit to the Accumulated Amortization-Patent account.
a) To record the acquisition of the patent, we debit the Patent account and credit the Cash account for $1,500,000. This reflects the increase in the Patent asset and the decrease in cash due to the purchase.
b) To record the amortization of the patent rights, we need to adjust the accounts on December 31. We debit the Amortization Expense account, which represents the expense of using up the patent rights, and credit the Accumulated Amortization-Patent account, which represents the cumulative amount of amortization recorded over time.
c) To record the impaired goodwill, we need to adjust the accounts on December 31. We debit the Impairment Loss-Goodwill account to recognize the loss in value of the goodwill, and credit the Goodwill account to reduce its value by $6,000,000. This adjustment reflects the decrease in the value of the goodwill asset.
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what are 5 steps that a salesperson should follow when using a suggestion selling technique?
Answers
1)no the goods
2)good reputation
3)understand the business
4)cooperate with buyers
5)involve sales girl or boy if needed
The final step in the development of corporate codes of conduct or mission statements is to:
A)ask oneself what one stands for or what the company stands for.
B)articulate a clear vision regarding the firm's direction.
C)identify clear steps as to how the cultural shift will occur.
D)believe that the culture is actually possible and achievable.
Answers
The final step in the development of corporate codes of conduct or mission statements is to **believe that the culture is actually possible and achievable.**
The development of corporate codes of conduct or mission statements is an important aspect of creating a positive corporate culture. Once a company has identified its values and articulated a clear vision, it is important that the culture is actually possible and achievable. This is the final step in the development of corporate codes of conduct or mission statements. It is essential that the company believes in the culture that they are trying to create. Without this belief, it is unlikely that the culture will be successful. The culture must be embraced by all members of the organization, and everyone must be committed to making it a reality. While the other options are important steps in the development of corporate codes of conduct or mission statements, they are not the final step. Asking oneself what one stands for or what the company stands for is an important first step, but it is not the final step. Articulating a clear vision and identifying clear steps as to how the cultural shift will occur are also important steps, but they do not represent the final step in the development of corporate codes of conduct or mission statements.
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Which of the following dose not apply to field
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Answer:
there are no options there ....
hope you may add the options
Consumer products are classified based on the attributes used in making the purchase decision, the effort spent by the consumer, and the.
Answers
Consumer Products are categorised based on the criteria used to make the decision to buy, the consumer's effort, and the frequency of purchases.
What are Consumer Products?
Products that are purchased by people or households for personal use are referred to as consumer products or final goods. Customer products are therefore things that the typical consumer purchases for personal consumption. There are four major categories of consumer items, each with its own marketing considerations. Consumer goods are items purchased by the typical consumer for personal use. Consumer products are the end product of production and manufacturing and are often referred to as final goods. Examples of common consumer goods are clothing, food items, and dishwashers.The Consumer Product Safety Act of 1972 established U.S. law and controls the sale of most common consumer items.To know more about Consumer Products visit:
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How are volatility and risk related in an investment?
A.
a volatile investment is less risky
B.
a volatile investment is more risky
C.
volatility and risk are not related
Answers
The terms volatility and risk are related in an investment because a volatile investment is more risky. The Option B is correct.
What is a volatile investment?Basically, the term volatility describes when a market or security experiences periods of unpredictable and sometimes sharp, price movements. Most People often think of volatility only when prices fall, however volatility can also refer to sudden price rises too.
Most of the Increased market volatility are caused by economic or policy factors including changes in other markets, interest rate hikes, and the Fed's current monetary policy. A political instability can also lead to market volatility.
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If supply increases and demand stays the same, there will be a
A) higher equilibrium price and quantity
B)lower equilibrium price and higher quantity
C) lower equilibrium price and quantity
D) higher equilibrium price and lower quantity
Answers
Answer:
B) lower price increase quantit
Explanation:
The amount of sales tax collected by a retail store when making sales is Group of answer choices a miscellaneous revenue for the store. a current liability not recorded because it is a tax paid by the customer. recorded as an operating expense
Answers
The amount of sales tax collected by a retail store when making sales is not considered a miscellaneous revenue or an operating expense for the store. It is a current liability not recorded because it is a tax paid by the customer.
Sales tax is a tax levied by the government on the sale of goods and services. When a retail store collects sales tax from customers, it does so on behalf of the government and acts as an intermediary. The store collects the tax from customers at the point of sale and later remits it to the appropriate government authority.
The sales tax amount is not considered a miscellaneous revenue for the store because it does not represent income earned from its regular business operations. It is also not recorded as an operating expense since the store does not bear the burden of the tax; it is ultimately paid by the customer. Instead, the sales tax collected is considered a current liability for the store until it is remitted to the government.
This liability is not recorded as an expense but rather as a liability on the store's balance sheet, reflecting the amount owed to the government.
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The price of cigars is $10, with a quantity demanded of 1,000 per day. If the price increases to $12, the quantity demanded declines to 800 per day. What is the absolute value of elasticity of demand?
Answers
Answer:
PED = - 1
Explanation:
The PED or price elasticity of demand measures the sensitivity of quantity demanded to changes in price level. It is calculated by taking the percentage change in quantity demanded, which results from a change in price level, and dividing it by the percentage change in price level.
PED = percentage change in Quantity demanded / Percentage change in price
PED = [(800 - 1000) / 1000] / [(12 - 10) / 10]
PED = - 1
The column headed by a check mark in a checkbook register is provided so you can make a note of your checks that have bounced.
T or F
Answers
Sharon contributed property to the newly formed QRST Partnership. The property had a $100,000 adjusted basis to Sharon and a $160,000 fair market value on the contribution date. The property was also encumbered by a $90,000 nonrecourse debt, which was transferred to the partnership on that date. Sharon is treated as a general partner. She is allocated 30% of QRST's profits and 20% of QRST's losses. Sharon's basis in the partnership interest after the formation transaction is:
Answers
Answer: $37000
Explanation:
Sharon's basis in the partnership interest after the formation transaction is calculated below:
Adjusted basis of property to Sharon = $100,000
Less: Basis in mortgage = $90000 × (100% - 30%) = $90000 × 70% = $63000
Then, Sharon's basis in the partnership interest after the formation transaction will be:
= $100000 - $63000
= $37000
How much does pressure change with altitude?
Answers
Since more than half of the molecules in the atmosphere are found below 5.5 km in altitude, the atmospheric pressure in this region drops by about 50% (to about 500 MB).
What is pressure?The force delivered perpendicularly to an object's surface per unit area across which that force is dispersed is known as pressure.
In comparison to the surrounding pressure, gauge pressure is the pressure.
Pressure is expressed using a variety of units.
The air pressure here decreases by around 50% because more than half of the molecules in the atmosphere may be found below 5.5 km in altitude (to about 500 MB).
Over 5.5 km, the pressure decreases, but it does so gradually and more slowly.
Some of these come from dividing a unit of force by a unit of area; the traditional unit of pressure in the imperial and U.S. customary systems is the pound-force per square inch (psi, symbol lbf/in2), whereas the SI unit of pressure, the pascal (Pa), is one newton per square meter (N/m2).
Therefore, since more than half of the molecules in the atmosphere are found below 5.5 km in altitude, the atmospheric pressure in this region drops by about 50% (to about 500 MB).
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What is cold Storewhat is cold Store
Answers
Answer:
Explanation:
Cold
production requires coordination of many activities. why does the make-or-buy decision depend critically on coordination of design attributes? what is the connection between your answer and incomplete contracts?
Answers
The answer is, Problems in coordination of production flows; Possible leak of private information; Transactions costs. Some Make-or-Buy Fallacies.
By production, what do you mean?Producing anything is the process of mixing different inputs, both tangible (such metal, wood, glass, or polymers) and intangible (like plans or knowledge). This output should ideally be a product or service that is useful and increases people's utility.
In a business, what is production?Production is the process of creating or producing items and products from components or raw materials. To put it another way, manufacturing takes inputs and uses them to produce an output fit for consumption—a good or product with value for an end-user or consumer.
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How do the events of the nation affect the national debt?
Answers
Answer: Growing debt has a direct effect on economic growth and the opportunities available to every individual in the country. If excessive levels of debt crowd out private or public or mutual investments in capital goods or works, workers would have less to use and get from their jobs, which would translate to lower productivity work and, therefore, lower wages in multiple aspects of the country's work done. High levels of debt would affect many other aspects of the economy in the future. For eq, higher interest rates result from increased borrowing from multiple agencies and invite under the various segments of college education house loan work loan. Less education and work opportunities will need skills up for various degrees and work to be followed under any scheme.
Explanation:
If we fail to act before a stipulated time the long time fiscal challenges will remain unaddressed and unchanged. The economic crisis and the overall economic environment weaken as confidence suffers, the access to capital funds gets reduced, interest costs crowd out key investments in our future, the conditions for growth deteriorate, and our nation is put at greater risk of economic crisis. If our long-term fiscal imbalance is not addressed, our future economy will be minimized, with fewer economic opportunities for families and workers down there in their own country.Average income in Western Europe in 1600 was roughly $1,400 per year, while in Latin America, it was less than half that. Which of the following best explains this difference in average income?
a. Western Europe had more advanced technology than Latin America.
b. Western Europe had a better climate than Latin America.
c. Western Europe had fewer resources than Latin America.
d. Western Europe had lower taxes than Latin America.
e. Western Europe had never been invaded or colonized, whereas Latin America had
Answers
Technology-wise, Western Europe was more advanced than Latin America.
What is the primary benefit of taxes with regard to economic growth?Taxes generate the money needed to fund government services. Savings reduce demand. The average income worldwide has been largely constant for millennia.Reduced income taxes boost consumer purchasing power and can boost total demand, which can boost economic growth (and possibly inflation). Income tax reductions may improve the incentives to work, which would increase production, according to the supply side.According to Accounting Tools, your company's WACC decreases when your corporate income tax rate rises because a higher rate results in a larger tax shield.GDP per capita is a measure of a country's economic production per person. It attempts to gauge a country's success by looking at its per-capita economic growth.To learn more Latin America refer to:
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an employee can be dismissed if their job surplus to requirements' outline why this state ment is false
Answers
Type a paragraph explaining how you have shown initiative in the past. Use proper grammar, spelling, and punctuation.
Answers
Answer: Your previous place of work or employment. A specific instance where you showed initiative. How your initiative impacted yourself or the company.
Explanation:
In what circumstance would a property insurance claim be rejected?
Answers
• The cause of property damage falls under an exclusion condition in your policy.
•You haven’t been paying your insurance premiums.
• The damage isn’t sufficiently documented
•The insurance adjuster finds anything suspicious or false in the claim.
•You didn’t take precautions to prevent further damage after the initial loss.
5 factors why companies change CEO every two or even more years
Answers
Companies may change their CEO every two or even more years for a variety of reasons. These can include changes in market demand, changes in technology, changes in company strategy, changes in the competitive landscape, or changes in the company’s leadership style. Ultimately, these changes can help the company adjust to new challenges, stay competitive, and remain profitable.
There are several factors that can contribute to companies changing their CEO every two or more years. These factors include:
1. Poor performance: If a CEO is not meeting the company's goals or is not performing well, the company may decide to change CEOs to try to improve performance.
2. Changes in the industry: Companies may change CEOs in order to keep up with changes in the industry and stay competitive.
3. Differences in vision: If the CEO's vision for the company does not align with the vision of the board of directors or other stakeholders, the company may decide to change CEOs.
4. Mergers and acquisitions: When companies merge or are acquired, they often change CEOs in order to have a fresh start and new leadership.
5. Retirement or personal reasons: CEOs may decide to retire or step down for personal reasons, which can lead to companies changing CEOs.
These are just a few of the many factors that can contribute to companies changing their CEO every two or more years.
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If you are a Japanese producer who sells products in the US, you want a foreign exchange future without going through the futures market. So, you borrow money in dollars with an interest rate of 5% and immediately convert it to yen at a rate of 1 dollar to 100 yen. Then you put the money in a Japanese interest-bearing account with an interest rate of 10%. What is the forward exchange rate in this case?
Answers
Answer:
104.76 yen per dollar
Explanation:
the forward rate = spot rate x [(1 + foreign interest rate) / (1 + domestic interest rate)] = 100 yen x [(1 + 10%) / (1 + 5%)] = 100 yen x (1.1 / 1.05) = 104.76 yen per dollar
Since the interest rate in Japan is higher than the interest rate in the US, investors will start to purchase more yens in order to gain higher interest rates, which will eventually appreciate the yen against the dollar until both interest rates match.
In her business communications class, matilda's teacher is focusing the week's lessons on correctness. paying attention to this characteristic will help communications be what? question 3 options: a. inclusive b. friendly and positive c. accurate and error free d. free from unnecessary words
Answers
In Matilda's business communications class, focusing on correctness will help communications be accurate and error-free.
Correctness in business communication means that the message is free from grammatical errors, typos, and other mistakes that could lead to confusion or misinterpretation. When communications are correct, they decision-making are clear and easy to understand, ensuring that the intended message is received and acted upon. Accuracy is particularly important in business communication, where even a small error could have significant consequences, such as causing a miscommunication that leads to a missed deadline or lost business opportunity. By focusing on correctness, Matilda and her classmates will learn how to produce clear, accurate, and error-free business communications that are effective in achieving their intended goals.
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Is a business plan a one time fee?
Answers
Answer:
i think so :)
Explanation:
marcus finds that a check written by a customer and deposited has not yet been posted
Answers
What is the correct strategy that Alejandra must use to deliver a negative message?
Alejandra is a customer relations manager at a toy company. A customer posted a complaint on the company’s social media page saying that one of its toys is unsafe for children. Alejandra should use a/an _______ strategy to respond to the situation.
Answers
Answer:
Apologize and come up with a new plan. Of course, you need to apologize, if you don't then that becomes a problem. (especially if they are a Karen.) After apologizing start to explain what you are going to do about it. For Example Refunds, Store Credit, Replacement, Etc. To start off. Then fix the problem. Also, tell them that you are going to do so and so to fix it. Like creating anew toy or whatnot. Hope this helps!
Alejandra should apologise for the toys and introduce a new plan as the proper approach to conveying a bad message.
Alejandra Pizarnik notes in her diary in 1968, four years after her stay in Paris, "What most disturbs me since returning to this foreign country: the distance, or the voluntary distance, between the word and the deed. In the loosest sense, something seems literary, but one can distance oneself.
"On meurt à moins" (What frightens me most since returning to this foreign country: the gap between word and deed, or the desire for one. One can pass away from distance, despite the fact that this looks to be literary in the worst sense. "On dies less").
Alejandra Diarios, Barcelona: Lumen, 2003, p. 439, Pizarnik. … A recurring issue in this author's writings is the attempt to reunite act and poetry, which, according to Pizarnik, were split apart "por no sé qué error" ("through some kind of error").
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Sam has take-home pay every month of $800. He anticipates that his expenses will add up to $675 for the month. In a zero-based budget, why is it important that she put the extra $125 in SOME budget category?
Answers
Answer:
see below
Explanation:
The Zero-based budgeting technique assumes there will be no balance bought forward nor balance carried forward. Budget preparation for a particular period must start from zero or scratch. Each expense must be on merit. Income and expenses must match. In the zero-based budget, the difference between income and expenditure must be zero.
If Sam has an income of $800 and expenses of $675, she has to re-work her costs again to ensure they match her income. The zero-based budget demands she draws her expenses list again and comes up with a way of spending the $125 difference.
A company paid dividends of $15,000, generated total sales of $845,000, and incurred total expenses of $792,000 in the current year. If ending retained earnings is $165,000, what was beginning retained earnings?
Answers
Answer:
The beginning retained earnings will be "127,000".
Explanation:
The given values are:
Total sales,
= $845,000
Company paid,
= $15,000
Total expenses,
= $792,000
Retained earning,
= $165,000
Now,
⇒ \(Retained \ earning \ this \ year = Profits-Dividends\)
⇒ \(=845,000-792,000 -$15,000\)
⇒ \(=38,000\)
and,
⇒ \(Beginning \ retained \ earnings = Ending \ RE-this \ year \ RE\)
⇒ \(=165,000-38,000\)
⇒ \(=127,000\)
12. An account having a credit balance in general ledger will be classified as:
A. An asset account
B. An expense account
C. A liability account
D. All of the above