Answer:
By the midpoint formula, his income elasticity of demand for pro football game tickets is equal to <u>+3</u>, and football game tickets are <u>normal</u> goods.
Explanation:
The formula for calculating income elasticity of demand using the midpoint method is:
income elasticity of demand = {change in quantity demanded / [(old quantity + new quantity) / 2]} / {change in income / [(old income + new income) / 2]}
= {2 / [(2 + 4) / 2]} / {10,000 / [(40,000 + 50,000) / 2]} = (2 / 3) / (10,000 / 45,000) = 0.67 / 0.222 = 3
when the income elasticity of demand is higher than 1, the goods are normal goods.
Given that Lucky won $1000000 and has an option of receiving $50000 p.a for 30 years, the total amount received after 30 years in case he goes for option 2 will be:
amount=(yearly payment)+(number of years)
=(50000)×(30)
=$1,500,000
This implies that the second option is best choice. Given the information, we shall conclude that the best thing to do is to calculate the present value of the annuity payments.
The answer is D]
Answer:
1) $736
2) $24
3) Total compensation for direct labor = $736 -$24 = $712
Overhead = $24
Explanation:
(1) Normal wages for the week = Normal hours * normal hourly rates
= 40 hours * $16 per hour = $640
Overtime hours = Total time - Normal hours = 44 - 40
= 4 hours
overtime wages = overtime hours * overtime hourly rates
= 4 hours * $24 = $96
Operators compensation for the week = $640 + $96
= $ 736
(2) Employee's total overtime premium
= (overtime rate - normal time rate) * (Total hours - normal hours)
= ($24 - $16) *(44 - 40)
= ($8) * (4)
=$24
(3) Total compensation for direct labor = $736 -$24 = $712
Overhead = $24
Answer:
$62,000
Explanation:
Total materials - indirect materials
=62,000- 2000= $62,000
Answer:
bottom-up approach
Explanation:
According to my research on different types of approaches to budgeting, I can say that based on the information provided within the question Prenora Inc. will most likely use the bottom-up approach to budgeting. This type of budgeting method focuses on determining the costs of each section of an organization and then totaling them all up, and this is mostly worked on by middle management. Which is why we can say that this is the budgeting method that they will most likely use.
I hope this answered your question. If you have any more questions feel free to ask away at Brainly.
