Answer:
Education demand is elastic as compared to salt demand which is highly inelastic.
Explanation:
Elasticity of demand is a measure of the responsiveness of the demand of a good or service relative to it's corresponding change in price. A demand curve can be used to determine the degree of elasticity. A demand curve is a graphical representation of how price varies with quantity of goods and services demanded. The quantity of goods demanded is plotted on the horizontal axis of the graph with the corresponding price plotted on the vertical axis of the graph. With the graph, the elasticity of demand can be calculated. The formula for determining elasticity for demand is;
ED=Q/P
where;
ED=elasticity of demand
Q=percentage change in quantity demanded, where
Q={(Q2-Q1)/Q1}×100
Q2=quantity demanded when price is P2
Q1=quantity demanded when price is P1
P=percentage change in price, where;
P={(P2-P1)/P1}×100
P2=final price
P1=initial price
The formula above can be used to determine the degree of elasticity of a good or service as shown;
If the price elasticity of demand is greater than 1, then the demand is elastic. Meaning the demand is very sensitive to changes in price. This usually happens on goods and services that are wants rather than needs. Wants are luxuries that most people can do without or can find cheaper alternatives while needs are goods that most people can't do without.
If the price elasticity of demand is less than 1, then the good or service is inelastic. Meaning the demand is not very sensitive to changes in price. This usually happens on goods and services that are needs. Needs are goods and services that most people cannot do without.
In our case, salt is a need that most people cannot do without, therefor inelastic. However, quantity of education in private universities is highly elastic since there are many alternatives like public universities that are much cheaper compared to private universities. So a change in price will affect the quantity of demand.
Answer:
$6,400,000
Explanation:
Reduction in mailing time = 1.5 day
Reduction in clearing time = 1.5 day
Reduction in firm processing time = 1.0 day
Total = 4.0 days
Daily interest on Treasury bills = 0.025%
Average number of daily payments to lockboxes = 4,000
Average size of payment = $400
The value of the proposal will be the average number of daily payments to lockboxes multiplied by the total of 4 days which is then multiplied by the average payment size. This will be:
= 4000 × $400 × 4
= $6,400,000
Answer:
The answer is National Labor Relations Act (Wagner Act)
Explanation:
The national labor Act of 1935 provides workers with the right to organize and join labor union. The Act also provides workers with a framework for collective bargaining. The Wagner Act prohibits the interference or coercion of workers to exercise their rights of organizing or joining labor unions alongside bargaining collectively for their working conditions or wages.
Moreover, the Act prohibits the employer from the refusal to bargain with employees' representatives.
Answer:
Total production cost $ 14 per unit Under absorption costing True
The total product cost per unit when 4,000 units are produced would be $22.50 False
Explanation:
Direct labor $ 2 per unit
Direct material $ 3 per unit
Variable overhead $ 4 per unit
Total variable $ 9 per unit
Fixed overhead ($50,000/10,000 units) $ 5 per unit
Total production cost $ 14
Production Costs involve the fixed costs under absorption Costing. So the total Product cost under absorption costing is $ 14.
When 4,000 units are produced the production costs are as follows
Absorption Costing: 4,000 * 14= $ 56,000
Variable Costing : 4000 * 9= $ 36,000
So the second statement is false.
Answer:
The firm average total cost is $110
correct option is d. $110
Explanation:
given data
total fixed costs = $300,000 per year
average variable cost = $80
tents = 10,000
to find out
we know that average total costs is sum of average fixed cost and average variable cost .........................1
here
Average fixed cost = total fixed cost ÷ number of unit output
Average fixed cost = 
Average fixed cost = $30
so
average total costs = Average fixed cost + average variable cost
average total costs = $30 + $80
average total costs = $110
correct option is d. $110
