Answer:
The answer is below
Explanation:
i) The price elasticity of demand is given by the formula:
Since the price elasticity of demand is greater than 1 hence it is elastic
ii) Since the price elasticity of demand is elastic as a result of increase in fare, hence the total revenue would decrease.
iii)
Since the price elasticity of demand is greater than 1 hence it is elastic
Answer:
32
Explanation:
First bounce = 13 / 14 × 10 = 130 /14
using geometric progression where the common ratio = 13/14, the first bound = 130/14
ar^n-1 < 1
substitute the values into the equation
130 /14 × 13/14^(n-1) < 1
(13/14)^n-1 < 1÷ (130/14)
(13/14)^n-1 < 14 / 130
take log of both side
log (13 /14)^n-1 < log ( 14/130)
n-1 log (13 /14) < log ( 14/130)
since log (13/14) negative
n-1 > (log( 14/130)) ÷ ( log (13/14)
n - 1 > 30.07
n > 30.07 + 1 > 31.07
The 32 bounce will the first less than 1 foot
Price of elasticity of demand represents the measure of the change in the quantity demanded of a product in relation to its price change. The fact that Jessica buys each month exactly teh same quantity of the roduct (Big Mac) no matter what the price of the product ismeans that Jessica's price elasticity of demand for Big Macs is: 0.
In this situation the price of the product does not affect the demand.
<span>At downtown market, napkins price per
piece is $2.29/300 or 0.76 cents per piece. At super save, it is $1.49/200 or 0.74
cents per piece. Super save has a better buy for napkins because napkin’s price per piece is lower. </span>
Due to the error in the recording of correct amount of inventory the ,at the end of Madison river supply balance sheet , the inventory , current assets, total assets and shareholders equity would be understated by $10,400.
Now due to the error in recording correct amount of inventory , in the balance sheet it will be shown as understated by $10,400 ( $555,400 - $5454,000 ) , now because of this the current assets would become understated by the same amount as inventory comes under the current assets.
Since current assets are understated , the total assets of the company would also be understated and so do shareholders equity as the net income has decreased because of the increase in cost of goods sold.
