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Kay [80]
1 year ago
8

Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts results in a 15 percent decrease in the n

umber of haircuts purchased. What is the elasticity of demand facing Billy Bob's Barber Shop?
A. 0.15
B. 3.0
C. 0.10
D. 0.05
Business
1 answer:
Gala2k [10]1 year ago
6 0

Answer:

Option (B) is correct.

Explanation:

Given that,

Percentage increase in price = 5%

Percentage decrease in quantity demanded = 15%

Therefore,

Elasticity\ of\ demand=\frac{percentage\ change\ in\ quantity\ demanded}{percentage\ change\ in\ price}

Elasticity\ of\ demand=\frac{15}{5}

                                           = 3.0

Hence, elasticity of demand facing Billy Bob's Barber Shop is 3.0

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Fiesta28 [93]

Answer:

Option A

Make the logistics function more complicated

Explanation:

The JIT inventory system refers to the Just In Time inventory system.

The just-in-time (JIT) inventory system is a management strategy where warehousing of parts is minimum. Rather, the raw material supply is aligned accurately with the production schedule of a particular good.

For example, in car production, the various car parts are supplied by various manufacturers at just the right time so they can be assembled to make up the car in the assembly line. The car assembly companies may not necessarily have to store raw materials in their ware house since the raw materials arrive "Just in time".

However, aligning the supply of raw materials accurately with production time, is a complicated task especially when a lot of manufacturers are involved and can need to plant down time if care is not taken. This makes the logistics function more complicated.

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Sam is getting his bachelor's degree. During some of his course work, he honed his research skills and learned to
AleksandrR [38]

The correct answer is Journalism

Explanation:

Journalism is one of the careers that most require the use of communicative and research skills. This is because journalists are expected to gather information about important local, national and global events, which requires the use of research skills, and later they are expected to communicate the information precisely, concisely, and confidently, which requires the use of communicative skills. In this context, the career Sam is preparing for is journalism because this is the only one from the options that would require Sam to research and then communicate information confidently.

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2 years ago
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The automobile industry in a developing country has very few sellers. If one automobile company raises the prices of its trucks
Alborosie

Answer:

The correct answer is B. an oligopoly.  

Explanation:

An oligopoly is a market structure where there are few relevant competitors and each of them has some capacity to influence the price and amount of equilibrium.

In the oligopoly, competitors have market power, but at a lower level than in the case of monopoly. This, since, instead of having only one bidder, there is a small group of companies.

This means that although each of the companies has an influence on the market price and quantity (they do not take it as given), the freedom to choose the level of these variables is limited by the existence of other competing firms. A special case of oligopoly is the duopoly, where there are only two bidders.

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1 year ago
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Answer:

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Explanation:

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Burns Industries currently manufactures and sells 11,000 power saws per month, although it has the capacity to produce 26,000 un
marusya05 [52]

Answer:

Selling price= $30

Explanation:

Giving the following information:

Unitary cost:

Variable= $30

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<u>Normally, when there is unused capacity and a new customer asks for a reduced price, the fixed cost should not be taken into account when calculating the selling price. </u>The company benefits from increasing its sales, acquiring a new customer, and perhaps getting some discounts from suppliers in the variable components.

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Selling price= $30

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