Supplies are a prepaid expense.
Prepaid expenses are payments made in advance for assets that will be used over time. They include rent, insurance, supplies, equipment, and other similar sums.
Supplies are they a prepaid asset?Assets that are used up or come to an end become prepaid expenses. For instance, office supplies are regarded as an asset until they are utilized for business purposes, at which point they become a cost.
What expenses are regarded as prepaid?Rent or insurance are examples of prepaid expenses, which are future costs that are paid in advance. Prepaid expenses are first recorded as an asset on the balance sheet. The amount is then recorded as an expense as the benefits of the assets are realized over time.
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at the end of the day, the cash register tape shows $1,180 in cash sales, but the count of cash in the register is $1,235. the proper entry to account for this excess is:
At the end of the day, the cash register tape shows $1,180 in cash sales, but the count of cash in the register is $1,235. the proper entry to account for this excess is: $55
What is Credit sales?Generally, Credit sales are purchases in which the buyer agrees to pay the seller the whole amount owing at a later time.
Customers that do not pay for their items in whole and in cash at the time of purchase are said to have made a credit sale.
In conclusion, The following entry is the correct one to make to account for the excess:
Cash withdrawal of $1235
Credit sales $1180
credit for cash over and short.
=1235-1180
credit for cash over and short.
=55
$55 is owed in credit for cash over and short.
Therefore, the third choice is the right one.
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which of the following would be least likely to cause the production possibilities curve to shift outward? group of answer choices an invention that requires fewer resources to produce a good. a shift in consumer preferences that causes expansion in the output of one product and a decline in output of other products. an expansion in the man-made productive resources available to the economy as the result of a high rate of investment. a decreased desire for leisure by workers in the economy.
Things that alter an economy's output, like technological advancements, resource changes, increases in education or training (this is what we refer to as "human capital"), and adjustments to the labor force, generate shifts in the production possibilities curve.
South America has been one of the most dynamic places for natural gas in recent years. Ample gas supplies and rapidly expanding energy markets are found on the continent. Many nations encourage using natural gas, particularly for electricity generation, to diversify away from hydropower and oil.
An economy's production possibility curve won't move to the right due to reduced unemployment because resources won't grow.
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austin's total fixed cost is $3,600. austin employs 20 workers and pays each worker $60. the average product of labor is 30, and the marginal product of the twentieth worker is 12. what is the marginal cost of the last unit produced by the last worker austin hired?
$5 is the marginal cost of the last unit produced by the last worker austin hired.
Given that,
Total fixed cost = $3,600
Number of workers employs = 20
Wages = $60 per worker
Average product of labor = 30
Marginal product of twentieth worker = 12
The cost that has increased in order to produce an extra unit of a commodity is referred to as the marginal cost.
The production opportunity cost is known as marginal cost.
we can calculate the marginal cost of the last unit produced by the twentieth worker is:
= Wages per worker ÷ Marginal product of twentieth worker
= $60 ÷ 12
= $5
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If the yield to maturity of all of the following bonds is 6%, which will trade at the greatest premium per $100 face value?.
A bond with a $1,000 face value, five years to maturity and 6.3% annual coupon payments will trade at the greatest premium per $100 face value.
The dollar value of a financial asset when it is issued is referred to as its face value. The face value of a bond is the amount paid by the issuer at maturity, also known as "par value." A stock's face value, on the other hand, is the rate offered by the issuer once the stock would be first issued.
A bond may trade at a premium since such interest rate is greater than the market rate. The bond's price can also be influenced by the company's and the bond's credit ratings. Buyers are prepared to pay a higher price for a creditworthy bond issued by a financially viable issuer.
Here is the complete question-
If the yield to maturity of all of the following bonds is 6%, which will trade at the greatest premium per $100 face value?
A) a bond with a $10,000 face value, four years to maturity and 6.2% semiannual coupon payments
B) a bond with a $500 face value, seven years to maturity and 5.2% annual coupon payments
C) a bond with a $5,000 face value, seven years to maturity and 5.5% annual coupon
payments
D) a bond with a $1,000 face value, five years to maturity and 6.3% annual coupon payments
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a report that lists the types and amounts of costs incurred in manufacturing is a: multiple choice manufacturer balance sheet. manufacturer period cost statement. balanced scorecard. sales journal. schedule of cost of goods manufactured.
The schedule of cost of goods manufactured is the report that lists the types and amounts of costs incurred in the manufacture of a good.
What is the purpose of schedule of cost of goods manufactured?This report is intended to help organizations make more effective decisions based on the company's actual financial situation. The total manufacturing cost of a period helps the company to implement a pricing strategy, cost reduction and projections more accurately.
To calculate the cost of the manufactured good, the organization must use the following calculation:
COGM=Initial WIP Inventory+Total Manufacturing Costs-Final Wip Inventory.Therefore, total manufacturing costs must include both direct and indirect costs of the production process, such as labor and material costs.
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You need to give every dollar a name. Why is this important? what might happen if you don‘t have a plan for every dollar you make?.
It is important to give every dollar a name because of zero-based budget. The greatest way to budget is with a zero-based budget since no money is wasted and every dollar has a purpose. if you don‘t have a plan for every dollar you make your money may be wasted and lead to increase in expense and resource misallocation. The zero-based budget intentionally assigns a name to each dollar before the month even starts.
Explain zero-based budget.With zero-based budgeting (ZBB), instead of starting with the prior budget and making adjustments as needed, all expenses must be justified for a new period or year starting from zero. Zero-based budgeting has many benefits as an accounting technique, including targeted operations, decreased expenses, budget flexibility, and strategic execution. Managers become more aware of the top revenue-generating operations when they consider how each dollar is spent. Zero-based budgeting, on the other hand, may minimize resource misallocation that could occur over time when a budget develops incrementally, which could lead to reduced expenses.
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cool scoops makes ice cream in two processes, mixing and packaging. during april, its first month of business, the packaging department transferred 50,800 units and $198,120 of production costs to finished goods. the company completed and sold 48,800 units at a price of $5.80 per unit in april. a. what is the cost to produce one unit of ice cream during april?b. what is the total gross profit on ice cream sales for april?
The cost to produce one unit of ice cream during April is $ 3.9 and the total gross profit on ice cream sales for April is $ 92,720.
Cost per completed unit:= Total production cost / Transferred unit
= $ 198,120 / 50,800
= $ 3.9
Total gross profit:= number of units sold × (selling price per unit – cost per unit )
= $ 48,800 × (5.8 - 3.9)
= $ 48,800 × 1.9
= $ 92,720.
By deducting the cost of items sold from revenue, gross profit—also known as gross income—is computed.Typically, fixed expenses are excluded from gross profit and only variable costs are included.A company's efficiency in employing its labor and resources to produce goods or services is measured by its gross profit.Unlike net profit, which takes into account all expenditures incurred by the entire organization, gross profit solely accounts for the cost of items sold.Gross margin, which shows what much of a company's income may be used to pay operational expenses, is a derivative of gross profit.Learn more about Gross profit, here
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ralph owns a building that he is trying to lease. ralph is a calendar-year, cash-method taxpayer and is trying to evaluate the tax consequences of three different lease arrangements. under lease 1, the building rents for $500 per month, payable on the first of the next month, and the tenant must make a $500 security deposit that is refunded at the end of the lease. under lease 2, the building rents for $5,500 per year, payable at the time the lease is signed, but no security deposit is required. under lease 3, the building rents for $500 per month, payable at the beginning of each month, and the tenant must pay a security deposit of $1,000 that is to be applied toward the rent for the last two months of the lease. note: leave no answers blank. enter zero if applicable. required: what amounts are included in ralph's gross income this year if a tenant signs lease 1 on december 1 and makes timely payments under that lease? what amounts are included in ralph's gross income this year if the tenant signs lease 2 on december 31 and makes timely payments under that lease? what amounts are included in ralph's gross income this year if the tenant signs lease 3 on november 30 and makes timely payments under that lease?
Amounts are included in ralph's gross income this year if the tenant signs lease 3 on november 30 and makes timely payments under that lease are
What are the leases are?
If the tenant signs the first lease on December 1st, the amount will be included in gross income this year. Ralph will only submit the cash receipt for rent because he uses the calendar year cash form of taxation. Rent for the month will be due on the first of the next month, so he will receive rent for December in January. Since the calendar year ends on December 31st, he will not include any money this year. Security deposits are not considered income because they are liabilities that will be reimbursed at the end of the lease. $0 was included in the gross income.If a renter signs Lease 2 on December 31 and pays the whole year's rent at one time, the amount included in gross revenue is $7480 lease $7,480 has been included in the gross income.If the tenant signs lease number three on November 30, the rental income for the first two months (November and December) will be received at the beginning of each month, along with the security deposit, which will be applied to the remaining two months of the lease.amount that is a part of gross revenueRent ($680 multiplied by two months)$1,360 as a down payment (Advance rent for last two months)$1,360Therefore, Total $2,720
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learner company sells its product for $100. it has a variable cost ratio of 70% and total fixed costs of $9,000. what is the break-even point in sales dollars for learner company?
To calculate the break-even point in terms of sales dollars, divide the fixed costs by the contribution margin.
Break-even sales dollars = $30,000
How do you calculate break-even point in sales dollars?To calculate the break-even point in terms of sales dollars, divide the fixed costs by the contribution margin. ...Fixed Costs Contribution Margin = Break-Even Point (sales dollars).Contribution Margin = Product Price minus Variable Costs.The point at which a company's revenues equal its costs is known as the break-even point. The break-even point can be calculated in two ways: one is to determine the number of units that must be sold, and the other is to determine the amount of sales, in dollars, that must occur.1 - Variable Cost Ratio = Contribution Margin Ratio
Contribution margin ratio = 1 - 0.70 = 0.30
Break-Even Sales Dollars = Total Fixed Cost / Contribution Margin Ratio
Break-even sales dollars = $9,000 / 0.30 = $30,000
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the practice of purchasing real estate using a small amount of your own money and a larger proportion of borrowed funds is called: group of answer choices loan floating leverage debt mortgaging all answers are correct
Answer (c) is the right choice. Leverage is the process of buying real estate using a little quantity of your own money and a greater share of borrowed money.
What does the term "leverage" in business mean?Leverage is the ratio of a company's debt to equity that it has (its capital structure). A corporation is said to be highly leveraged if it has more debt than is typical for its sector.
How do you apply leverage in the workplace?Try to cast the opposing negotiator in a less favorable light than is appropriate for her or his position in order to acquire power in a negotiation. Be in control of your emotions, your surroundings, the other negotiator, and yourself. Consider how you entered the scenario. Your viewpoint on it will be determined by that.
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which variation of a new-venture team is described as a separate, small, informal, highly autonomous, and often secretive group that focuses on breakthrough ideas for a business?
Internal Innovation is the variation. Internal Innovation specifically covers approaches that focus on the resources, ideologies, processes, and people within a company.
What is Internal Innovation ?Internal innovation is important because it enables businesses to set themselves apart from the competition. Many leading technology companies work with incumbents so as to spread the cost of research and development, attract venture capital and grow.
Internal Innovation refers to approaches that focus on a company's resources, ideologies, processes, and people, which could include harnessing and exploring HR, R&D, company policy, employee engagement, management structures, legal conventions, and more.
Research and development is the most common type of internal process for technology and innovation in organisations. R&D is the search for and development of new technologies, products, and/or processes within a company through creative efforts.
R&D has the disadvantage of being slower and more expensive, and it can be disrupted by the departure of key personnel.
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the income and substitution effects account for: group of answer choices the upward sloping supply curve. the downward sloping demand curve. shifts in the demand curve. movements along a given supply curve.
The income and substitution effects account for the downward sloping demand curve.
What is demand curve ?A demand curve is a graphical form of the relationship between the price of a good or service and the quantity demanded over a period of time.In a typical representation, price is displayed on the left vertical axis and quantity demanded is displayed on the horizontal axis. The three basic properties are position, tilt and translation.Position is basically where the curve is located on this chart. For example, if a curve is placed on the far right of this graph, it means that demand for that product is high at a particular price. Changes in factors such as median income and preferences can cause the entire demand curve to shift left or right. This increases or decreases the quantity requested at a given price. Ceteris paribus assumption. The demand curve relates price and quantity demanded, assuming other factors remain unchanged.To learn more about demand curve from the given link :
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nenn co.'s allowance for uncollectible accounts was $95,000 at the end of 2010 and $90,000 at the end of 2009. for the year ended december 31, 2010, nenn reported bad debt expense of $13,000 in its income statement. what amount did nenn debit to the appropriate account in 2010 to write off actual bad debts?
$8000 amount nenn debited to the appropriate account in 2010 to write off actual bad debts.
Uncollectible accounts: what are they?
Receivables, loans, or other debts with essentially zero chance of being paid off are considered accounts uncollectible. A debt may become uncollectible for a variety of reasons, such as the debtor's bankruptcy, an inability to locate the debtor, the debtor's fraud, or a lack of proper documentation to support the existence of the debt.
Calculation:
Allowance for Uncollectible beginning = $90,000
Allowance for Uncollectible at the end = $95,000
Bad debt expense reported = $13,000
Amount Nenn debited to write off of actual bad debt
= $90,000 + $13,000 - $95,000
= $8,000
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who among the following individuals received an intrinsic reward? jake, who received a one-time payment from the management for his 7-year tenure at the company fiona, who received a travel voucher for exceeding the monthly sales target shiraz, who was allowed to choose the work project that interested him the most for his next assignment ritu, who was given the option of buying the company stocks as a reward for her exceptional leadership
Ritu received the intrinsic reward who was allowed to choose the work project that interested her the most for the next assignment.
Employees that do a good job at their jobs are intrinsic reward. These are frequently psychological and may include a sense of accomplishment and pride for making particular progress at work. Since everyone may feel rewarded for different accomplishments, such as finishing tasks, developing new skills, or supporting a team effort, each person may experience intrinsic rewards that are different from one another.
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Starting a new business in pursuit of an opportunity to introduce a new product or service to market through innovation is engaging in the process of ________.
a new use for a product is identified on social media, or those in a target market would like to have a service delivered to their doors. these would be examples of: identification of a market. identification of an opportunity. identification of an alternative product. identification of a target market.
Option (b) is the best choice. On social media, a brand-new application for a product is discovered, or people in a target market want a service delivered right to their doors. These are examples of opportunity identification.
Opportunity identification: What is it?Opportunity identification combines three essential components: the background of the entrepreneur, the business effect, and the general business climate. Prior to "recognition," there are five stages of opportunity identification.
What procedures are involved in opportunity identification?Getting an idea or scanning the environment, recognizing the opportunity, creating the opportunity, evaluating the opportunity, and evaluating the team are the five primary processes that make up the opportunity identification stage.
Why is it vital to identify opportunities?Finding opportunities is a crucial component of business expansion. It enables businesses to take the appropriate actions that will help them accomplish their objectives.
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Which type of competition allows
sellers to enter or exit the market
without barriers?
A. Open Competition
B. Monopolistic Competition
C. Pure Competition
D. Total Competition
Pure Competition (Perfect Competition) allows sellers to enter or exit the market without barriers. Thus, option 'C' is the correct option.
What is Perfect Competition?A perfect market, also known as an atomistic market, is defined by various idealizing criteria, which are together referred to as perfect competition, or atomistic competition, in economics, especially general equilibrium theory.
It has been shown in theoretical models with the perfect competition that a market would find equilibrium when the amount provided for each good or service, including labor, matches the amount sought at the present price. A Pareto optimal equilibrium would be this one. Both allocative and productive efficiency is provided by perfect competition.
Therefore, option 'C' (perfect competition) is the correct option.
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Which of the promotional elements requires expensive database management and is experiencing a declining response rate?.
The promotional element is direct marketing.
Direct marketing is any form of advertising that interacts or spreads with consumers directly as opposed to indirectly via another channel, like the media. Among other channels of distribution, campaigns can be sent via email, social media, and messaging. Direct marketing is referred to as such since it frequently eliminates the intermediaries, like the media used for advertising.
People have been proclaiming that direct marketing is no longer a significant part of the marketing mix ever since the advent of digital marketing. The response rates typically range from 1 to 3 per cent. It is a waste of money and is likely to annoy the consumer when a firm attempts to reach someone who is not interested in its items.
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suppose a company spends $100,000 during year x1 to research and develop a safety device for motorcycles. by the end of x1, the company estimates that the new safety device has an 80% chance of generating $500,000 in revenues from sales to customers over the next five years (x2 - x6). for what amount would research and development expense be reported in x1?
The current year's research and development costs were recorded at $100,000.
The definition of expenses is the outflow of money paid, which refers to the cost expended for requiring anything.
Example: The amount spent on the machine.
Calculating the Research and development for the current year:
The data offered are, in accordance with the described case:
The cost of Research And Development is $100,000.
R&D costs are abbreviated as RAD.
80% of the time
Total earnings equaled $500,000
Since we only take into account money that has been spent or paid in the current year, the amount taken into account for reporting research and development costs is $100,000.
Since other information is irrelevant for determining the amount of research and development, the RAD for the current year would be $100,000.
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collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making is representative of a decision support system. true false
A marketing decision support system is a collection of data that can be accessed and examined by managers utilizing tools and processes.
What part does marketing research play in the decision-making process?A decision support system is an example of collected data that can be accessed and analyzed using methods and tools that help managers make decisions.
Information that is pertinent to decision-making is provided by marketing research, which benefits marketing management. Marketing research neither determines the course of action nor ensures success. Instead, market research assists in lowering the level of confusion surrounding the choices to be made. When we asked 2,000 Customer Experience (CX) specialists about their company's approach to research, surveys emerged as the most popular way of market research.
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The idea that employees would quit working for enron if their values were different than those at the company is consistent with the?.
The idea that employees would quit working for enron if their values were different than those at the company is consistent with the ASA framework.
A worker is someone who receives paid to work for someone or business enterprise. people don't need to work complete time to be taken into consideration personnel—they absolutely need to be paid to paintings by means of an enterprise (the man or woman or commercial enterprise that will pay them).
The employees are the real property of an enterprise. they may be the ones who make contributions effectively towards the successful functioning of an organisation. They try hard to supply their level quality and achieve the assigned objectives inside the stipulated time frame.
An employee is employed through someone or commercial enterprise to perform paintings for that character or business, additionally called the organization. The internal revenue service defines individuals as employees if the corporation can manage the paintings accomplished.
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the costs of modern communication continue to decline because of . a. increased power of corporations b. increased usage and competition c. decreased capacity d. decreased speed of communication please select the best answer from the choices provided
As consumers become more reliant on goods and services like high-speed internet connections, cellphones, computers, and TV broadcast services, the communication business is in great demand.
The demand for products and services in the communication sector is high, but costs have decreased as a result of increased competition brought on by a growth in the number of businesses providing these goods and services. The internet became more popular and less expensive in 2000 as a result of industrialization and technological development. This allowed people to conduct browsing, assist students in learning from the web's resources, facilitate communication, and assist in running their own businesses, ushering in a new period of economic expansion. The use of modern technology has sped up, made more convenient, and reduced the cost of international communication.
The development of technology has made monotonous jobs simple.
Nowadays, machines may be programmed to perform all arduous tasks.
Additionally, international business transactions have become simple.
Since data monitoring and analysis can now be completed much more quickly than in the past, even research and scientific studies have become simple.
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a film studio in georgia is responsible for creating the sets for films. every year, about 10% of last year's sets get destroyed and can no longer be used. over the course of a year, the studio builds 10 sets and can make $5,000 a year per set. the studio had 80 sets last year; how much can the studio expect to make from sets this year?
A film studio in georgia is responsible for creating the sets for films. every year, about 10% of last year's sets get destroyed and can no longer be used.
Since we have given that
Number of total films = 40 studio
Percentage of comedies = 60%
Number of comedies is given by
Percentage of horror films = 40%sets
Number of horror films is given by
Percentage of comedies were profitable = 75%
Number of profitable comedies is given by
Percentage of horror were unprofitable = 75% studio
Percentage of horror were profitable = 25%
Number of profitable horror films is given by
So, Total number of profitable films were sets
Hence, there are 22.5 films were profitable.
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a construction company recognizes revenue from construction contracts over time using the input method based on costs incurred. it reports the following: year 1 year 2 construction costs $100 $200 estimated cost to complete at year-end 300 0 the contract price is $1,000. what is the profit recognized in year 2? $400 $800 $150 $550
$400 is the profit a construction company recognizes revenue from construction contracts over time using the input method based on costs incurred.
The answer is option A.
Total construction cost = $200 + $100 + $300
Contract prize = $1000
Profit = Contract prize - Total construction cost
Profit = $1000 - $600 = $400
Sales from price plus contracts is regarded through reference to the recoverable expenses incurred throughout the length plus the fee earned, measured through the share that charges incurred up to the reporting date endure to the predicted total costs of the agreement. A construction contractor has a hard and fast rate contract for Rs.
Multiply general estimated contract sales by way of the predicted completion percent to reach the entire quantity of revenue that can be recognized.
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which of the following is not a condition of a perfect competition: a. products produced by rival firms are perfect substitutes b. any individual firm cannot affect market supply c. unrestricted entry and exit d. industry sales are small e. each firm has complete knowledge about production and prices
Option D is a condition of a perfect competition that is not met. The Industry sales are small.
What is perfect competition?A perfect market, also known as an atomistic market, is defined in economics by several idealizing conditions, collectively known as perfect competition, or atomistic competition. When all companies sell identical products, market share has no influence on price, companies can enter and exit without barriers, buyers have perfect or full information, and companies cannot determine prices, perfect competition exists. Perfect competition is a type of marketplace in which multiple companies sell the same product or service. Many customers are interested in purchasing those items. None of these companies can set a price for their product or service without losing business to competitors.To learn more about perfect competition, refer to:
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three components down, one to go! that last component is called net exports. for example, let's start with an economy with consumption of $350, economic investment of $200, and government purchases of $180. if overall gdp calculated via the expenditure method is $700, then what must that tell us about net exports?
The situation tells us that net export must be less than economic investment.
A country's overall trade is gauged by its net exports. The calculation of net exports is as easy as subtracting the value of all the products and services a country exports from the value of all goods and services it imports. A country with positive net exports has a trade surplus, whereas a country with negative net exports suffers a trade deficit. Thus, a country's net exports are a part of its overall trade balance. A nation with positive net exports makes more money from items sold abroad than it does from all of its imports. All of the products and services that a nation exports to other countries include goods, freight, travel, tourism, and communications or economic transactions include net exports.
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which of the following statements about fiscal policy is accurate? the tax multiplier has a greater impact than the spending multiplier. government spending has a direct impact on short-run aggregate supply. it will decrease the inflation rate. it can only be used to correct a recessionary gap. there is a time lag between discretionary spending and its impact. distractor
Fiscal policy which is accurate is there is a time lag between discretionary spending and its impact.
What is Fiscal policy?The employment of government spending and taxation to affect the economy is known as fiscal policy. Governments often utilize fiscal policy to encourage robust, long-term growth and to lower poverty.
In order to stimulate the economy, for instance, governments can decrease taxes and increase spending; normally, these expenditures go toward social programs and infrastructure projects that generate employment and income. A government may also decide to cut spending while raising taxes if the economy is strong.
Because it has the power to impact the overall quantity of output produced—that is, the gross domestic product—fiscal policy is a crucial tool for controlling the economy. An increase in demand for products and services is the first effect of a fiscal expansion. Increased demand causes both output and prices to rise.
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Answer:
E) There is a time lag between discretionary spending and its impact.
the production manager wanted to check the effect of reducing the price of model rdb so that the new contribution to profit is $100 per unit. a colleague said that this cannot be determined using the above output from excel and that the model needs to be re-run with the new contribution profit of $100. do you agree or disagree? explain.
The production manager can assess the model RBD's impact. It has to utilize model RBD for that.
A Reliability Block Diagram is a technique for simulating how the breakdown of one component or subsystem might result in the failure of the entire system. A system's availability may be predicted using reliability block diagram analysis, and the important components can be identified.
Equipment failure rates, operating philosophies, and maintenance strategies can all be quantitatively evaluated in terms of the effect they are anticipated to have on the system using reliability block diagrams (RBDs), which are a way of representing a system, including its subsystems and components, as a series of blocks.
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vroom developed two decision trees to help managers decide how much subordinate participation to allow. one decision tree is to be used when the decision must be made quickly. when should the second decision tree be used? when the cost of making a bad decision is high when the goal is to help subordinates improve their decision-making skills when the subordinates are able to make a decision on their own
The second decision tree be used when the subordinates are able to make a decision on their own. Decision trees categorise instances by arranging them in a tree from the root to a leaf node.
The best and most widely used technique for categorization and prediction is the decision tree. In a decision tree, which resembles a flowchart, each internal node indicates a test on an attribute, each branch shows the test's result, and each leaf node contains the class name.
When presented with two or more options, a choice is an act of selecting or making a decision. A decision is described as a conclusion or resolution made after consideration. A circumstance that calls for a decision is referred to as a decision-demanding situation. In the decision circumstance, a decision is clearly necessary, and the decision maker must start by defining the issue and engaging in the decision-making process.
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suppose there is a major technological advance in the production of a good that causes production costs, and thus prices, to fall. if demand for the product is relatively inelastic, what will happen in the market?
The decline in prices will generally outpace the rise in demand.
Make a note about the price elasticity of demand.The amount by which a product's consumption alters in response to price changes is defined as the price elasticity of demand. The formula is as follows:
Price Elasticity of Demand is the division of the percentage change in quantity demanded by the percentage change in price.
Economics experts use the idea of price elasticity to examine how supply and demand for a good or service fluctuate in response to price changes.
Like demand, supply also exhibits price elasticity. Price elasticity of supply is the term that refers to the relation between a price change and a supply change. By deducting the percentage change in price from the percentage change in quantity offered, it is estimated. What things are produced and how much they cost are determined by the interaction of the two elasticities.
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