Answer:
The demand for cereal is elastic.
The demand for the magazine is inelastic.
Explanation:
The price elasticity of demand is the degree of responsiveness of quantity demanded to change in price. A negative price elasticity implies that the product is a normal good.
The price elasticity of demand for cereal is −1.03. This means that the demand is price elastic. An elastic demand implies that a change in price will cause more than proportionate change in quantity demanded.
The price elasticity of demand for a particular magazine is −0.72. This means that the demand is price inelastic. An inelastic demand implies that a change in price will cause less than proportionate change in the quantity demanded.
Answer:
Socially wasteful.
Explanation:
Followers of the market-oriented economy believe in the divergence of products and to earn short-term profits. They consider advertisements and promotions to attract customers to earn quick profits in short-run. Likewise, critics of market-oriented economy believe that creating or producing a wide variety of different goods and marketing those products is socially wasteful and unnecessary. They argue that it will increase the overall revenue of the firm.
You should check the important stuff like credit checks and any tech you have carried.
Answer:
$70,840; $18.50
Explanation:
Variable manufacturing overhead:
= Budgeted direct labor-hours × Variable overhead rate
= 4,400 × $5
= $22,000
Total manufacturing overhead:
= Variable manufacturing overhead + Fixed manufacturing overhead
= $22,000 + $59,400
= $81,400
(a) cash disbursement for manufacturing overhead for September:
= Total manufacturing overhead - Depreciation
= $81,400 - $10,560
= $70,840
(b) Predetermined overhead rate for September:
= Total manufacturing overhead ÷ Budgeted direct labor-hours
= $81,400 ÷ 4,400
= $18.50
