To answer this item, we let x be Jeff's speed when going back home. With this representation, the speed from home to his parents is x + 9. The total time it took him for the trip is 8 hours. The time of each trip can be calculated by dividing the distance by time. Such concept is presented below.
8 hours = 160/x + 160/(x + 9)
The value of x from the equation is 36. Thus, his speeds were 36 miles/h and 45 miles/h.
Answer:
Variable cost per unit= $1.5
Fixed costs= $2,000
Explanation:
Giving the following information:
Miles Driven Total Cost
January 10,000 $17,000
February 8,000 13,500
March 9,000 14,400
April 7,000 12,500
<u>To calculate the variable and fixed costs under the high-low method, we need to use the following formula:</u>
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (17,000 - 12,500) / (10,000 - 7,000)
Variable cost per unit= $1.5
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 17,000 - (1.5*10,000)
Fixed costs= $2,000
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 12,500 - (1.5*7,000)
Fixed costs= $2,000
Answer:
The correct answer is letter "C": The demand for bourbon whiskey is more elastic than the demand for alcoholic beverages in general.
Explanation:
Elasticity is a measure of the response of variables to a shift in a certain variable. It can explain to what degree the supply or demand for a product or service shifts with the price of the goods or the income of customers. <em>Basic staples such as milk or gasoline tend to be low in elasticity</em>. This is because to change the quantity demanded involves a meaningful change in price or customer income. <em>It's said that luxury goods like high-end vehicles and electronics have high elasticity</em>.
Thus, <em>bourbon whiskey is considered as a luxury beverage compared to other alcoholic drinks. Thus bourbon whiskey is more elastic</em>.
<u>Answer:</u>1200 Units
<u>Explanation:</u>
The reorder point= Average daily consumption x lead time
=240 units x 5 days
=1200 units
Reorder point for Barbara’s boutique shop for hair spray bottles is 1200 units. Reorder point is the point when the owner needs to place order for new inventory to keep the firm stocked during all the time. However in reality this might not be applicable due to external factors which affect the business demand and supply.