Noncompensatory plans do not provide employees with additional compensation, but rather offer the opportunity to purchase shares at a discount or through a stock purchase plan. The correct answer is d. noncompensatory.
Noncompensatory plans are used to provide employees or shareholders with the opportunity to purchase shares of the company's stock at a discounted price, but do not provide any additional compensation beyond the shares themselves.
These plans are typically used to encourage employee or shareholder investment in the company and to align their interests with the company's success.
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company 7 has a gross profit of $70 million and net sales of $150 million. what is the gross profit ratio for that company?
The gross profit ratio for Company 7 is 46.7%.
Given:
1. Gross Profit = $70 million
2. Net Sales = $150 million
3. Gross Profit Ratio = Gross Profit/Net Sales
4. Gross Profit Ratio = $70 million/$150 million
5. Gross Profit Ratio = 46.7%
Gross profit ratio is an accounting ratio used to determine the relationship between gross profit and net sales. It is calculated by dividing gross profit by net sales, which results in a percentage. The gross profit ratio is sometimes referred to as the gross margin ratio.
The formula is as follows: Gross profit ratio = Gross profit / Net sales × 100
In this instance, Gross profit = $70 million, Net sales = $150 million
Gross profit ratio = $70 million / $150 million × 100Gross profit ratio = 0.46667 × 100 = 46.667%Therefore, the gross profit ratio for that company is 46.667%.
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what are the major determinants of price elasticity of demand? instructions: in order to receive full credit, you must make a selection for each option. for correct answer(s), click the box once to place a check mark. for incorrect answer(s), click the option twice to empty the box.
The major determinants of price elasticity of demand are the availability of substitutes, the necessity of the item, the share of the item in the consumer's budget, and the time frame over which the demand is considered.
Price elasticity of demand refers to how responsive consumers are to changes in the price of a good or service.
Availability of Substitutes: The availability of substitutes determines how easily a consumer can find another good to fulfill their needs. The more substitutes available, the more price elastic the demand.
Necessity of Item: The necessity of the item determines how much consumers are willing to pay. Necessary items, such as food, will have more inelastic demand than luxury items, like jewelry.
Share of Item in Consumer's Budget: The share of the item in the consumer's budget determines how sensitive consumers are to changes in the price of the item. Items that are a large share of the consumer's budget will be more price elastic than items that are only a small share of the budget.
Time Frame: The time frame over which the demand is considered determines how quickly consumers can adjust their spending. If the time frame is longer, consumers have more time to adjust their spending and the demand will be more price elastic.
In conclusion, understanding the major determinants (availability of substitutes, the necessity of the item, the share of the item in the consumer's budget, and the time frame over which the demand is considered) of price elasticity of demand is crucial for businesses when setting prices. Businesses must consider the availability of substitutes, the proportion of income spent on the product, the necessity of the product, the time available for consumers to adjust, and the degree of brand loyalty in order to determine the optimal price for their product.
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three partners in a business receive profits in the ratio of 2:4:8 . a fourth partner automatically receives $50,000 profit. the company during the year has a profit of $400,000. what are the amounts for the other three partners? a each partner receives $150,000. b each partner receives $116,667. c the first partner receives $64,286. the second partner receives $128,572. the third partner receives $257,144. d the first partner receives $50,000. the second partner receives $100,000. the third partner receives $200,000
The amounts for the other three partners are: c) the first partner receives $64,286, the second partner receives $128,572, and the third partner receives $257,144.
A profit is the excess revenue that remains after accounting for all expenses, debts, and operating costs. If a business receives profits, it implies that the revenue generated by the company exceeds the total costs incurred by it. The profit-sharing ratio of the other three partners is 2:4:8.The profits for the other three partners are calculated by multiplying the profit-sharing ratio by the profit of the company.
Since the fourth partner has already been given $50,000, this sum is deducted from the total profit before calculation. For the first partner: (2/14) × ($400,000 – $50,000) = $64,286For the second partner: (4/14) × ($400,000 – $50,000) = $128,572For the third partner: (8/14) × ($400,000 – $50,000) = $257,144
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suppose the gasoline tax is increased. will gasoline sellers, workers, or consumers be most impacted? use the concept of elasticity to explain your answer.
The increase in the gasoline tax will most likely impact consumers the most. The concept of elasticity states that when the price of a good increases, the demand for that good decreases, and vice versa. Therefore, when the gasoline tax is increased, consumers will likely buy less gasoline, thus impacting them the most.
When the gasoline tax is increased, it will have the most impact on consumers. This is due to the concept of elasticity, which states that the responsiveness of demand to changes in prices is dependent on the good or service being provided. In the case of gasoline, demand is relatively inelastic, meaning that an increase in the tax rate will cause a larger proportional increase in the price of gasoline than in the quantity sold. Thus, consumers will feel the greatest impact of the increased gasoline tax.
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rebeya is setting goals with the executive team of her organization. these goals include financial and productivity goals, as well as environmental and sustainability goals. which type of goals is rebeya establishing?
Rebeya is establishing a set of multidimensional goals that encompass financial, productivity, environmental, and sustainability objectives. These types of goals are commonly referred to as "balanced scorecard" goals or "integrated goals."
The ''integrated goals'' recognizes that an organization's success cannot be measured by financial metrics alone, but rather by a combination of factors that contribute to long-term success and sustainability.
By setting multidimensional goals, Rebeya is taking a holistic approach to management that considers not only the financial bottom line but also the impact of the organization's activities on the environment and society.
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the well-run organization strives for compensation that treats similar positions equitably and that is competitive with similar employment elsewhere. why? are you sure you agree? if you have doubts, what are the alternatives?
Well-managed organizations will provide alternatives including offering flexible working hours or other forms of benefits such as health insurance or retirement plans.
The well-run organization strives for compensation that treats similar positions equitably and that is competitive with similar employment elsewhere because it helps to attract and retain qualified employees. Offering competitive compensation packages ensures that the organization can attract top talent and keep them motivated to perform their best. Additionally, equitable compensation can improve employee morale and job satisfaction, leading to higher productivity and better outcomes for the organization as a whole.
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which of the following new businesses is an example of a business with a high operating leverage? question 1 options: personal training business dogwalking service luxury hotel consulting firm
A C: luxury hotel is an example of a business with a high operating leverage.
Operating leverage refers to the extent to which a company relies on fixed costs in its operations. In the case of a luxury hotel, there are high fixed costs associated with maintaining and operating the hotel, such as staff salaries, utilities, property maintenance, and other expenses. This means that the hotel has a high degree of fixed costs relative to variable costs, which can lead to high profits in periods of high occupancy but also high losses in periods of low occupancy.
Therefore, a luxury hotel is an example of a business with high operating leverage.
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zack buys a policy and names his wife, tammy, as the beneficiary. she is insured as well. zack is the beneficiary on her policy. zack is killed immediately. tammy dies 10 days later due to complications from the accident. their son, james, is the secondary beneficiary on both policies. james has no will. q: if their son, james, is already dead, then to whom would the life insurance proceeds go?
If their son James is already dead, then the life insurance proceeds would go to the following beneficiaries: Zack buys a policy and names his wife, Tammy, as the beneficiary. She is insured as well. Zack is the beneficiary on her policy.
Zack is killed immediately. Tammy dies ten days later due to complications from the accident. Their son, James, is the secondary beneficiary on both policies. James has no will.
If James is already dead, then the life insurance proceeds will go to the contingent beneficiary, which is the person or entity named to receive the proceeds if the primary beneficiary predeceases the insured.
The life insurance policy's language determines the contingent beneficiary. If no contingent beneficiary is specified, then the proceeds will go to the insured's estate.
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India specializes in business process outsourcing and does this more efficiently than any other country. It buys agricultural commodities, which it produces less efficiently than outsourcing activities, from the United States, even though it produces these agricultural commodities more efficiently than the United States Which international trade theory supports India's decision to buy agricultural commodities from the United States?O Absolute Advantage ExampleO Comparative Advantage ExampleO Product Life Cycle Theory ExampleO Heckscher-Ohlin Model (Factor Proportions Theory) Example
The Heckscher-Ohlin Model (Factor Proportions Theory) Example supports India's decision to buy agricultural commodities from the United States.
This theory suggests that countries that have an absolute advantage in the production of certain goods will tend to export them and import goods that they have a comparative disadvantage in producing.
In this case, India specializes in business process outsourcing, which it can do more efficiently than other countries. However, it is not as efficient in producing agricultural commodities as the United States, so it is more efficient for India to buy these commodities from the United States.
This is an example of comparative advantage, as India can produce the agricultural commodities, but does so less efficiently than the United States. Therefore, it makes sense for India to focus on its comparative advantage in business process outsourcing and buy agricultural commodities from the United States.
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an interval fund: a only offers its shares at stated intervals b only redeems its shares at stated intervals c trades in the market d continuously issues and redeems its own shares
An interval fund is a type of investment fund that only offers its shares at stated intervals, so the correct answer is (a).
What is an interval fund ?Interval funds are a type of closed-end fund, which means that they raise a fixed amount of capital through an initial public offering (IPO) and then issue a fixed number of shares that trade on an exchange.
However, unlike traditional closed-end funds, interval funds do not trade continuously on an exchange. Instead, they offer their shares to investors at specified intervals, such as once per quarter or once per year.
Interval funds also have restrictions on when investors can redeem their shares. Typically, they allow investors to redeem their shares at specified intervals, which can range from monthly to annually.
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when the management of a business want to show the relationships and positions within the business they create a(n) .
The management of a business creates an organizational chart to show the relationships and positions within the business. An organizational chart visually illustrates the hierarchy of the business, including job titles, reporting relationships, and who is responsible for what.
An organizational chart is an important tool for managing a business, as it provides a visual representation of the organizational structure and how each part of the business fits together. It helps to define roles and responsibilities, as well as how decisions are made and who is responsible for what.
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if a business firm landscapes its grounds and develops a sculpture garden that benefits the firm but also benefits the neighborhood, that would be an example of a .
If a business firm landscapes its grounds and develops a sculpture garden that benefits the firm but also benefits the neighborhood, it would be an example of a good corporate citizen.
What is corporate citizenship?Corporate citizenship, often known as corporate social responsibility, refers to a company's dedication to behaving ethically and giving back to society in various ways. By operating in such a way that improves society and the natural environment, businesses make a meaningful contribution to corporate citizenship.
Corporate citizenship is a significant component of business operations in the twenty-first century. Many companies choose to engage in activities that benefit the communities they serve in order to build a good reputation and develop customer loyalty.
Landscaping grounds and developing sculpture garden that benefits a firm but also benefits the neighborhood is an example of how business organizations are engaged in activities that enhance the quality of life of the people who reside and operate within their vicinity.
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bob purchases a book for $4, and his consumer surplus is $2. how much is bob willing to pay for the book? group of answer choices $2 $6 $8 $4
Bob's consumer surplus can be defined as the difference between what he is willing to pay for an item and the actual price he pays for it His willingness to pay was $6
Thus, if Bob paid $4 for the book and his consumer surplus was $2, then he would have been willing to pay $6 for the book.
Since consumer surplus is defined as the difference between the maximum amount that consumers are willing to pay and the actual amount they pay for a product, Bob's willingness to pay for the book is $6.
His willingness to pay was $6 because the consumer surplus he gained was $2.
Thus, if the price of the book was $6, Bob would have had no consumer surplus, and if it was higher than $6, he would have been better off without purchasing the book. Consequently, the amount Bob is willing to pay for the book is $6.
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at a given point in time, the price of a credit default swap contract should be related to the default risk of the securities covered by the contract. for a given set of securities that are covered by a credit default swap, the price of the contract should be related to the default risk as it changes over time. a. positively; inversely b. positively; positively c. inversely; positively d. inversely; inversely
As the default risk increases or decreases over time, the price of the CDS contract will also increase or decrease accordingly. The correct answer is: c. inversely; positively
What is a Credit Default Swap (CDS)?
Credit Default Swap (CDS) is a financial product that swaps the credit risk of fixed-income securities. The buyer pays the seller premiums and, in return, receives compensation if the underlying security defaults.A CDS can be used to transfer credit risk from one party to another, providing liquidity for the markets while reducing the risk of default. It is a type of insurance agreement on a credit default.
The price of a credit default swap (CDS) contract is inversely related to the default risk of the securities covered by the contract. In other words, as the default risk of the securities increases, the price of the CDS contract increases as well. This is because the CDS contract provides insurance against the possibility of default, and the higher the default risk, the more valuable the insurance.
However, the price of the CDS contract is positively related to the changes in default risk over time. As the default risk increases or decreases over time, the price of the CDS contract will also increase or decrease accordingly. This is because the CDS contract provides protection for a specific period of time, and the longer the time until maturity, the greater the chance that the default risk will change.
Therefore, the correct option is c. inversely; positively
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during which step of the continual improvement model would you check to verify whether or not you have reached the desired outcome in your improvement initiative?
The step of the continual improvement model where you would check to verify whether or not you have reached the desired outcome in your improvement initiative is the "Did we get there?" step.
The "Did we get there?" step is the final step in the Plan-Do-Check-Act (PDCA) continual improvement model, where the results of the implementation are compared with the expected outcomes. This step involves collecting data and analyzing it to determine if the goals and objectives of the improvement initiative have been achieved.
If the desired outcomes have been met, the improvement initiative can be considered successful and can be standardized as part of regular operations. If not, the process can be repeated or modified to achieve the desired outcome in future iterations.
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Determine which of the items below would show up on a monthly bank statement.
- Deposits and other credits increasing the account during the period
- Checks and other debits decreasing the account during the period
- Beginning-of-period balance in the account
- End-of-period balance in the account
A monthly bank statement is a report that details all transactions made in a bank account during a specific period of time. End-of-period balance in the account is one of the items that would show up on a monthly bank statement.
A bank statement provides information regarding a bank account that an account holder uses to manage their money. Banks generally issue monthly statements to their customers. The statement includes a list of all transactions made during the month, as well as the beginning and ending balances.The statement also shows the beginning balance of the account, the deposits made during the month, the withdrawals made during the month, and the end-of-period balance in the account. Checks, automated teller machine (ATM) transactions, and electronic transfers are all examples of transactions that may be found on a bank statement. The statement also shows any fees charged for account management, such as overdraft fees, monthly service fees, or ATM fees.Bank statements serve as an important financial record that individuals can use to manage their money. Account holders can compare their receipts and their bank statements to ensure that all transactions are accounted for and to check for any discrepancies.https://brainly.com/question/15525383
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Hi! A monthly bank statement provides an overview of your account activity, including deposits, withdrawals, fees, and interest earned. In relation to the end-of-period balance, the items that would show up on a monthly bank statement are:
1. Beginning balance: The account balance at the start of the month.
2. Deposits: Money added to the account, such as salary, transfers, or cash deposits.
3. Withdrawals: Money taken out of the account, like ATM withdrawals, check payments, and electronic transfers.
4. Fees: Any charges imposed by the bank, including account maintenance, overdraft, or ATM fees.
5. Interest earned: If the account earns interest, this amount will be included.
6. End-of-period balance: The final balance in the account after accounting for all transactions during the month.
These items provide a comprehensive summary of your account's financial activity, allowing you to track your spending, ensure accuracy, and maintain a healthy financial status.
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according to the traditional view of the production function how does output per worker change when capital per worker increases? a. it decreases. this decrease is larger at larger values of capital per worker. cross out b. it increases. this increase is the same at all values of capital per worker. cross out c. it increases. this increase is smaller at larger values of capital per worker. cross out d. it increases. this increase is larger at larger values of capital per worker.
The correct answer is D: it increases. This increase is larger at larger values of capital per worker.
According to the traditional view of the production function, how does output per worker change when capital per worker increases?
The traditional view of the production function is that when capital per worker increases, output per worker increases too. This view assumes that technological knowledge is given and fixed. Therefore, the traditional view is also known as the neoclassical production function.
According to the traditional view of the production function, when capital per worker increases, output per worker increases, and this increase is larger at larger values of capital per worker.
Therefore, the answer is d. It increases. This increase is larger at larger values of capital per worker.
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The correct answer is D: it increases. This increase is larger at larger values of capital per worker.
According to the traditional view of the production function, how does output per worker change when capital per worker increases?The traditional view of the production function is that when capital per worker increases, output per worker increases too. This view assumes that technological knowledge is given and fixed. Therefore, the traditional view is also known as the neoclassical production function.
According to the traditional view of the production function, when capital per worker increases, output per worker increases, and this increase is larger at larger values of capital per worker.
Therefore, the answer is d. It increases. This increase is larger at larger values of capital per worker.
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when frankie was hired by the railroad, she was offered $17.50 an hour. her best friend grace, who started at the same railyard doing the same job two years ago, makes $33.75 an hour. this is an example of
This is an example of unequal pay for equal work.
Example of unequal payFrankie was hired for the same job as her friend Grace, yet she is earning almost half of what Grace makes for the same job.
This type of inequality is illegal and unethical, and should not be tolerated. The Equal Pay Act of 1963 requires that men and women be given equal pay for equal work. It stipulates that employers are prohibited from discriminating on the basis of sex when setting wages and prohibits unequal pay based on gender.
This applies to all forms of pay, including wages, salary, commissions, bonuses, and more. The unequal pay between Frankie and Grace is an example of an employer breaking this law.
This discrepancy in pay not only affects Frankie's quality of life, but it also contributes to a larger gender pay gap. Women on average make 79 cents for every dollar a man earns, which is an unacceptable gender gap that needs to be addressed.
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to be considered a qualifying child of a taxpayer, the individual must be a child of the taxpayer. t/f
To be considered a qualifying child of a taxpayer, the individual must be a child of the taxpayer. This statement is TRUE.
What is a qualifying child?A qualifying child is a child who meets a set of IRS requirements. The qualifying child must be the child of the taxpayer, a stepchild or foster child, a sibling or stepsibling, or a descendant of any of these relatives, and must meet several other criteria to be considered a qualifying child of the taxpayer.
The requirements for a child to be a qualifying child are as follows:
Age: The qualifying child must be under the age of 19 or under the age of 24 if enrolled full-time in college or university for at least five months out of the year.Residence: The qualifying child must have lived with the taxpayer for more than half of the year.Support: The qualifying child must not have provided more than half of their financial support throughout the year.Relationship: The qualifying child must be the child, stepchild, foster child, sibling, stepsibling, or descendant of the taxpayer.The following details should be kept in mind: To claim a dependent as a qualifying child on your tax return, you must also have earned income. If your qualifying child meets all of the requirements, you may be eligible for the Child Tax Credit or the Earned Income Tax Credit (EITC).
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bruce is purchasing a duplex for $275,000. he has given $2,000 in earnest money and the closing costs are $3,750. the lender has agreed to a 75% ltv. the seller has agreed to pay $2,000 in closing costs. how much does bruce need to bring to closing?
Answer:
1750
Explanation:
I'm notsure but it should be 1750 because I calculated it with a formula but it might not be the right answer
when a buyer assumes a property owner's existing loan as part of the purchase price, that loan balance appears on a settlement estimate form as
When a buyer assumes a property owner's existing loan as part of the purchase price, that loan balance appears on a settlement estimate form as the balance due on the seller's mortgage.
Settlement statement:
A settlement statement, also known as a closing statement, is a document that itemizes all of the fees and charges that both the buyer and seller must pay as part of a real estate transaction. It also itemizes the purchase price, the loan amount, and the amount of money that the seller will receive from the sale of the property.When a buyer purchases a property with an existing loan, he or she may elect to assume the seller's mortgage rather than taking out a new loan. The loan balance appears on the settlement statement as the balance due on the seller's mortgage. The balance of the mortgage will be subtracted from the purchase price to determine the amount of money the buyer must pay at closing.
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according to lecture, today 96% of all mainstream media is controlled by approximately corporations?
Yes, according to the lecture, 96% of all mainstream media is controlled by approximately six corporations.
Mainstream media refers to any mass communication that is deemed conventional, traditional, and not based on specialized topics or niche interests. Approximately 6 corporations control 96% of all mainstream media.
Media control is an issue that concerns both the general public and government officials. Mass media is often referred to as the "Fourth Estate," as it serves as a watchdog, scrutinizing government activities and holding elected officials accountable for their actions.
If mass media is controlled by a handful of conglomerates, it may not provide a fair and unbiased representation of information to the public. It is important to know who controls mainstream media so that we can better understand what information is being provided to us, and how it may be influenced by corporate interests.
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wilma is hired to keep the books and pay the bills for a small company. she provides a(n) resource for the firm.
Wilma provides a valuable resource for the small company she works for by keeping their books and paying their bills.
Financial management can be difficult for a small business to maintain, but Wilma's expertise and experience makes it possible. With her help, the company can track their finances, create a budget, pay bills on time, and stay on top of cash flow.
Wilma's ability to handle the company's finances accurately and effectively can help them stay organized and increase their bottom line. In short, Wilma provides a valuable resource for the small company and her services can help them stay successful.
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the period between a business cycle peak and a business cycle trough is called part 2 a. expansion. b. recalculation. c. diffusion. d. recession.
The period between a business cycle peak and a business cycle trough is called a recession.
Business Cycle:
Business cycles are a recurring series of booms and slumps in economic activity. They are often referred to as cycles, and the cycles in the economy can be studied and observed over time. There are many phases to the business cycle, including the peak, contraction, trough, and expansion.
Business Cycle Peak:
A cycle peak, also known as a business cycle peak, is a point in time when economic activity has reached its peak, and the economy is set to enter a contraction phase.
During this phase, unemployment rises, and economic growth slows. The period between a business cycle peak and a business cycle trough is called a recession. The period between a business cycle trough and the next business cycle peak is referred to as an expansion phase.
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casey majored in marketing and really enjoyed studying market research as a subject. through research on the internet and in the university library, she discovers that this industry appears to have significant positive trends in employment. she interprets this as a(n) .
Casey interprets the significant positive trends in employment in the market research industry as an opportunity.
Casey's interest in market research led her to research the industry's employment trends. The significant positive trends she discovered indicate an increase in demand for professionals in the industry, creating opportunities for those with a marketing degree or specialization in market research.
This trend could mean that there will be more job openings, higher salaries, and greater career advancement opportunities for those interested in this field.
As such, Casey sees this as an opportunity to pursue a career in market research, using her marketing degree and knowledge in the field. She could also consider furthering her education and obtaining additional qualifications that would enhance her chances of landing a job in this growing industry.
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T/F: A business transaction carried out with a person after being introduced on a social networking website is an example of e-commerce.
The given statement, "A business transaction carried out with a person after being introduced on a social networking website is an example of e-commerce," is false (F) because while social networking websites can facilitate business introductions, e-commerce specifically refers to commercial transactions conducted electronically over the internet.
E-commerce involves the buying and selling of goods or services through the internet, while social networking websites are platforms that allow individuals to connect and share information. While a business transaction may result from a connection made on a social networking site, it is not considered e-commerce unless the actual transaction takes place electronically, such as through an online marketplace or website.
Therefore, social networking sites are not e-commerce platforms in themselves, but can serve as a starting point for e-commerce transactions. E-commerce involves a broader range of activities and technologies, such as online payment systems, supply chain management, and digital marketing, that facilitate online transactions between buyers and sellers.
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in the quadrant of the core competence--market matrix, the focus is on leveraging current core competencies to improve current market position. multiple choice question.
The core competency-market matrix's fourth quadrant focuses on utilising present core competencies to strengthen the current market position. This gives businesses a competitive advantage.
What are the four criteria used to identify the core competencies of a company's capabilities?A resource or capability contributes to a company's competitive edge over industry competitors and enables the firm to achieve profitability if it fits the following conditions. If a resource or skill is precious, uncommon, expensive to duplicate, and non-replaceable, it qualifies as a core competency.
How can having a competitive edge come from core competencies?Organizations can obtain a competitive edge through the development of their core competencies, which has the specific benefit of raising sales and profits. Businesses accomplish this by being innovative while creating new products and services.
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the decision whether to produce products in the plant owned by your company or to outsource that production is made by which functional group?
The decision whether to produce products in the plant owned by your company or to outsource that production is made by Finance department or top level management, as they consider the cost of production and outsourcing and compare both and choose the most efficient method.
What is Outsourcing?Outsourcing is the activity in which the company gets services from another company, mainly a company outsources when the other company have better department or is a cheaper option.
In production, inhouse or outsourcing, the two main factors that are considered are Cost and Quality. Companies out sourcing its production and departments ensure that the quality is not compromised and or the cost is saved.
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if a decrease in the price of a good decreases the total revenue, the demand for the good is a. price elastic b. price inelastic c. income elastic d. income inelastic
If a decrease in the price of a good decreases the total revenue, the demand for the good is price elastic.
Therefore, correct option is : a. price elastic.
Price elasticity of demand refers to the responsiveness of the quantity of a product demanded to changes in the product’s price. It measures how much the quantity demanded of a product changes as its price changes. If a small change in price results in a large change in the quantity demanded, we say that demand is elastic. On the other hand, if a change in price causes little change in the quantity demanded, demand is said to be inelastic. If a change in price produces a change in total revenue in the opposite direction, demand is elastic.
In contrast, if a change in price produces a change in total revenue in the same direction, demand is inelastic. Price elasticity of demand can be estimated using the following formula:PED = % change in quantity demanded / % change in priceIf PED > 1, demand is elastic, if PED < 1, demand is inelastic, and if PED = 1, demand is unit elastic. For instance, if a 10% increase in the price of a good leads to a 20% reduction in quantity demanded, the price elasticity of demand for the good is PED = -20%/10% = -2. Therefore, demand is elastic. Conversely, if a 10% increase in the price of a good results in a 5% reduction in quantity demanded, PED = -5%/10% = -0.5. Therefore, demand is inelastic.
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when the new style of basketball shoes comes out, everyone wants the new shoes. the old shoes don't seem so new anymore. the seller still wants to sell those older shoes, since he or she has a lot still in stock. this is defined by the law of
This is defined by the law of demand.
The law of demand states that when the price of a good or service decreases, the quantity demanded for that good or service will increase, and vice versa. In the scenario described, the demand for the older basketball shoes decreases as the new style of shoes becomes more popular and desirable. The seller may still want to sell the older shoes, but they will likely need to lower the price in order to attract buyers who may be more interested in the newer shoes.
The law of demand also implies that as the price of the older shoes decreases, the quantity demanded may increase, although this may be limited by factors such as consumer preferences and the availability of other substitutes.
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