Suppose that the elasticity of demand at a given price level is E(p)=.8. What does that mean? Select both the correct answer to elastic, unit, or inelastic as well as what the company should do to increase revenue. Since 0
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- Which of the following statements is true? OA. When a large proportion of income is spent on a product or service, the more elastic the supply will be. Percentage change in price OB Elasticity of supply Percentage change in quantity supplied OC. Products or services in which inputs are readily available have a more elastic supply. OD. None of the above is true. hand written otherwise skipWhat is the law of demand? A) As the price of a good increases, its demand decreases B) As the price of a good increases, its demand increases C) Demand remains constant regardless of price changes D) Demand is directly proportional to supply Don't use chatgpt otherwise give 20 downvotes.Given the demand function D(p) /175 - 3p, Find the Elasticity of Demand at a price of $39 = At this price, we would say the demand is: Elastic Unitary O Inelastic Based on this, to increase revenue we should: Raise Prices Lower Prices Keep Prices Unchanged
- Define price elasticity of demand. Give an example of a product with relatively elastic demand and an example of a product with relatively inelastic demand. (Give examples not given in the text.)If the ordering cost triples in an EOQ model, while the remaining values stay constant, how will the EOQ change? How sensitive is the EOQ to variations in demand or costs?The profit maximizing condition for a purely competitive firm is when. Price elasticity of demand is positive. Price average total costs O Price - average total costs
- Which of the following option shows the rate at which company is earning profit? Select one: a. All options are correct b. Margin of safety c. Contribution margin d. Profit volume ratioWhat is the law of demand? A) As the price of a good increases, its demand decreases B) As the price of a good increases, its demand increases C) Demand remains constant regardless of price changes D) Demand is directly proportional to supply Don'tWhich of the following is not an assumption of the basiceconomic-order quantity model?A. quantity discounts are availableB. ordering or setup costs are constantC. lead time is constantD. annual demand is constant and know
- When selling price is constant and variable costs increases. What will be the effect to the net income? Net income increases Net income decreases Net income remains the same Net income becomes zero Group of answer choices 1 2 3 4Which of the following statements regarding price elasticity is incorrect? a. A product with a perfectly inelastic demand would have the same demand even as prices change. b. A product with a perfectly inelastic demand would see demand change as prices change. c. When demand is price elastic, lower prices stimulate demand. d. When demand is price elastic, higher prices reduce demand.?Which of the following statements about CVP analysis is true .Operating income calculations in CVP analysis are based on gross margin .a O „All of the given answers are false b O .Unit selling price, unit variable costs, and total fixed costs are known and remain constant c O The CVP analysis assumes that total variable costs remain the same over a relevant range d O