The effect of this trade agreement on the GDP of the United States is the GDP of the country will increase due to net exports being positive.
What is an export?When any individual, organization, or country sends their goods to another country with the objective of sale is called a return. The organization receiving goods will provide money in exchange.
The GDP of a nation over a specific time period calculates the total value of all finished goods and services that are purchased by the end user. It records all production that takes place within a nation's boundaries.
This exchange will help to increase the flow of funds in the country and helps to increase the GDP of a country. When the country has more exports than imports it reflects more incoming cash which helps increase the economy as well.
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Which regulatory act created seven Regional Bell Operating Companies (RBOCs) from 22 former Bell Operating Companies (BOCs)
The regulatory act is 1982 Modified Final Judgement (MFJ)
1982 Modified Final Judgement (MFJ) regulatory act created seven Regional Bell Operating Companies (RBOCs) from 22 former Bell Operating Companies (BOCs).
Regional Bell operating company (RBOC) is the term used to describe one of the U.S. regional telephone companies formed as a result of the December 31, 1983, breakup of American Telephone and Telegraph Company (AT&T, also known as the Bell System or "Ma Bell") by a U.S. Federal Court consent decree. Ameritech, Bell Atlantic, BellSouth, NYNEX, Pacific Bell, Southwestern Bell, and US WEST were the seven original regional Bell operating businesses.
Therefore, the answer is 1982 Modified Final Judgement (MFJ)
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Since the addition of Lunchables Brunchables, there have been high sales growth and profits. Which stage of the product life cycle does this reflect?
Growth stage of the product life cycle does this reflect.
What is the growth phase?The Growth stage, the second stage in the product life cycle, is crucial for many manufacturers because it helps a product take its place in the market, boost sales, and increase profit margins.
What occurs during the growth stage?Consumers have accepted the product on the market and are starting to genuinely buy in during the growth stage. That indicates that both demand and profits are rising, preferably consistently and quickly. The market for the product is expanding during the expansion stage, and competition is starting to emerge.
What is an illustration of a growth stage?For instance, the Tesla Model S is currently seeing growth. People still need to be persuaded that electric automobiles are reliable and useful. It gets easier to convince individuals who are more skeptical of new technology, like electric automobiles, when there are more electric charging stations and more people embrace them.
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A price ceiling is the maximum legal price a seller may charge for a product or service where a price at or below the ceiling is ______ and a price above the price ceiling is ______.
A price ceiling is the maximum legal price a seller may charge for a product or service where a price at or below the ceiling is legal and a price above the price ceiling is illegal.
What is price ceiling?Price ceiling is used to determine the lowest or highest price to which a product can be sold in the market.
Hence, a price ceiling is the highest legal price a seller may charge where a price of a product at or below the ceiling is legal and a price of product above the price ceiling is illegal.
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The term ___________________ describes the proportion of deposits that the bank must hold in the form of reserves that are not loaned out or invested in bonds. reserve ratio reserve funds term deposits bond reserves'
The answer is reserve ratio.
The Federal Reserve in the United States sets the minimum amount of cash that each bank must hold, known as the reserve ratio.
In the past, the reserve rate of bank deposits has varied between 0% and 10%.
The minimal amount of cash that financial institutions must keep on hand in order to comply with central bank standards is known as bank reserves.
The bank must store this actual paper money in a vault on the property or in an account with the national bank.
The purpose of the cash reserve regulations is to make sure that every bank has enough cash on hand to handle any significant and unforeseen demand for withdrawals.
Hence, The term reserve ratio describes the proportion of deposits that the bank must hold in the form of reserves that are not loaned out or invested in bonds.
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Candice is managing the recruitment process for open positions at her law firm. What is the best way for Candice to identify a pool of qualified applicants
Analyze the job/position and evaluate and select both external and internal candidates based on job specifications.
How are people recruited in law firms?The pursuit of wealth is not the primary goal of the profession of law. A profession is undoubtedly a means of support, but it differs from a trade-in that it must be followed for the love of the activity.
Lawyers who work in law firms must become well-versed in business and the commercial sector. It is crucial for someone who wishes to work for a law firm to gain a commercial understanding of how the industry operates.
Consider a scenario when a large business industry hires a certain lawyer or law firm; the business house will think that the hired lawyer is not only familiar with the laws pertaining to the business but also with the business. Therefore, knowing how business works improves one's chances of getting a job in a law firm.
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Jordan Baker, a top manager at Westinghouse, has recently been put in charge of a new multi-million dollar project. She selects several individuals to participate in this effort and assigns each certain tasks to perform. Furthermore, she has set up a group hierarchy and indicated that all decisions must be routed through this chain of command. Jordan is exhibiting which leadership style
Jordan is exhibiting an Autocratic leadership style.
An autocratic management style is one in which just one person makes decisions and solicits little feedback from the rest of the group.Autocratic leaders do not consider the opinions or ideas of their staff when making judgments or choices; instead, they act according to their own beliefs. Authoritarian, directive, or monothetic are further terms for the autocratic leadership style.The majority of the time, an autocratic leadership style can be detrimental since it can cause group members to feel uncomfortable and fearful of the leader's power. The group members may become demoralized since they are unable to share their thoughts or apply their knowledge or skills in certain situations because the autocratic leader makes decisions on his own with little to no involvement from the subordinates.What is a disadvantage associated with the participative style of leadership?They developed a democratic leadership style through their study, which is now known as the participative leadership theories. However, there are drawbacks to participative leadership, including longer decision-making times, a decreased effectiveness with inexperienced personnel, and potential risks associated with information sharing.What is participative leadership and how will the leader benefit from this?An organization that uses participatory leadership reaps a variety of advantages.You may increase employees' awareness, encourage their contributions, and boost their morale by incorporating them in business decisions.Continue reading if you think your workplace would benefit from this.Learn more about participative style of leadership here:
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What type of plan should be in place in the event an employee or leader needs to be replaced?.
An emergency succession plan should be in place in the event an employee or leader needs to be replaced.
What is an emergency succession plan?This is the type of plan that helps to appoint a successor to a role in the work environment.
This is the type of plan that helps to designate roles and also appoint other persons to fulfill them.
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In the tradeoff between freedom, order, and equality, ____________ favor freedom the most, while _____________ favor equality the most.
Answer:Liberal and Conservative
Explanation:
Liberal and Conservative
What is liberalism ?The principles of individual rights, freedom, consent of the governed, political equality, and equality before the law form the foundation of liberalism, a political and moral philosophy. Depending on how they interpret these guiding ideas, liberals hold a variety of positions.
The majority of them do, however, favor private property, market economies, individual rights (including civil and human rights), liberal democracies, secularism, the rule of law, economic and political freedom, freedom of speech and the press, freedom of assembly, and freedom of religion. It is usually stated that liberalism is the dominating ideology of our day.
In the Age of Enlightenment, liberalism emerged as a distinct movement and gained acceptance among Western philosophers and economists. Representative democracy and the rule of law were to take the place of the hereditary privilege, state religion, absolute monarchy, monarchs' divine right, and conventional conservatism norms.
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Write the answer in the empty income statement
The income statement net income is $61,305.
Income statement
Income statement for the year ended December 31 2020
Revenue:
Fees earned $74,175
Commission earned $42,590
Total revenue $116,765
Expenses:
Car expenses $13,600
General expense $3,985
Postage expense $415
Rental expense $7,640
Wages expense $29,820
Total expenses $55,460
Net income $61,305
($116,765-$55,460)
Therefore the income statement net income is $61,305.
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Writing the net income in an Income statement sheet for Compu-Paris Inc. for the year ended December 31, 2020, is as follows:
Compu-Paris Inc.
Income statementFor the year ended December 31, 2020
Revenue:Fees earned $74,175
Commission earned 42,590
Total revenue $116,765
Expenses:Car expenses $13,600
General expense 3,985
Postage expense 415
Rental expense 7,640
Wages expense 29,820
Total expenses $55,460
Net income $61,305
What is an income statement?An income statement is a financial statement that summarizes an entity's revenue and expenses to determine the net income.
Also called an income summary, it determines the entity's financial performance for a financial period.
Thus, Compu-Paris Inc.'s income statement shows that it earned a net income of $61,305 for the year ended December 31, 2020.
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Successful firms realize that each target group requires: Group of answer choices a separate promotion mix. online computer advertising. infomercial testimonials. customized legislation and training.
Successful firms realize that each target group requires a separate promotion mix.
What is a firm?A firm is a for-profit enterprise that typically takes the form of a partnership and offers professional services like accounting or legal counsel. According to the philosophy of the firm, businesses exist to maximize profits.
The purpose of a promotional mix should be to convey to your target market the advantages, qualities, and values of the goods and services you provide. By doing this, you can stand out from the competition and increase sales.
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Studies show that countries that have independent central banks, such as the Federal Reserve Bank, compared to those that have little or no central bank independence, have lower average rates of ______.
Studies show that countries that have independent central banks, such as the Federal Reserve Bank, compared to those that have little or no central bank independence, have lower average rates of inflation.
The United States of America's central banking system is called the Federal Reserve System. With the passage of the Federal Reserve Act on December 23, 1913, it was established in response to the need for centralized control of the monetary system to prevent financial crises following a string of financial panics.
In the field of economics, inflation refers to an overall rise in the cost of goods and services throughout a nation. Each unit of currency may purchase fewer products and services as the general price level rises, hence inflation is associated with a decline in the purchasing power of money.
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The legal mechanism for evaluating the existence of an incentive for a person's promise to establish a binding contract and acts as a receipt of a legal benefit or the suffering of a legal detriment is ________. Group of answer choices accord and satisfaction novation collusion consideration reversion
The suffering of a legal detriment is consideration.
What is consideration explain with example?The term "consideration" refers to anything of value that is promised by one party to the other when entering into a contract.For instance, if A forms a contract with B to purchase a car from B for $5,000, A's consideration is the $5,000, and B's consideration is the car.What is a consideration in business?Consideration in business can signify one of two things. Either it is the same as payment, or it is a contractual exchange of promises made by both parties to benefit from the agreement. The definition we will be talking about today is the second one. In this sense, consideration must have actual worth.What is consideration and its type?Consideration is divided into two categories When the promise has not been fulfilled when it should have been within the parameters of the contract.
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Sunland Company uses a perpetual inventory system. Its beginning inventory consists of 83 units that cost $56 each. During June, (1) the company purchased 248 units at $56 each on account, (2) returned 10 units for credit, and (3) sold 206 units at $83 each on account. Journalize the June transactions.
Debit : Merchandise $13,888.
Credit : Accounts Payable $13,888.
Item 2:Debit : Merchandise $560.
Credit : Accounts Payable $560.
Item 3:Debit : Accounts Receivable $17,098.
Debit : Cost of Sales $11,536.
Credit : Sales Revenue $17,098.
Credit : Merchandise $11,536.
What is meant by inventory system?A supply chain's full stock, supplies, and sales are tracked using an inventory system. Businesses use inventory systems to make sure they are fully aware of the goods they have on hand and where they are.What is inventory system with example?All the goods, merchandise, and supplies that a company keeps on hand in anticipation of selling them for a profit are referred to as inventory. Example: Only the newspaper will be regarded as inventory if a newspaper vendor utilizes a vehicle to distribute newspapers to clients. The car will be considered an asset.What is inventory system and methods?The procedures and software you employ to plan, order, store, and manage your inventory are known as inventory control methods.There are generally two types of inventory control manual and perpetual. You must routinely perform physical counts of inventory when using manual inventory control.What is the purpose of inventory?Keeping a steady supply of goods on hand for activities is inventory's primary purpose. Your company should look for the sweet spot between too much and too little stock, without ever running out, in order to carry out this duty efficiently.Learn more about inventory system here:
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When attracting new clients, which of the following is the most effective way for a trainer to find new prospects? Post on social media Hand out flyers at the grocery store Get referrals from clients Hire an advertising firm
Option 4. When attracting new clients the most effective way would be to Get referrals from clients.
How does referrals help to get client?The people that have been able to get an efficient service from you would have to put in word to others.
This would help to convince these people to make use of the service of the trainer.
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The term ____________________ describes the proportion of deposits that the bank must hold in the form of reserves that are not loaned out or invested in bonds.
The term reserve ratio describes the proportion of deposits that the bank must hold in the form of reserves that are not loaned out or invested in bonds.
Also referred to as the Cash Reserve Ratio, it's miles the proportion of deposits that commercial banks are required to keep as coins in step with the guidelines of the significant financial institution.
A reserve requirement is an imperative bank law that units the minimal amount that a commercial financial institution should keep in liquid assets.
The requirement for the reserve ratio is determined through the central financial institution of the USA, inclusive of the Federal Reserve inside the case of the US. The calculation for a bank may be derived by means of dividing the cash reserve maintained with the valuable financial institution through the financial institution deposits, and it's far expressed in percent.
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Warren Enterprises had the following events during Year 1: The business issued $25,000 of common stock to its stockholders. The business purchased land for $17,000 cash. Services were provided to customers for $21,000 cash. Services were provided to customers for $10,000 on account. The company borrowed $21,000 from the bank. Operating expenses of $17,000 were incurred and paid in cash. Salary expense of $1,300 was accrued. A dividend of $9,000 was paid to the stockholders of Warren Enterprises. Assuming the company began operations during Year 1, What is the amount of retained earnings as of December 31, Year 1
The amount of retained earnings as of December 31 is, 2500.
Cash revenue 21,000.
Credit revenue 10,000.
Total revenue 31,000.
Cash operating expenses 17,000 .
Accrued expenses 1,300 .
Total expenses (18,300).
Net income 11,500.
Net income - Dividends = Retained Earnings.
= 11,500 - 9000
Retained Earnings = 2500.
What is retained earnings ?The amount of profit a business keeps after paying all of its direct and indirect expenses, income taxes, and dividends to shareholders is known as retained profits. This is the percentage of the company's equity that may be utilized, for example, to fund the purchase of new machinery, research and development, and marketing.What is retained earning with example?22 October 2020 The total profits left over after a corporation pays dividends to its shareholders are known as retained earnings. These funds might be put back into the company by, say, buying new machinery or paying off debt.How do I calculate retained earnings?In order to compute retained earnings, first discover the common stock line item on your balance sheet. Then, take the total stockholder equity and remove the amount for the common stock line item (if the only two items in your stockholder equity are common).Learn more about retained earnings here:
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The 1828 "tariff of abominations" originated with ______, but because it placed tariffs on other imports in order to win support from other constituencies, it raised the price of ______ and therefore lost the support of the group it had been intended to help.
The 1828 "tariff of abominations" originated with New England textile manufactures, but because it placed tariffs on other imports in order to win support from other constituencies, it raised the price of raw material and therefore lost the support of the group it had been intended to help.
In May 1828, the United States passed the Tariff of 1828, a particularly onerous protective tariff. Unexpectedly, the law succeeded despite being written such that Congress wouldn't approve it because it would harm both industry and agriculture.
Because of the impact it had on the economy of the South, it was derided as the "Tariff of Abominations" by its opponents in the region. Some imported commodities were subject to a 38 percent tax, and some imported raw materials were subject to a 45 percent tax.
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When negative externalities exist in a market, multiple choice 1 equilibrium output will be greater than the efficient price. equilibrium output will be greater than the efficient output. equilibrium price will be less than the efficient output. equilibrium output will be less than the efficient output.
(b)
Equilibrium output will be greater than the efficient output
Equilibrium output is the point where national income is equal to planned aggregate expenditure.Equilibrium output occurs where AD (Aggregate Demand)= AS (Aggregate supply)Equilibrium - It is that type of state where market demand and market supply are balanced.Disequilibrium- It is the opposite of equilibrium or when is not in the state of equilibrium position it is automatically considered as disequilibrium.Different types of equilibrium are as follows-Economic equilibriumCompetitive equilibriumGeneral equilibriumUnderemployment equilibriumLindahl equilibriumIntertemporal equilibriumNash equilibriumLearn more about this here-
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The table identifies how many thousands of units of corn and diamonds the United States and Congo can produce in one week. Use this data to answer the question that follows.
Corn Diamonds
United States
60 10
Congo
20 5
Which fraction represents the opportunity cost for the United States to produce corn?
A. 60⁄10
B. 10⁄60
C. 20⁄5
D. 5⁄20
Based on the units of corn and diamonds produced by the United States, the opportunity cost of producing corn is B. 10⁄60.
What is the opportunity cost of producing corn?The opportunity cost of producing corn to the United States would be the number of diamonds that are given up to make one unit of corn.
This can be found as:
= Units of diamonds / Units of corn
= 10 / 60 diamonds
In conclusion, option B is correct.
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Answer:
B. 10⁄60
Explanation:
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Because accepted practice for establishing rapport, greetings, and even the exchange of business cards can vary widely around the world, the Blank______ stage of the personal selling process requires special attention in international sales.
Because accepted practices for establishing rapport, greetings, and even the exchange of business cards can vary widely around the world, the approach stage of the personal selling process requires special attention in international sales.
Stages in International SalesBefore facing the challenges of international sales, the home market is frequently an excellent setting for testing products and optimizing performance. It can also serve as a reliable performance indicator. But occasionally, this step in the export procedure serves absolutely no use.When businesses start doing business abroad, they frequently choose a nation that resembles their own in terms of language, financial structures, legal and economic systems, or culture.It is recommended to start off cautiously by market-testing before establishing an export strategy. With the help of a graded plan, a new exporter can gain first-hand experience in a market without taking unneeded or excessive risks.The business may decide to increase its presence in the target market if sales are strong, earnings are encouraging, and opportunities are good.
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Current information for the Healey Company follows: Beginning raw materials inventory $ 15,200 Raw material purchases 60,000 Ending raw materials inventory 16,600 Beginning work in process inventory 22,400 Ending work in process inventory 28,000 Direct labor 42,800 Total factory overhead 30,000 All raw materials used were direct materials. Healey Company's total manufacturing costs for the year are:
Calculation for Healey Company's total manufacturing costs for the year:-
We are given,
Beginning raw materials inventory $ 15,200Raw material purchases $ 60,000Ending raw materials inventory $ 16,600 Beginning work in process inventory $ 22,400 Ending work in process inventory $ 28,000Direct labor $ 42,800Total factory overhead $ 30,000As We Know,
Total Manufacturing Costs = Raw Materials Used + Direct Labor + Factory Overhead
Raw materials used = Beginning Raw Materials Inventory + Raw Materials Purchases - Ending Raw Materials Inventory
⇒ 15,200 + 60,000 - 16,600 = 58,600
Raw materials used = 58,600
58,600 + 42,800 + 30,000 = 131,400
Cost of goods manufactured = Beginning Work in Process + Total Manufacturing Costs - Ending Work in Process
⇒ 22,400 + 131,400 - 28,000 = $125,800
Therefore, Healey Company's total manufacturing costs for the year is $125,800
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The market growth rate index is measured by Group of answer choices average growth rate in commercial energy average growth rate in GDP. average growth rate in commercial energy real growth rate in GDP.
the average growth rate in commercial energy real growth rate in GDP is the answer.
Gross domestic product is a monetary measure of the market value of all final goods and services produced by each country during a particular period of time.
GDP measures the monetary value of final goods and services produced in a country during a specific time period (for example, quarter or year), that is, those purchased by the end consumer. It counts all the electricity generated within the boundaries of the country.
We know that GDP in the economy is the monetary value of all final goods and services produced. For example, let's say Country B produces only bananas and back love. Figure%: Goods and Services Produced in Country B In the first year, we will produce 5 bananas worth $ 1 and 5 black labs worth $ 6, respectively.
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Which extended ERP component collects information used throughout an organization, organizes it, and applies analytical tools to assist managers with decisions
The extended ERP component that collects information throughout an organization and evaluates it is called Business intelligence.
What is business intelligence?This is the component of Enterprise Resource Planning (ERP) that deals with collecting information from the entire organization.
This information would then be organized and prosessed after which it will then be used to guide the decisions of management.
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A national fast food franchisor filed an action against one of its franchisees, alleging breach of contract. Both parties are corporations. The franchisor alleged that the franchisee had failed to pay the franchisor the requisite percentage of the franchisee's profits as required by the franchise contract. The franchisor timely served on the franchisee corporation a notice of deposition, which named the franchisee corporation as the deponent and which stated that the deposition would inquire into the accounting methods and accounting records of the franchisee corporation. How should the defendant franchisee corporation respond to the fact that the notice of deposition does not name a person to be deposed
The defendant franchisee corporation should respond to the fact that the notice of deposition does not name a person to be deposed by "designating a person who will testify on its behalf about its accounting methods and accounting records".
What is meant by defendant franchisee?The entity or person accused of committing a wrongdoing is known as the Defendant.
The notice of deposition is - "a document directing a witness to appear to answer questions under oath". The notice includes a time and place where the examination is to occur. The notice is sent to all parties in a lawsuit so that everyone involved has been given notice of the event.
For the given case-
The franchisee corporation must choose a witness who will speak on its behalf while testifying about its accounting practices and records. A party may identify the organization in the notice of deposition and specify with reasonable particularity the topics to be covered. The organization should then choose witnesses to give testimony on its behalf.To know more about the deposition, here
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______ are designed to supplement personal selling, advertising, public relations, and other promotional efforts by creating enthusiasm for the overall promotional program.
Promotion tools are designed to supplement personal selling, advertising, public relations, and other promotional efforts by creating enthusiasm for the overall promotional program.
A public project means a project planned or implemented by a city or government agency for the construction, reconstruction, maintenance, repair, improvement, or another public purpose of a public facility.
Government Procurement Regulatory Authority (PPRA) means the agency responsible for overseeing government procurement.
Public Property means property provided in a federal, state, local, or irrevocable manner within the scope of IA No. 2002-1 used for right of way or other purposes. However, counties or other public institutions are rented from public institutions to private companies, and assets subject to tax under Section 53340.1 of the Act are taxed and classified according to their use.
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The team continued to provide high-quality CPR until the rapid response team arrived and relieved them. In which situations would the team stop performing CPR
The team will stop performing CPR when they are tired and exhausted this is to avoid them becoming casualty as well.
What is CPR?Cardiopulmonary resuscitation involves the given of air to an unconscious individual.
This can be done to make the individual gain consciousness especially in case of accident before the arrival of medical personnel.
Therefore, the team will stop performing CPR when they are tired and exhausted this is to avoid them becoming casualty as well.
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The value principle of ______ is the basis of the income approach to appraisal. Unset starred question Anticipation Capitalization Competition Substitution
The value principle of Anticipation is the basis of the income approach to appraisal.
What is the principle of anticipation ?The principle of anticipation to know the worth or amount of a property or assets. This is done using the income of the individual to know the value of the property and the future benefit or worth.
Therefore,
The value principle of Anticipation is the basis of the income approach to appraisal
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The price of lemonade is $0.50; the price of popcorn is $1.00. If Fred has maximized his utility by purchasing lemonade and popcorn, his marginal rate of substitution will be:
2 lemonades for each popcorn will be the answer.
Utility maximization is the concept by which individuals and organizations seek to achieve the highest levels of satisfaction with their financial decisions. The utility function measures the intensity at which a person's achievements are achieved.
If a consumer wants to maximize total utility, for every dollar he spends, he should spend it on items that bring the maximum marginal utility per dollar spent.
When multiple products are selected, the condition for maximizing utility is for the consumer to balance marginal utility per pound. The utility maximization conditions are as follows: MUA / PA = MUB / PB Where MU is marginal utility and P is price.
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A plaintiff brought a products liability action against an out-of-state manufacturer seeking $125,000 in damages due to personal injuries received while using a tool made by the manufacturer. Pursuant to the permissive joinder rule, the plaintiff's spouse joined in the action, which was filed in federal court, seeking damages of $5,000 for loss of consortium. Does the court have subject-matter jurisdiction over the spouse's claim
Yes, the court have subject-matter jurisdiction over the spouse's claim because the spouse's claim forms part of the same case or controversy as the plaintiff's claim.
What is plaintiff's claim?The individual who files a lawsuit in court is known as the plaintiff. The party making a claim against another is known as the claimant in civil law matters and is often referred to as the plaintiff. The defendant or responder is the other party in a civil action (the one who responds to the suit).
For the given case-
The court can exercise supplemental jurisdiction over the spouse's claim, which is a part of the same case or controversy as her husband's claim, even though the court does not have diverse jurisdiction over it since it does not meet the amount-in-controversy criteria. Due to the manufacturer's out-of-state location and the fact that his claim exceeds $75,000, the court also has diverse jurisdiction over the plaintiff's claim; the spouse's involvement in the case does not affect the total diversity of the parties.Despite having joined the case as a party, the spouse's claim against the defendant manufacturer does not come under the categories of claims that are forbidden from being subject to supplemental jurisdiction.Only claims brought by an existing plaintiff against a party added under the permissive joinder rule are subject to the ban on claims related to permissive joinder (Rule 20). This ruling made the spouse a party, not the manufacturer.To know more about the plaintiff, here
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If the price of hand calculators falls from $10 to $9 and, as a result, the quantity demanded increases from 100 to 125, then Multiple Choice demand is price inelastic. demand is unit elastic with respect to price. demand is price elastic. not enough information is given to make a statement about elasticity.
If the price of hand calculators falls from $10 to $9 and, as a result, the quantity demanded increases from 100 to 125, then "demand is price elastic".
What is elastic demand?A demand that is elastic experiences a significant shift in quantity demanded as a result of a price adjustment.
When the amount sought changes little as a result of a price adjustment, the demand is said to be inelastic.
Some properties of price elastic demand are-
If the amount demanded of a product changes more than proportionally as its price rises or falls, it is said to be elastic. In contrast, a product is said to be inelastic if changes in price have minimal effect on changes in quantity demanded.There is a quantity effect that results in fewer units being sold when the price of an elastic good rises, which lowers revenue. The quantity demanded is less responsive to a change in price the lower the price elasticity of demand.There are three main types of price elasticity of demand:
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