If an increase in the price of movie tickets results in an increase in total revenue at the theater, this is evidence that the demand for movie tickets is price inelastic.
Option B
Explanation:
Price elasticity of production is often used in economics to explain the reactivity, or elasticity, to increase prices of the quantity requested by a good or service, when only prices change.
In the case of a change in the price of $200 to $202, for example, a 1% rise, and demand change between 1,000 to 995 units, a reduction of less than 1%, the drugs are inelastic.
The drug would be regarded as completely inelastic if the price increase had no impact on the amount ordered. Medical needs and procedures are relatively inelastic since they are necessary for survival, while luxury goods, like cruises and sports cars, are usually fairly elastic.
Plastix Produx Company is subject to a decision by the Consumer Product Safety Commission. Opposed to the decision, Plastix Produx wants a court to review it. First, however, the firm must use all of the potential administrative remedies. This is ____________.
A. an actual controversy at issue.
B. standing to sue.
C. the exhaustion doctrine.
D. the ripeness doctrine.
Answer: The exhaustion doctrine.
Explanation:
The Plastix produx company would have to follow the exhaustion doctrine to settle the issue they have with the consumer safety product commission.
The exhaustion doctrine requires that a company/individual having an issue with an independent commission, would have to first exhaust all administrative options before going for redress in court.
The administrative options would involve the individual/company would have to appeal the initial verdict in the commission's Internal appeal process and if found guilty then head to court for redress.
A sale transaction closes on April 15th. The day of closing belongs to the seller. Real estate taxes for the year, not yet billed, are expected to be $2,110. According to the 365-day method,
what is the seller's share of the tax bill?
Answer:
$607
Explanation:
Data provided in the question:
Date of closing of sales transaction = April 15
Expected tax for the year = $2,110
Number of days in an year = 365
Now,
Per day tax = [ Expected tax for the year ] ÷ [ 365 ]
= $2,110 ÷ 365
= $5.781 per day
Time period from January 1 to April 15 in days = 105 days
Therefore,
The seller's share of the tax bill
= Per day tax × Time period from January 1 to April 15 in days
= $5.781 × 105
= $606.98 ≈ $607
If a manufacturing plant that employs 20% of the local labor force closes, the likely effect on the area’s real estate values will reflect the principle of?
Answer:
Supply and demand
Explanation:
First is important to remember the supply and demand principle. We can analyze this by the law of supply and demand.
The law of supply states that "the quantity of a good supplied rises as the market price rises, and falls as the price falls".
Conversely, the law of demand says that "the quantity of a good demanded falls as the price rises, and the quantity of a good increase as the price decrease".
For this case if the manufacturing plant close 20% of the people in the area will not have a job and the prices of the real state values will tend to decrease and if the prices decrease the quantity falls from the supply law.
A bank statement:
1. lets a depositor know the financial position of the bank as of a certain date.
2. is a credit reference letter written by the depositor's bank.
3. is a bill from the bank for services rendered.
4. shows the activities that increased or decreased the depositor's account balance.
Answer:
4. shows the activities that increased or decreased the depositor's account balance.
Explanation:
A bank statement is a document that the bank sends to its customers in which there is a record of all the transactions that have been made in the account with the specific amounts deposited or withdrawn in a specific period of time. According to this, the answer is that a bank statement shows the activities that increased or decreased the depositor's account balance.
Final answer:
A bank statement shows the activities that have increased or decreased a depositor's account balance, providing information about their financial position with the bank.
Explanation:
A bank statement is a document that shows the activities that have increased or decreased a depositor's account balance. It provides information about the depositor's financial position with the bank as of a certain date. The statement includes details of transactions like deposits, withdrawals, and any fees or charges imposed by the bank.
For example, if a depositor deposited $500 into their account, made a $100 withdrawal, and incurred a $10 bank fee, their bank statement would show a $390 increase in their account balance ($500 - $100 - $10 = $390).
A gas main has exploded outside your building and has caused major damage to your agency's office space. After evacuating the building and accounting for all agency personnel, leadership has activated the continuity plan. What phase of continuity is the organization in?
Answer: phase 2.
The business continuity relocation plase
Explanation: the continuity plan consists of four stages.
1. Initial Response
2. Relocation
3. Recovery
4. Restoration
Initial response deals with Initial Notifications,
Business Continuity Team (BCT) activation,
Business Unit personnel activation
Initial BCT briefing,
Review of recovery strategies for implementation,
Implementation of Business Continuity Action Plan.
The business continuity relocation plase deals with The relocation phase involves mobilization of resources and relocation of equipment and personnel to Alternate Facilities or Redundant Sites. And this seems to be the stage that the industry is at.
In exchange for a share of the revenues earned on campus, State U has granted CheapFizz the exclusive right to sell soft drinks in the student union and in vending machines on campus. Prior to the deal, three soft drink companies sold beverages on campus; now no other soft drink company is allowed to sell its products on campus. Prior to the deal, a 12-ounce can of CheapFizz sold for 75 cents. After the deal you would expect a 12-ounce can of CheapFizz to sell for:
A. 75 cents because that is the market price.
B. less than 75 cents because CheapFizz will have greater volume and so can lower its price.
C. more than 75 cents because the demand curve for CheapFizz soda will shift to the left.
D. more than 75 cents because CheapFizz is the only company that can sell soda on campus.
Final answer:
After CheapFizz's exclusive deal with State U, the price of a 12-ounce can of CheapFizz is expected to increase to more than 75 cents, as the company becomes the sole soft drink vendor on campus and can set higher monopoly prices.
Explanation:
The exclusive deal granted to CheapFizz by State U has changed the competitive landscape on campus from a competitive market to a monopoly. Because CheapFizz now has a monopoly on the sale of soft drinks on campus, we would expect the price of a 12-ounce can of CheapFizz to increase due to the lack of competition. This scenario falls under the economic concept of monopoly pricing, where a single supplier dominates the market and can set prices above the competitive level without fear of competition.
If we look at typical market outcomes when firms set quantities, we find that when a firm has a monopoly and faces no competition, it tends to set higher prices because it can control the supply. Similarly, in our given example, the removal of competitors allows CheapFizz to act as a monopolist on campus. Therefore, the correct answer is D. more than 75 cents because CheapFizz is the only company that can sell soda on campus and can capitalize on the lack of substitutes for its product.
What is the benefit of 2020 Rogue Sport’s Xtronic CVT over conventional automatic transmissions?
Answer:
Improved speed, gear experience and fuel economy
Explanation:
Performance is one of the key factors considered when buying a vehicle. The CVT (Continuous Vehicle Transmission) allows better fuel economy than conventional transmissions, with increased gear functionality when driving the vehicle.
Usually a conventional automatic transmission has fixed gears between 5 to 9 but all CVTs don’t have any conventional fixed gear ratio.
In effect the 2020 Rogue Sport’s Xtronic CVT would create a seamless experience when traveling, stronger acceleration, and better fuel economy.
The Xtronic CVT in the 2020 Rogue Sport offers better fuel economy and reduced CO₂ emissions compared to conventional automatic transmissions, thanks to its ability to keep the engine running at the most efficient RPMs.
Explanation:The primary advantage of the 2020 Rogue Sport’s Xtronic CVT (Continuously Variable Transmission) over conventional automatic transmissions lies in its superior fuel efficiency and lowered CO₂ emissions. Unlike traditional automatic transmissions, the Xtronic CVT doesn't operate on fixed gears. Instead, it uses infinitely variable 'gear' ratios which allows the engine to operate at the most efficient RPMs. This ultimately leads to a noticeable improvement in fuel economy and a significant reduction in CO₂ emissions, making it a more environmentally friendly choice.
Learn more about Xtronic CVT here:https://brainly.com/question/26100847
#SPJ12