Explain the following attachments
NAME: Yulie Live UIZ on price elasticity of demand Multiple Choice dentify the choice that best completes the statement or answers the question. NOTE: You may write on this questionnaire for your computations. 1) An economist estimates that .83 is the price elasticity of demand for disposable razors. This suggests that disposable razor producers could: A. advertise more to raise the price elasticity of demand. B. encourage more people to use non-disposable razors C. lower the price of disposable razors to raise more revenue. D. maximize revenues by staying at the current price. E. raise the price of disposable razors to raise more revenue. 2) If Johnny, the Pizza Man, lowers the price of his pizzas from $6 to $5 and finds that sales increase from 400 to 600 pizzas per week, then the demand for Johnny's pizzas in this range is: A. price inelastic. B. price elastic. C. unit elastic. Exhibit 5-6 Demand curve for concert tickets 30 are 10 Quantity of thebelo per coarm thou generate? 3) In Exhibit 5-6, suppose promoters charge a price of $30 per ticket. How much total revenue will their sales A. $300,000. B. $400,000. C. $500,000. D. $600,000. 4) Anita is a famous attorney with a great reputation in court. She charges her clients $300 for each hour she spend working on their cases. If she earned $450,000 in hourly wages last year, and by raising her rates to $350 per hou her income increased to $490,000 what can we say about the elasticity of demand for Anita's legal services? A. It is approximately equal to 2.3. B. It is approximately equal to 1.6. D. It is approximately equal to 0.45. C. It is approximately equal to 1.0. E. It is approximately equal to 0.1. A. 0.25. 5) A health club sells 50 memberships when the monthly price is $60 and 70 memberships when the monthly price $40. The price elasticity of demand for memberships at this health club is: B. 0.6. D. 0.83 C. 1.0. E. none of the aboveSuppose three countries have productivity data as shown in the table below. PRODUCTIVITY PER WORKER wheat Beans Alpha Beta Gamma a) What is the cost of wheat in each country? Round your answer below to 2 decimal places. In Alpha, 1 unit of wheat costs [ as beans. In Beta. 1 unit of wheat costs [ tor) beans. In Gamma, 1 unit of wheat costs ( o bean(s). b) Which country can produce wheat more cheaply (comparatively)? Click the box with a check mark for the correct answer and double click to empty the box for the wrong answer. Gamma Beta Alpha c) Which country can produce beans more cheaply (comparatively)? Click the box with a check mark for the correct answer and double click to empty the box for the wrong answer. OAlpha Beta namA DOC.DdE AaBb CcDdl A BbCDdBe ABC DIF: ABC:UdBe Body Tail Heading Heading 2 List Paragraph No Spacing Normal Question 5 (14 marks) On 1 July 2017, Montana Ltd had an opening balance for accounts receivable of $90,000 DR and an allowance for doubtful debt of $25,000 CR. On 3 October 2017, Montana made $60,000 of credit sales to customers. On 5 December 2017, a customer BHP declared bankruptcy and would not be able to pay the amount of 10,000 owed. On 3 April, 2018, BHP managed to repay 20 cents in the dollar. Montana used the percentage of credit sales method to estimate doubtful debt expense at year end of 2018. Past experience suggests that 2% of credit sales are uncollectible. Starting from 1 July 2018, Montana switched to a percentage of accounts receivable method to estimate bad debt. At 30 June 2019, Montana had accounts receivable of $1,000,000 and doubtful debts were estimated based on 3% of accounts receivable. Since 1 July 2019, Montana started to use an aging analysis of accounts receivable to estimate bad debt. Below is an account receivable aging chart by 30 June 2020. Customer name 0-30 Days 31-60 Days 61-90 Days 90+ Days Holden $40,000 $40,000 Canva $10,000 $90,000 $70,000 CBH Group $40,000 Percentage 1% 3% 10% 20%
