1. when the price of fresh fish increases 5%, quantity demanded decreases 10%. the price elasticity of demand for fresh fish is a) perfectly inelastic b) elastic c) inelastic d) unit elastic 2. the determinants of elasticity include a) availability of substitutes. b) range of defination. c) time. d) all of the above 3. cross-price elasticity of demand measures the response in the a) price of a good to a change in the quantity of another good demanded b) income of consumers to the change in the price of goods. c) quantity of one good demanded when the quantity demanded of another good changes. d) quantity of one good demanded to a change in the price of another good. 4. a value of price elasticity of demand equal to 2 means that: a) demand is relatively inelastic. b) quantity demanded falls by two times the amount of an increase in price. c) when price increases, quantity demanded increases by twice as much. d) the percentage quantity demanded falls by

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Shelby company produces three products: product x, product y, and product z. data concerning the three products follow (per unit): product x product y product z selling price $ 85 $ 65 $ 75 variable expenses: direct materials 25.50 19.50 5.25 labor and overhead 25.50 29.25 47.25 total variable expenses 51.00 48.75 52.50 contribution margin $ 34.00 $ 16.25 $ 22.50 contribution margin ratio 40 % 25 % 30 % demand for the company’s products is very strong, with far more orders each month than the company can produce with the available raw materials. the same material is used in each product. the material costs $8 per pound, with a maximum of 4,400 pounds available each month. required: a. compute contribution margin per pound of materials used. (round your intermediate calculations and final answers to 2 decimal places.) contribution margin per pound product x $ product y $ product z $ b. which orders would you advise the company to accept first, those for product x, for product y, or for product z? which orders second? third? product x product y product z

The following transactions occurred during july: received $1,000 cash for services provided to a customer during july. received $4,000 cash investment from bob johnson, the owner of the business received $850 from a customer in partial payment of his account receivable which arose from sales in june. provided services to a customer on credit, $475. borrowed $7,000 from the bank by signing a promissory note. received $1,350 cash from a customer for services to be rendered next year. what was the amount of revenue for july?