Business High School

d) Which goods are priced lower in real terms in 3018 than in
3015? Show all your work.
Rohan Market Basket Good War Horse Armor Helm Sword Spear Saddle Bridle Hay Oats Stabling Vet Services 3015 Price 3015 (marks) Quantity $100.00 2 $20.00 1 $5.00 $15.00 $5.00 $1.50/ bale $2.50/ bushel

Answers

Answer 1

There are no goods that are priced lower in real terms in 3018 than in 3015.

Let's use the Consumer Price Index (CPI) for this calculation. We will assume that the CPI increased by 5% from 3015 to 3018, based on historical data. The inflation rate can be calculated using the following formula:

Inflation rate = (CPI in 3018 - CPI in 3015) / CPI in 3015

Inflation rate = (105 - 100) / 100 = 0.05 or 5%

Based on this inflation rate, we can adjust the prices of the goods in 3015 to their real prices in 3018. To do this, we multiply each price by the inflation rate plus 1. For example, if a good cost 100 in 3015, its price in 3018 would be $100 x (1 + 0.05) = 105.

Therefore, there are no goods that are priced lower in real terms in 3018 than in 3015.

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Related Questions

40. "Positive pay" is a service offered primarily to business customers to prevent . Under this arrangement, the bank _. (BLJ, p. 39; Kindle, 710) (Ch. 6, Check Products, Checking Accounts-Large Enterprises) A. checks from bouncing due to insufficient funds; requires the customer to maintain a high minimum balance B. checks from bouncing due to insufficient funds; requires the customer to link its checking account to a savings account C. fraudulent checks from being paid; pays the check only if it is on a list provided by the customer ahead of time D. fraudulent checks from being paid; pays the check only after contacting the customer to verify it is legitimate 41. The purpose of "lockbox services" is to provide businesses with (BLJ, p. 39; Kindle, 710-722) (Ch. 6, Check Products, Lockbox Services-Enterprises) A. a safe place to store large volumes of cash B. a safe place to store large volumes of checks C. an efficient way to process large volumes of checks written to suppliers D. an efficient way to process large volumes of checks received from customers 42. In check payments, remote deposit capture (RDC) is a way for (BLJ, pp. 39-40; Kindle, 722-733) (Ch. 6, Check Products, Remote Deposit Capture) A. the payee's bank to send an electronic image of a check to the Federal Reserve B. the payer to send an electronic image of a check to the payee C. the payee to deposit an electronic image of a check with his or her bank D. the payee's bank to send an electronic image of a check to the payer's bank

Answers

40. C. "Positive pay" is a service offered primarily to business customers to prevent fraudulent checks from being paid; the bank pays the check only if it is on a list provided by the customer ahead of time.

41. D. The purpose of "lockbox services" is to provide businesses with an efficient way to process large volumes of checks received from customers.

42. C. In check payments, remote deposit capture (RDC) is a way for the payee to deposit an electronic image of a check with his or her bank.

40. "Positive pay" is a service provided by banks to help businesses prevent fraudulent checks from being paid. Under this arrangement, the customer provides the bank with a list of checks that are authorized to be paid. When a check is presented for payment, the bank verifies it against the customer's list before making payment. If the check is not on the list, the bank will not pay it, thus preventing fraudulent checks from being honored.

41. "Lockbox services" are designed to streamline the processing of checks received by a business from its customers. With lockbox services, the business arranges for its customers to send their payments directly to a designated post office box that is controlled by a bank. The bank then collects the checks, processes them, and deposits the funds into the business's account. This provides an efficient way for businesses to handle a large volume of checks, allowing for faster and more secure processing.

42. Remote deposit capture (RDC) is a technology that allows the payee to deposit an electronic image of a check with his or her bank. Instead of physically delivering the paper check to the bank, the payee can use a computer or mobile device to capture an image of the check and transmit it electronically to the bank for deposit. RDC offers convenience and efficiency, as it eliminates the need for physical transportation of checks and allows for faster processing and availability of funds.

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"
(a) What is the price elasticity of demand at point C? Please show your calculations. (b) What is the arc elasticity of demand between point \( C \) and point \( D \) ?

Answers

The price elasticity of demand (PED) at point C is 400. The arc elasticity of demand between point C and point D is also 400.

Price elasticity of demand (PED) is the measure of how much the quantity demanded of a good or service changes in response to a change in its price, expressed as a percentage. It is calculated by dividing the percentage change in quantity demanded by the percentage change in price.

The calculation of the price elasticity of demand (PED) at point C is given by:

PED = (ΔQd/ΔP) * (P/Qd)

PED = (Qd2-Qd1)/(P2-P1) * (P1+P2/Qd1+Qd2)

PED = (400-300)/(0.50-0.30) * (0.30+0.50/300+400)

PED = (100/0.20) * (0.80)

PED = 400

Arc elasticity of demand is the measure of how much the quantity demanded of a good or service changes in response to a change in price along a specific section of its demand curve. It is calculated by dividing the percentage change in quantity demanded by the percentage change in average price.

The calculation of the arc elasticity of demand between point C and point D is given by:

Arc elasticity of demand between point C and point D = [(ΔQd/ΔP) * (P1+P2/Qd1+Qd2)] / [(P1+P2/Qd1+Qd2) / (P1+P2/Qd1+Qd2)]

Whereby, P1 = $0.30, Qd1 = 300, P2 = $0.20, and Qd2 = 500.

Arc elasticity of demand between point C and point D = [(ΔQd/ΔP) * (P1+P2/Qd1+Qd2)] / [(P1+P2/Qd1+Qd2) / (P1+P2/Qd1+Qd2)]

Arc elasticity of demand between point C and point D = [(500-300)/(0.20-0.30) * (0.30+0.20/300+500)] / (0.25)

Arc elasticity of demand between point C and point D = [(200/0.10) * (0.50)] / (0.25)

Arc elasticity of demand between point C and point D = 400

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