Discuss the Eight Demand States with Respect to Bifocal Lenses

question 82

Essay

Discuss the eight demand states with respect to bifocal lenses (eyeglasses with two distinct optical powers;having one section that corrects for distant vision and another that corrects for near vision)for glasses.

---

Definitions:

Economic Life

The estimated period over which an asset is expected to be economically usable, both for its original purpose or for other purposes.

Bargain Purchase Option

An option in a lease agreement that allows the lessee to purchase the leased asset at the end of the lease term at a price significantly lower than the expected fair market value.

Lease Term

The fixed, non-cancellable period of time for which a lease is agreed upon between the lessee and the lessor.

GAAP

Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting.