Gold Buyers Are Located in New York and Zurich

question 48

Multiple Choice

Gold buyers are located in New York and Zurich.At the current price of gold,$400 an ounce,worldwide demand for gold is 10,000 ounces; and the price elasticity of demand for gold in New York and Zurich are -3 and -2 respectively.If the slope of each demand curve in New York is the same as in Zurich,then the quantity of gold demanded by dealers in Zurich is

• A)10,000/3.
• B)5,000.
• C)6,000.
• D)10,000.
• E)none of the above

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Definitions:

Administrative Expense

Costs related to the general operation of a company, such as salaries of executive officers and costs associated with the corporate office.

Selling Expense

Costs incurred directly from the selling of products or services, such as commissions and advertising costs.

Goods Sold

The total quantity of goods that are sold during a specific period, contributing to a company's revenue.

Cost

The monetary value incurred in the production of goods and services, including materials, labor, and overhead expenses.