Refer to the Table Shown to Answer the Question A) Elastic

question 30

Multiple Choice

Refer to the table shown to answer the question. Between $2 and $2.20, demand is: $$\begin{array} { | c | c | } \hline \text { Price } & \text { Quantity Demanded } \\\hline \$ 1.60 & 130 \\\hline \$ 1.80 & 120 \\\hline \$ 2.00 & 110 \\\hline \$ 2.20 & 100 \\\hline \$ 2.40 & 90 \\\hline \$ 2.60 & 80 \\\hline\end{array}$$

• A) elastic.
• B) unit elastic.
• C) inelastic.
• D) perfectly elastic.

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Definitions:

Standard Hours

The predetermined amount of time expected to complete a task, job, or project.

Variable Manufacturing Overhead

Costs that vary directly with the level of production output, such as indirect materials and indirect labor that increase as production increases.

Actual Output

The real quantity of goods or services produced by a company during a specific period, as opposed to planned or theoretical output.

Labor Efficiency Variance

The variance between the real hours spent working and the anticipated standard hours, times the standard rate of labor.