Use the Table Below to Answer the Following Question

question 165

Multiple Choice

Use the table below to answer the following question.
Table 4.1.2

-Refer to Table 4.1.2.The table shows two points on the demand curve for volleyballs.What is the price elasticity of demand between these two points?

• A)2.5.
• B)2.0.
• C)0.5.
• D)0.4.
• E)none of the above

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Definitions:

Ending Inventory

The value of goods that a company has in stock at the end of its fiscal year, calculated as the beginning inventory plus purchases minus the cost of goods sold.

Accounts Payable

A liability to a creditor, carried on an open account, usually for purchases of goods and services.

LIFO Retail Inventory Method

An accounting technique that values inventory on the assumption that the last items placed in inventory are sold first, specifically applied to retail settings.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory and subtracting cost of goods sold.