Use the Table for the Question(s)below

question 62

Essay

Use the table for the question(s)below.
Consider the following income statement and other information:
-If Luther's accounts receivable were $55.5 million in 2009,then calculate Luther's accounts receivable days for 2009.

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Definitions:

Market Price

The prevailing rate at which a good or service is available for purchase or sale in the public market.

Inelastic

A characteristic of demand or supply that signifies a limited response to changes in prices or other economic factors.

Unit Elastic

A situation where a percentage change in the price of a good results in an equal percentage change in the quantity demanded.

Inelastic

Describes a situation where the demand or supply for a good or service is not significantly altered when the price changes.