Use the Information Below to Answer the Following Questions

question 41

Multiple Choice

Use the information below to answer the following questions:
Saw Ltd’s inventory at 1 July 2011 was $16 300, and at 30 June 2009 it was $23 700. Sales for the year ended 30 June 2012 were $125 000 and the gross margin was 20%.
-What was the inventory turnover?

• A) 5.25 times p.a.
• B) 5 times p.a.
• C) it cannot be calculated from the information provided
• D) 1.25 times p.a.

Understand the role of advertising in shaping demand elasticity

Learn the effects of price changes on total revenue depending on elasticity

Identify the characteristics of goods with elastic versus inelastic demand

Understand the short-run and long-run adjustments in response to changes in demand or supply

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Definitions:

Special-Interest Effect

The impact upon policy or decision-making driven by a small, motivated group seeking to further their own interests.

Price Supports

Government interventions to maintain the market price of a commodity or product above its competitive equilibrium level by buying up surplus supply or subsidizing the production costs.

Agriculture

Agriculture pertains to the science, art, and practice of cultivating plants and livestock, providing the basis for food production and raw materials for various industries.

Agricultural Act of 2018

Also known as the 2018 Farm Bill, it is federal legislation that funds and governs various agricultural and food programs, including crop insurance, nutrition assistance, and rural development.