Since 2005, publicly traded companies in the European Union have been required to use IFRS in preparing their consolidated financial statements. What is the EU's objective in requiring the use of IFRS

Comparability of Financial Statements in different jurisdictions

Explanation:

The reason is that if the IFRC is successful in achieving this then it will help the investor to make more informed decisions and gain maximum out of the investment and all this is only possible by enhanced comparability of the financial statements in different jurisdictions.

In other words, demand in Georgia is elastic and the demand in Kentucky is inelastic.

Explanation:

The price elasticity of demand is used to measure how the quantity of goods and services demanded react to the changes in price.

We are told that the price elasticity of demand for cars in Georgia is 1.8. This means that the demand is price elastic which means that there was a larger Chang in the quantity demanded of cars due to the change in the price of cars. Elasticity of demand here is greater than 1, therefore it is elastic.

On the other hand, the price elasticity of demand for cars in Kentucky is 0.3. This mean that it is price inelastic as the change in price has a minimal effect on the quantity of cards that were demanded. Here, the price elasticity of demand is less than 1.