The price elasticity of demand for beef is estimated to be 1.60 (in absolute value). This means that a 20 percent increase in the price of beef, holding everything else constant, will cause the quantity of beef demanded to:.a. decrease by 12 percent.b. decrease by 26 percent.
c. decrease by 32 percent.
d. decrease by 60 percent.

                     Statement of Cost per equivalent unit

Particulars                                                 Materials        Conversion

Cost of beginning work in process           $8,130             $9,128

Add: Costs added during the month        $226,500        $284,232

Total cost A                                                 $234,630       $293,360

Number of equivalent units B                       9,900             9,400  

Cost per equivalent unit (A/B)                  $23.70           $31.21