ricksterv5000
18.10.2020 •
Business
What are Advantages and disadvantages of business structure
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Ответ:
The advantages are: the owner keeps all the profits and makes all the decisions. The disadvantages are: personal liability and no possibility for business continuity. A partnership is a business owned by two or more people. The advantages are: shared costs, knowledge and expenses
Ответ:
2) the demand for cigarettes was inelastic in the short run, but elastic in the long run.
Explanation:
Elasticity of demand measures the responsiveness of quantity demanded to changes in price.
Demand is inelastic if quantity demanded shows little or no sensitivity to changes in price.
Demand is elastic if a small change in price leads to a greater change in quantity demanded.
If the government taxes cigarettes, they become more expensive. In the short run, consumers do not have enough time to search for suitable substitutes for cigarettes. As a result, they continue purchasing the cigarettes despite the increase in price. Thus, demand is inelastic.
But over time, consumers would be able to find substitutes for cigarettes, as result they would reduce their demand for cigarettes. At this point demand is elastic. As a result of the fall in demand for cigarettes, the revenue the government earns from taxing cigarettes would fall.
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