On January 1, Rick's Photo owned $50,000 of equipment. During the year, the value of the equipment fell by $10,000, plus Rick bought $25,000 in new equipment. Rick's company experienced
A) an increase of net investment of $35,000.
B) $40,000 of depreciation.
C) $10,000 of depreciation.
D) a change in total financial capital of $15,000.
E) an increase of new capital by $10,000.
C
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The cross-price elasticity of demand for a good is the:
A) percentage change in the quantity demanded for a good due to a percentage change in the consumer's income. B) percentage change in the quantity demanded for a good due to a percentage change in the good's price. C) percentage change in the quantity demanded for a good due to a percentage change in tax rates. D) percentage change in the quantity demanded for a good due to a percentage change in the price of related goods.
If the demand for dog grooming increases so that the price of dog grooming rises, then number of workers hired by Doug's Dog Grooming would
A) decrease. B) increase. C) remain unchanged. D) Any of the above answers are possible.