Jessica simpson sets up shop to sell "buffalo wings." she observes that if the price drops from $3.50 per order to $2.50 per order, her daily sales rise from 300 to 500 orders.

a. what is the price elasticity of demand for jessica’s "buffalo wings? "

b. which price yields the greater total revenue?

c. jessica is considering adding a new product, widgets, to the menu. she has experimented and discovered that a 10% increase in the price of wings causes a 20% increase in the quantity of widgets sold. what is the cross elasticity of demand between widgets and wings? are they complements or substitutes? ?

d. what is the difference between the price elasticity of demand and the slope of the demand curve? are they the same concept? are they even related concepts?

Assume a firm's production process requires an average of 80 days to go from raw materials to finished products and another 40 days before the finished goods are sold. if the accounts receivable cycle is 70 days and the accounts payable cycle is 80 days, what would the operating cycle be?

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

When an interest-bearing note comes due and is uncollectible, the journal entry includes debitingaccounts receivable and crediting notes receivable and interest revenue.accounts receivable and crediting interest revenue.notes receivable and crediting accounts receivable and interest revenue.notes receivable and crediting accounts receivable.