Microeconomics Answers

It is understandable that for the theories of Price elasticity of Demand and Income elasticity of Demand, for value that is more than 1, it is typically regarded as elastic.

Example,
PED > 1, PED is elastic
YED>1, YED is elastic, Normal good - Luxuy good

However, why must the value equates to 1 and not 10?

If PED> 1, example, PED is 1.2,
For a change in price of a particular product by 1.2 percent will result in a change of quantity demanded of that same product by 1.2 percent.
And because 1.2 percent is a very small value, shouldn’t PED be inelastic in this case??

This applies for YED.
If YED is 1.5, it suggests a change in income by 1.5 percent will result in a change of quantity demanded of a particular good by 1.5 percent. And since 1.5 percent is a small value, shouldn’t YED be inelastic and a necessity instead of a luxurious good??

Please advice, thanks.

19. At what times should you run an integrity report to ensure the integrity of systems and records complies with all organisational and statutory requirements?

18. Identify and briefly discuss at least 3 examples of discrepancies that would be identified ad remedied throughout the maintenance of files within organisational and statutory requirements.

17. Why is it beneficial to regularly update your systems and records to identify ongoing benefits and threats to the organisation, rather than only update once a year? (100-120 words)

16. How can you transfer data to the new or modified systems and records without error or loss? (80-100 words)

15. Briefly discuss 2 different types of training that can be used to support the implementation of the accounting information system

14. What will you need to develop to deal with any potential delays or problems? (60-80 words)

13. Briefly identify the 5 critical steps that are required for the implementation of the system, in accordance with specified guidelines and timelines

12. Why is it important to constantly review and update tour system document? (100-130 words)

11. Where can you store your system documentation to ensure it is easily accessible by all staff