Which of the following is important in determining the extent of competition in an industry?

a. the minimum level of short run average total costs of production
b. the minimum efficient scale of production relative to market demand
c. whether or not the industry product is differentiated or standardized
d. the level of market demand for the industry's product

Answers

Answer 1
the answer is c

i hope that helped

Related Questions

The Pension Trust Fund maintained by the city of Linden had the following transactions during 2019. Record each transaction in the Pension Trust Fund. Ignore any other funds that may be involved in a transaction.

a. Contributions of $600,000 were received from General Fund employees, and the General Fund contributed its share of $100,000.
b. The fund paid $500 for investment management fees.
c. Investments held by the fund increased in value by $3,500.
d. Depreciation on fund capital assets totaled $800.
e. Retirement benefits of $7,700 were paid to retirees.
f. Interest of $2,500 and dividends of $1,400 were received from investments

Answers

Answer:

Date            Account Title                                                  Debit              Credit

XX - 2019    Cash                                                                $700,000

                    Additional pension Contribution -                                $600,000

                    Employees  

                    Additional pension Contribution -                               $600,000

                    Employer

Date            Account Title                                                  Debit              Credit

XX - 2019    Investment management fees                      $500

                    Cash                                                                                      $500

Date            Account Title                                                  Debit              Credit

XX - 2019    Investments                                                    $3,500

                    Net appreciation in investment fair value                         $3,500

Date            Account Title                                                  Debit              Credit

XX - 2019    Depreciation of fund capital assets             $800

                   Accumulated depreciation of fund                                     $800

                    capital assets  

Date            Account Title                                                  Debit              Credit

XX - 2019    Retirement benefits                                    $7,700

                    Cash                                                                                    $7,700

Date            Account Title                                                  Debit              Credit

XX - 2019   Cash                                                              $3,900

                  Interest on investments                                                       $2,500

                  Dividends                                                                              $1,400

Question 2
A demand curve reflects each of the following except the
a. highest price buyers are willing to pay for each quantity.
b.quantity that each buyer will ultimately purchase.
c. value each buyer in the market places on the good.
d. willingness to pay of all buyers in the market.
Moving to another question will save this response.

Answers

Answer:

d. willingness to pay of all buyers in the market.

Explanation:

The demand curve shows the relationship between the price of a good or service and the quantity demanded at a particular time.

Therefore, a demand curve reflects:

a. highest price buyers are willing to pay for each quantity.

b.quantity that each buyer will ultimately purchase.

c. value each buyer in the market places on the good.

With this in mind, what the demand curve does not reflect, with these in mind is a willingness to pay of all buyers in the market.

Materials costs of $720000 and conversion costs of $800800 were charged to a processing department in the month of September. All materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. There were no units in beginning work in process, 120000 units were started into production in September, and there were 8000 units in ending work in process that were 30% complete at the end of September. What was the total amount of manufacturing costs assigned to those units that were completed and transferred out of the process in September

Answers

Answer:

The total amount of manufacturing costs assigned to those units that were completed and transferred out of the process in September is:

= $1,456,000.

Explanation:

a) Data and Calculations:

                                                 Units    Materials      Conversion      Total

Incurred during September                 $720,000      $800,800  $1,520,800

Equivalent units of production:

                                                       Units      Materials      Conversion

Started into production              120,000

Ending work in process                 8,000     8,000 (100%)     2,400 (30%)

Completed and transferred out 112,000  112,000 (100%)  112,000 (100%)

Equivalent units                                        120,000              114,400

Total cost of production                 $720,000      $800,800

Equivalent units                                120,000           114,400

Cost per equivalent units                          $6                  $7

Cost assigned to:

Units completed and transferred out  $672,000   $784,000     $1,456,000

Ending work in process                            48,000        16,800            64,800

Total cost assigned & accounted for  $720,000   $800,800     $1,520,800

A company issued 7%, 15-year bonds with a par value of $510,000 that pay interest semiannually. The market rate on the date of issuance was 7%. The journal entry to record each semiannual interest payment is: ________
a) Debit Bond Interest Expense $17,850, credit Cash $17,850
b) Debit Bond Interest Expense $35,700: credit Cash $35,700
c) Debit Bond Interest Payable $34,000, credit Cash $34,000.

Answers

Answer: A. Debit Bond Interest Expense $17,850, credit Cash $17,850

Explanation:

Since the company issued 7%, 15-year bonds with a par value of $510,000 that pay interest semiannually with a market rate of 7%, then the journal entry to record each semiannual interest payment will be:

Debit Bond Interest Expense $17,850

Credit Cash $17,850

(To record semi annual interest payment)

Note that bond interest expense was calculated as:

= $510,000 × 7% × 6/12

= $510,000 × 0.07 × 0.5

= $17850

Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income.
(a) Purchased $100 of supplies for cash.
(b) Recorded an adjusting entry to record use of $20 of the above supplies.
(c) Made sales of $1,200, all on account.
(d) Received $800 from customers in payment of their accounts.
(e) Purchased equipment for cash, $2,500.

Answers

Answer:

(a) Cash reduction, no effect on net income

(b) Net income reduction, no effect on cash

(c) Net income increment, no effect on cash

(d) Cash increase, no effect on net income

(e) Cash reduction, no effect on net income

Explanation:

When items or services are exchanged for cash, these may be recognized as assets or expenses. While expenses reduce income, assets do not as it forms the exchange of one asset (cash) for another.

Considering the transactions in light of the above,

a) Purchased $100 of supplies for cash - Supplies are inventory (an asset) and would not reduce net income until it is used up

(b) Recorded an adjusting entry to record use of $20 of the above supplies. No effect on cash, entry is a reduction in supplies and recognition of cost of goods sold. As such net income reduces.

(c) Made sales of $1,200, all on account. -  Sales on account are credit sales. This will be recognized as a credit to sales (increase in net income) and a debit to accounts receivable.

(d) Received $800 from customers in payment of their accounts. - To recognize this, we debit cash (increase in cash) and debit accounts receivable. This has no effect on net income.

(e) Purchased equipment for cash, $2,500 - Again, this is he exchange of cash for an asset. This has no effect on income.

During 2021, Raines Umbrella Corporation had sales of $772,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $465,000, $104,500, and $150,000, respectively. In addition, the company had an interest expense of $74,400 and a tax rate of 25 percent. (Ignore any tax loss carryforward provisions and assume interest expense is fully deductible). Suppose Raines Umbrella Corp. paid out $102,000 in cash dividends. Is this possible? If spending on net fixed assets and net working capital was zero, and if no new stock was issued during the year, what is the net new long-term debt?

Answers

Answer:

Paying out $102,000 in cash dividends is possible

Net new long-term debt $26,100

Explanation:

Calculation to determine the net new long-term debt

Sales $772,000

Less Cost of goods sold $465,000

Gross profit $307,000

($772,000-$465,000)

Administrative and selling expenses $104,500

Depreciation expenses $150,000

Earning before interest tax $52,500

($307,000-$104,500-$150,000)

Interest expense $74,400

Profit or Loss before tax ($21,900)

($52,500-$74,400)

Less Tax 25% $0

Add Depreciation expense $150,000

Net Cash flow $128,100

(-$21,900+$150,000)

Dividend $102,000

Net new long-term debt $26,100

($128,100-$102,000)

Therefore Based on the above calculation Paying out $102,000 in CASH DIVIDENDS is possible even though the Net income is Negative, its operating cash flow is $128,100 positive which means that the company has enough cash balance to pay dividends of $102,000. The Net new long-term debt is $26,100

Assume the following macroeconomic variable ( in $ billion) for an economy: Y = national income = Aggregate Expenditures Aggregate Expenditures = Consumption + Investment + Government Spending + Net Export Assuming that the full employment level in $6,000 billion, determine the change in government spending needed to reach full employment. (Hint: calculate the current GDP, then calculate aggregate expenditures using national income of $6,000 and find the difference)

Answers

Answer:

440

Explanation:

Calculation to determine the change in government spending needed to reach full employment.

At Y=6000,

C=300+0.64Y

C=300+0.64*6000

C=300+3840

C=4140

Second step

Imports=0.08*Y=0.08*6000

Imports=480

Aggregate expenditure=4140+800+700+400-480

Aggregate expenditure=5560

Full employment G=6000-5560

Full employment G=440

New G=700+440

New G=1140

Y=300+0.64Y+800+1140+400-0.08Y

Y=2640+0.56Y

Y=2640/0.44

Y=6000

Therefore the change in government spending needed to reach full employment must Increase by 440.

Activity-based costing is preferable in a system:

a. when multiple products have similar product volumes and costs
b. with a large direct labor cost as a percentage of the total product cost
c. with multiple, diverse products
d. where management needs to support an increase in sales price

Answers

Answer:

c. with multiple, diverse products

Explanation:

Activity based costing is a method that is used to share overhead and indirect costs among various products and services offered by a company.

So products that are produced in larger volume will receive more cost allocation.

The cost driver rate is used in this allocation and is calculated by dividing total pool cost by the cost driver.

So cost is allocated based on units of goods produced.

Examples of indirect cost shared are salaries and utilities.

Activity based costing is best for multiple diverse products. So that cost can effectively be allocated based on the amount of activity attributed to a particular product.

Value a Constant Growth Stock Financial analysts forecast Best Buy Company (BBY) growth for the future to be 14.00 percent. Their recent dividend was $1.19. What is the value of their stock when the required rate of return is 15.43 percent

Answers

Answer:

$94.87

Explanation:

Value of stock = Dividend * (1 + Growth rate) / (Required rate - Growth rate)

Value of stock = $1.19 * (1 + 0.14) / (0.1543 - 0.14)

Value of stock = $1.19 * 1.14 / 0.0143

Value of stock = $1.3566 / 0.0143

Value of stock = 94.8671329

Value of stock = $94.87

Lion Company accepted a $15,000, 30-day, 6% note on December 16 from Diaz Co, granting a time extension on his past-due account receivable. The adjusting entry on December 31 for Lion Company would include a credit to:

Answers

Answer:

Interest Revenue for $37.50

Explanation:

The interest that has accrued on the note receivable from December 16 till December 31(for 15 days) needs to be recognized at the end of the year since the interest for those days has been earned.

Based on 30-day month counting, the interest that would be credited to interest revenue  and debited to interest receivable on 31 December is computed thus:

interest receivable=$15000*6%*15/360

interest receivable=$37.50

Operating Leverage Beck Inc. and Bryant Inc. have the following operating data: Beck Inc. Bryant Inc. Sales $1,250,000 $2,000,000 Variable costs (750,000) (1,250,000) Contribution margin $500,000 $750,000 Fixed costs (400,000) (450,000) Operating income $100,000 $300,000 a. Compute the operating leverage for Beck Inc. and Bryant Inc. If required, round to one decimal place. Beck Inc. fill in the blank 1 Bryant Inc. fill in the blank 2 b. How much would operating income increase for each company if the sales of each increased by 20%? Dollars Percentage Beck Inc. $fill in the blank 3 fill in the blank 4 % Bryant Inc. $fill in the blank 5 fill in the blank 6 % c. The difference in the of operating income is due to the

Answers

Answer:

1. Operating leverage = Contribution margin / Net income

Beck Inc.

Operating leverage = $500,000 / $100,000

Operating leverage = 5

Bryant Inc.

Operating leverage = $750,000 / $300,000

Operating leverage = 2.5

2. Income from operations increase = Increase in sales * Degree of operating leverage

Dollar increase = Net income * Percentage

Beck Inc.

Percentage = 5*20 = 100% (Income from operations increase)

Dollar increase = $100,000 * 100% = $100,000

Bryant Inc.

Percentage = 2.5*20 = 50% (Income from operations increase)

Dollar increase = $300,000 * 50% = $150,000

Common stockholders' equity as of 1/1/2017 $7,031,250 Common stockholders' equity as of 12/31/2017 $8,593,750 Net sales for the year 2017 $3,906,250 Net income for the year 2017 $250,000 Common stock dividends paid during 2017 $10,000 Calculate the company's Payout Ratio.

Answers

Answer:

the payout ratio is 4%

Explanation:

The computation of the payout ratio is shown below:

The payout ratio is

= Dividend ÷ net income

= $10,000 ÷ $250,000

= 4%

We simply divided the dividend from the net income so that the payout ratio could come

Hence, the payout ratio is 4%

Answer:

it is 4%

Explanation:

Sal is very clear in defining for his subordinates the incentives available to them for different levels of performance. He makes sure they understand the path toward receiving incentives and follows through on rewarding them when they meet those goals. Sal exhibits the _______ theory of leadership.

Answers

Answer: d. path–goal

Explanation:

The Path-goal theory of leadership espouses that leaders should be dynamic and use whichever leadership style would be best suited to the abilities of their subordinates and the work environment that they are in.

It is then divided into four styles with the relevant style here being the "directive path-goal clarifying leader behavior". Under this style, the manager specifies exactly what it is that they want from the employees and then rewards them when they meet the required objectives.

The theory of leadership that Sal was exhibiting when he was defining some incentive that can make them perform well and explain the path to follow so as to receive the incentive when they achieve their goal is  The path-goal theory.

The path-goal theory can be regarded as one that focus on  leader's behavior which serves as contingent to the satisfaction that influence the motivation and performance of their employees.

Good example us where Sal promise her employee about incentive once they achieve their goals.

Therefore, The path-goal theory is correct.

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LUVFINANCE, Inc. is estimating its WACC. The firm could sell, at par, $100 preferred stock that pays a 10 percent annual dividend and incurs 6.22% flotation costs. What is the cost of new preferred stock financing?

Answers

Answer:

the cost of new preferred stock financing is 10.66%

Explanation:

The computation of the cost of new preferred stock financing is given below:

= Annual dividend ÷ [ Price × (1 - flotation cost) ]

= $10 ÷ [ $100 × (1 - 0.0622) ]

= $10 ÷ $ 93.78

= 10.66%

Hence, the cost of new preferred stock financing is 10.66%

The same is to be considered and relevant

Nungesser Corporation has an EPS of $1.96, a cash flow per share of $3.15, and a price/cash flow ratio of 7.76×. What is its P/E ratio?

Answers

Answer:

12.47

Explanation:

Given :

Earning per share, EPS = $1.96

Cashflow per share = $3.15

Price / Cash flow ratio = 7.76

The P/E ratio = share price / Earning per share

The Share price is given by :

Cashflow per share * price to cash flow ratio

Share price = $3.15 * 7.76 = $24.444

Now ;

P/E ratio = Share price / Earning per share = $24.444 / $1.96

P/E ratio = 12.4714

P/E ratio = 12.47

XYZ Corporation manufactures two models of office chairs, a standard and a deluxe model. The overhead costs for setups and components pools are $60,000 and $58,900, respectively. The following activity has been compiled:
Number of Number of Number of
Setups Components Direct Labor Hours
Standard 11 6 295
Deluxe 29 13 205
Overhead costs $63,600 $102.600
Number of setups and number of components are identified as activity-cost drivers for overhead. Assuming an activity based costing system is used, what is the total amount of overhead costs assigned to the standard model?
A. $109,200
B. $57,000
C. $83,000
D. $83,100

Answers

Answer:

$49,890

Explanation:

The computation of the total amount of overhead costs assigned to the standard model is given below

The cost driver rate is

For setup

= $63,600 ÷ (11 + 29)

= 1,590

For component

= $102,600 ÷ (6 + 13)

= 5,400

Now the total amount of overhead for the standard model is

= 11 × 1,590 + 6 × 5,400

= $17,490 + $32,400

= $49,890

This is the answer but the same is not provided in the given options

Wayland Company has a standard of 5.0 hours of labor per unit, at $11.00 per hour. In producing 800 units, Wayland used 3,800 hours of labor at a total cost of $41,000. What is Wayland's labor price variance

Answers

Answer:

Direct labor rate variance= $798 favorable

Explanation:

To calculate the direct labor rate variance, we need to use the following formula:

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Direct labor rate variance= (11 - 10.79)*3,800

Direct labor rate variance= $798 favorable

Actual rate= 41,000 / 3,800= $10.79

Ashburn Corporation issued 25-year bonds two years ago at a coupon rate of 5.6 percent. The bonds make semiannual payments. If these bonds currently sell for 97 percent of par value, what is the YTM

Answers

Answer:

5.84%

Explanation:

years to maturity = 25 - 2 = 23

number of coupons left = 23 * 2 = 46

current price = $970

coupon = $28

We can use Excel and the IRR function to determine yield to maturity:

-970  

28  

28  

28  

28  

28 IRR:  

28 5.84%

28  

28  

28  

28  

28  

28  

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28  

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1028  

Athena Company's salaried employees earn two weeks of vacation per year. It pays $910,000 in total employee salaries for 52 weeks but its employees work only 50. Record Athena Company's weekly journal entry to record the vacation expense:

Answers

Answer:

If $910,000 is paid as employee salary for the year then the weekly salary is:

= 910,000 / 52

= $17,500

The cost of 2 vacation weeks is therefore:

= 17,500 * 2

= $35,000

There are 50 weeks to be worked so vacation expense needs to be apportioned to these weeks:

= 35,000 / 50

= $700

Weekly journal entry is:

Date                    Account Title                                               Debit            Credit

XX-XX-XXXX     Vacation Benefits Expense                      $700

                           Vacation Benefits Payable                                             $700

The cost of a parcel of land is 50 cents per square foot. Candace wants to purchase one acre. How much will this cost?

Answers

1 acre = 43,560 square feet.

Multiply square feet by cost per square feet

43,560 x 0.50 = $21,780

Total cost: $21,780

The latest video game comes out and costs $60. You put it on your credit card and can’t afford to pay the whole bill all at once, so you make the minimum payment each month. How much is that minimum payment?

Answers

The minimum payment each month is 15%. The minimum payment is the least amount of money you must pay each month to maintain the status of your account.

What is minimum payment?

The total balance on your account for that billing cycle is represented by the statement balance. The sum of your most recent bill plus any recent charges constitutes your current balance.

Although experts advise paying the statement balance in full each month, there are occasions when it might not be possible. In those circumstances, it's crucial to pay at least the required minimum in order to keep your account current and avoid late penalties and penalty APRs.

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Two years ago Sam bought a newly issued three-year US government bond (a risk-free asset) with a principle of $1000 and a 5% coupon rate. This year, one year before maturity, Sam decides to sell the bond and sees that the price people are willing to pay for his bond is now $1019.

Required:
a. Has the interest rate gone up or down since Sam purchased the bond?
b. What is the the current interest rate for bonds when Sam decides to sell?

Answers

Answer and Explanation:

In the case when sam purchased the bond, the rate of interest on the bond is

= 50 ÷ 1000

= 5%

Now, after the change in price, the interest rate is:

= 50 ÷ 1019

= 4.907%

a. So here the rate of interest is reduced or gone

b. And ,the current interest rate is 4.907%

so the same is to be considered and relevant

Adophus, Inc.'s 2010 income statement reported total revenues of $850,000 and total expenses (including $40,000 depreciation) of $720,000. The 2010 balance sheet reported the following: accounts receivable beginning balance of $50,000 and ending balance of $40,000; accounts payable beginning balance of $22,000 and ending balance of $28,000. Therefore, based only on this information and using the indirect method, the 2010 net cash inflow from operating activities was:

Answers

Answer:

Adolphus, Inc.

Therefore, based only on this information and using the indirect method, the 2010 net cash inflow from operating activities was:

= $186,000.

Explanation:

a) Data and Calculations:

Total revenues =    $850,000

Total expenses        720,000

Operating income $130,000

Depreciation =          40,000

                                 Beginning      Ending     Changes

Accounts receivable $50,000    $40,000     -$10,000

Accounts payable     $22,000    $28,000     +$6,000

Operating activities section of the Statement of Cash Flows, 2010:

Net income                 $130,000

Non-cash expenses:

Depreciation                  40,000

Changes in working capital:

Accounts receivable      10,000

Accounts payable           6,000

Net cash inflow =      $186,000

A convertible preferred stock is convertible at $10, pays a 4% annual dividend, is callable at $110, and is trading at a current market price of $116. Based on these details, what is the parity price of the common stock

Answers

Answer:

$11.60

Explanation:

In ascertaining the parity price of the common stock, we need to ascertain the conversion ratio which is the par price of the preferred stock divided by the convertible price

The par value of the preferred stock=$100(since call price is $110)

convertible price=$10

conversion ratio=$100/$10=10

The parity price is the current market price of the preferred stock divided by the conversion ratio

Parity price=$116/10

Parity price=$11.60

Burt is strategizing and planning an IMC marketing campaign for the company where he is employed as marketing specialist. If he is to execute an effective IMC campaign, which aspects should he consider

Answers

Answer:

Incorporate the manufacturing process steps of the service into your planning and design process. A further explanation is provided below.

Explanation:

Burt would have had to take into account the possible throughout the development process of the marketing campaign when trying to execute an integrated Communication IMC program.An essential component of conducting a successful IMC campaign requires determining the phase including its project lifecycle.

Thus the above is the right answer.

A construction manager just starting in private practice needs a van to carry crew and equipment. She can lease a used van for $3,510 per year, paid at the beginning of each year, in which case maintenance is provied. Alternatively, she can buy a used van for $5,185 and pay for maintenance herself. She expects to keep the van for three years at which time she could sell it for $1,330. What is the most she should pay for uniform annual maintenance to make it worthwhile to buy the van instead of leasing it, if her MARR is 20%

Answers

Answer:

$2,116

Explanation:

The computation is shown below:

Option 1 - Leasing

= 3510 + ( 3510 ÷ 1.2 ) + ( 3510 ÷ 1.2 ^ 2 )

= 8872.5

Now

Option 2 - Buying

Given that

Initial Cost - 5185

PV of salvage value = 1330 ÷ 1.2 ^ 3

= 769.68

So,  

Cost = 5185 - 769.68

= 4457.176

Now the payment should be

= 4457.176 × 0.47473 (PV annuity factory for 20% at 3 years)

= $2,115.955

= $2,116

Brockton Corporation, which allocates manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations.

Actual manufacturing overhead costs incurred $35,000
Manufacturing overhead allocated to jobs 33,800
Underallocated or overallocated Manufacturing overhead ?

Required:
Calculate the manufacturing overhead and indicate if the remainder is underallocated or overallocated for the year.

Answers

Answer:

Underapplied overhead= $1,200

Explanation:

Giving the following information:

Actual manufacturing overhead costs incurred $35,000

Manufacturing overhead allocated to jobs 33,800

To calculate the under/over allocation, we need to use the following formula:

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 35,000 - 33,800

Underapplied overhead= $1,200

The preferred stock of a company pays a $2.75 quarterly dividends. If the preferred stockholders' required return is 7.25% for these shares, what price should the preferred stock sell for?
82.35

151.72

92.31

114.29

167.74​

Answers

Answer:

$151.72

Explanation:

Quarterly dividends of preferred stock = $2.75

Annual dividend of preferred stock = 4 * Quarterly dividend

Annual dividend of preferred stock = 4 * $2.75

Annual dividend of preferred stock = $11

Required return = 7.25% = 0.0725

Return = Dividend / Current price

0.0725 = $11 / Current price

Current price = $11 / 0.0725

Current price = 151.724138

Current price = $151.72

So, the preferred stock should sell for $151.72.

If the old equipment is replaced now, it can be sold for $60,000. Both the old equipment’s remaining useful life and the new equipment’s useful life is 5 years. What is the net cost of the new equipment? g

Answers

Answer:

$315,000

Explanation:

The below is missing from the question, hence, my solution would be based on the original question and additional details below:

                             Old Equipment New Equipment

Purchase price                 $225,000 $375,000

Accumulated depreciation  $90,000 - 0 -

Annual operating costs           $300,000  $240,000

The net cost of the equipment is the actual expenditure to the firm by acquiring the new equipment which is the cost of new equipment minus the amount receivable from selling the old equipment

net cost of new equipment=$375,000-$60,000

net cost of new equipment=$315,000

10 percent decrease in consumer incomes leads to a 20 percent decrease in the quantity demanded of good D. Instructions: Round your answer to one decimal place. If you are entering a negative number be sure to include a negative sign (-) in front of that number. The income elasticity of this good is: . This good can best be described as (Click to select) .

Answers

Answer:

Income elasticity = 2

Normal good

Explanation:

Below is the given values:

Percentage decrease in consumers income = 10%

Percentage decrease in quantity demanded = 20%

Use the below formula to find the income elasticity:

Income elasticity = % change in quantity demanded / % in income

Income elasticity = -20/-10

Income elasticity = 2

Since the elasticity is 2 that means good is normal good.

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