Julio's marginal rate of substitution equals is: 0.38, which is the price of food divided by the price of clothing.
<h3>Marginal rate of substitution</h3>
Using this formula
Marginal rate of substitution=Price of food/Price of clothing
Let plug in the formula
Marginal rate of substitution=$3 per unit/$8 per unit
Marginal rate of substitution=0.375
Marginal rate of substitution=0.38 (Approximately)
Therefore Julio's marginal rate of substitution equals is: 0.38, which is the price of food divided by the price of clothing.
Learn more about marginal rate of substitution here:brainly.com/question/13401044
#SPJ1
The inconsistency described above is known as cognitive dissonance. It is a theory that describes the tendency of an individual to find consistency of the cognitive functions. When this is not met, some behaviors and attitudes are to be changed in order to eliminate the inconsistency.
It is a false statement that outsourcing some process in production is a means of supporting a constraint.
<h3>What is an
outsourcing?</h3>
An outsourcing refers to act of hiring external body to perform services that are normally performed in-house of the company by the employees.
Rather, the use of outsourcing some of production is intended to overcome some organization constraints.
Therefore, the statement is false.
Read more about outsourcing
<em>brainly.com/question/4456416</em>
Answer:
Logistics is generally the detailed organization and implementation of a complex operation. In a general business sense, logistics is the management of the flow of things between the point of origin and the point of consumption to meet the requirements of customers or corporations.
In economics, if a good is inelastic, then <u>its supply or demand is not sensitive to price changes.
</u>
Changes or fluctuations in market prices does not affect the supply and the Demand of inelastic goods.
<h2>Further Explanation;
</h2>
- Inelastic goods, are types of goods whose demand and supply is not affected by changes in market prices. That is an increase or decrease in market price does not affect their supply or demand.
- When the price of an inelastic good changes, its supply and demand is unaffected.
- Examples of such goods include, water and food. Therefore, for inelastic goods, the consumer buying strength and habits remain the same.
<h3>Demand and supply in determination of market price
</h3>
- Demand refers to the quantity of goods or services that consumers are willing and able to buy at a particular price while supply is the quantity of goods or services that suppliers are willing to supply to the market at a particular price.
- One of the factor that determine market prices are the forces of demand and supply, this is based on the ability and willingness of buyers and sellers to undertake selling and buying.
- Buying and selling occurs at an equilibrium price that is agreed upon by sellers and buyers.
- This means the sellers and buyers are willing to exchange a certain quantity of a commodity at this price. Thus, price depends on the demand and supply in the market.
- However, for <u>inelastic goods</u> such as water and food, the consumer has no option than to buy them at existing prices since they are necessity goods.
Keywords; Inelastic goods, demand and supply, market price.
<h2>Learn more about:
</h2>
- Demand and supply; brainly.com/question/6749722
- Effect of supply and demand on market price: brainly.com/question/3522474
Level; High school
Subject: Business
Topic: Demand and supply
Sub-topic: Types of goods
