Answer:
The process of making this decision By the CLASSICAL MODEL of decision making
Explanation:
The classical general equilibrium model was developed in the 18th century within the neoclassical economics and it is related to classical economics.
The classical general equilibrium model aims to describe the economy by taking an aggregate of the behavior of individuals and firms.
Decision taken using this Method is usually based on what the eyes are seeing. Facts.
From the text, Ola buys new bikinis weekly based on the designs the customers are buying more. He decides on what to buy for the new week by looking at the designs that his customers went for the previous week. This is a clear case of Classical model of Decision making.
Answer:
inelastic demand
Explanation:
Price elasticity of demand (PED) measures the proportional change in quantity demanded when the price of a product or service changes:
- when a 1% decrease in price, increases quantity demanded in a smaller proportion, the PED is said to be inelastic.
- when a 1% decrease in price, increases quantity demanded in a larger proportion, the PED is said to be elastic.
- when a 1% decrease in price, increases quantity demanded in the same proportion, the PED is said to be unit elastic.
In this case, the decrease in price (-2%) barely increased the quantity demanded, therefore, the PED is inelastic.
Answer: The correct answer is d. Single endorsement of checks
Explanation: To achieve independent checks employees can be transfered, made to go on mandatory vacation or periodical audit done.
However, single endorsement of checks creates room for fraud as the employee will be at liberty to access the companies fund without checks and balances.
