There is no industry which can not relay on estimation, all industries needs estimation.
The two primary categories of this profession are construction and manufacturing, according to the Bureau of Labor Statistics. It states that more than half of all cost estimators work in the construction industry, where they may further specialize in projects for homes, businesses, industries, or the government.
Cost estimation aids in setting the project budget, planning the required work, and managing new resources. Cost estimates are also of the utmost importance when trying to win over new clients. Before starting actual building, property owners also utilize cost estimates to evaluate the viability of their projects.
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Part a) The Cob Douglas production function is given as:
To show that this function is homogeneous with degree 3, we introduce be a parameter, t.
Using properties of exponents, we on tinder:
This implies that:
Simplify the exponent of t to get;
Hence the function is homogeneous with degree, 3
Part b) To verify Euler's Theorem, we must show that:
Verifying from the left:
Q•E•D
The correct answer is Neutral stance
Answer: Buy more of both rice and beans
Explanation: Marginal benefit refers to the additional benefit that a customer get by consuming one additional unit of a commodity.
In the given case, the marginal benefit for the customer is positive for both of the goods. Also if he chooses to but one more unit of anything in place of other than he will not able to use his budget properly.
Thus, from the above we can conclude that the correct option is C.
If I've got it right, the answer with missing word looks like this: The market-perceived quality attributes are embedded in the total product, that is, the physical or core product and all the additional features the consumer expects.
