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MatroZZZ [7]
1 year ago
9

if the income elasticity of tomatoes is estimated to approximate 0.25, what would you expect to happen to the consumption of tom

atoes as personal income rises?
Business
1 answer:
Goshia [24]1 year ago
8 0

Tomato consumption will decrease as personal income rises if the predicted income elasticity for tomatoes is 0.25.

A substitute goods is tomatoes.

Similar products that a buyer can employ for the same purpose are substitute items.

So, alternatives for tomatoes and tomato puree are both possible. As tomato prices rise, customer demand also rises. Thus, tomato puree is more widely consumed.

How responsive a given good's quantity demand is to changes in the real income of the consumers who buy it is referred to as "income elasticity of demand."

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Do you believe that the world has changed for the better, or for the worse?
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I think both, my reasons are, first, we have more technology and better transportation that will help us, like the technology to take and give to others, and the cars and trains ect. to help us to get from one place to another a bit quicker. Also i think worse because of the green house causes, the  cars,oil,and other things we use in our everyday life is slowly ruining the planet, ecosystem ect. there are downsides and upsides to both. 
5 0
3 years ago
The determination of the productivity of the inputs utilised in the manufacturing process is a critical component of management
Klio2033 [76]

The significance of Total product, Average product, and Marginal product is that they show how effective, and efficient a manufacturing process is.

<h3>How do these metrics show productivity?</h3>

Taking the labor component in production as an example, one can see the impact of these metrics.

The total product will show just how much goods and services in total that the given amount of labor was able to produce. This gives management an idea of the effectiveness of the labor in producing goods and services.

The average product then shows how efficient labor is because it gives an idea of the products produced per labor.

Marginal product is very important as well because it helps management to know when to stop hiring labor. This point will be the production level that sees the marginal product being less than the cost of hiring additional labor.

These three metrics are therefore important to management because they help to determine effectiveness, efficiency, and cost of production.

Find out more on marginal product at brainly.com/question/24698689.

7 0
2 years ago
Dean, the president of Billing &amp; Credit Company, promises to pay his employee Ewing, who is dangerously obese, $10 for every
Aliun [14]

Answer:

See the explanation below.

Explanation:

The court likely to rule in favor of Ewing.

The reason is that the enough consideration that gives backing to a promise in this case is generally the waiver of a legal right to eat to obesity as requested by the other party.

The evidence that Ewing has lost 154 pounds in weight over the stipulated period is a consideration that sufficient enough under the law. The payment of $10 pound that Ewing has lost is a promise. The fact that Ewing also benefit from the weight loss does not matter.

4 0
3 years ago
Rodriguez Company completed its income statement and comparative balance sheet for the current year and provided the following i
Oxana [17]

Answer and Explanation:

The preparation of the operating activities section is shown below:

                                         Rodriguez Company

                             Statement of Cash Flows (partial)

Cash flows from operating activities:  

Net loss $ (6,400)  

Adjustments  

Add: Depreciation expenses $4,500

Add: Amortization of copyright $200

Add: Decrease in accounts receivable $5,000  

Add: Increase in salaries payable $11,000  

Less: Decrease in other current liabilities -$1,800

Net cash flow from operating activities $12,500

The negative sign reflects the cash outflow and the positive sign reflects the cash inflow

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3 years ago
A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or
Vlada [557]

A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the <u>Time period principle.</u>

The time period principle- Financial results and other material business activities should be reported over a consistent time period, such as a month, week, day, etc., in accordance with the time period concept. Depending on the frequency of the chosen time period, the firm must then adhere to a distinct set of regulations for each financial statement in accordance with US Generally Accepted Accounting Principles.

Any company's financial statements can be thought of as a snapshot in time that reveals both the company's history and its current status. That's why it's crucial to disclose to readers the time frame in which the financial statements were generated in accordance with the time period concept.

In its broadest sense, the time period principle holds that any enterprise may conveniently categorize its financial operations into discrete time intervals. That is to say, all cash inflows and outflows may be neatly categorised into separate and sequential accounting periods.

<u></u>

To know more about Time period principle refer here:

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3 0
1 year ago
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