Answer:
OPPORTUNITY cost of Ted=2/4=0.5 car wash
OPPORTUNITY cost of Tom=1/3=0.33 car wash.
OPPORTUNITY cost is amount of other good given to produce more of one good.
Ted has absolute advantage.
Tom has comparative advantage.
Explanation:
See attached picture.
Many classic entrepreneurs are micropreneurs who start small and plan to keep their business small.
Business is the interest of making one's residing or being profitable by producing or buying and selling products. it's also "any hobby or agency entered into for profit. A enterprise is defined as an agency or enterprising entity engaged in industrial, industrial, or professional sports. organizations can be for-income entities or non-income groups. enterprise kinds variety from confined liability businesses to sole proprietorships, agencies, and partnerships. The definition of commercial enterprise is an career or trade and the purchase and sale of services or products to make a earnings. An example of enterprise is farming. An instance of commercial enterprise is a residence sale.
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Answer:
Brian's demand is perfectly inelastic.
Crystal's demand is unit elastic.
Explanation:
Given that
Brian said = 10 gallons of gas
where, Crystal says = $10 worth of gas
By seeing the above information, we concluded that the Brain's demand is perfectly inelastic as the demand of the gallons are fixed
And, the crystal demand is unitary elastic as the expenditure would remain unchanged or fixed
In addition, the perfectly inelastic is when elasticity is zero
, and unitary elastic is when elasticity is equal to one
Longchamp’s iconic merchandise, Le Pillage is a range of
foldable, leather-trimmed nylon bags. The huge success is labelled as
“eternal”. Le Pillage’s achievement can be regarded as a perfect practice of
marketing mix. Part of 4P model can be used to analyze this case.
Product
Le Pillage’s successful product positioning is “Quality”. Intended
as a functional bag, Le Pillage accepted one of the most practical and unusual
materials, nylon which is durable, sturdy, light as well as cheap.
Price
Le Pillage’s price plan, that average price is €90, made
this sequence of bags reasonable to most of the consumers.
Promotion
In 2006, Le Pliage sprang its first marketing campaign with
Kate Moss. Even in this campaign, model didn’t carry Le Pliage, halo effect of
Longchamp brand has enthused its trades.
Place
Longchamp brand as the strongest support plays the crucial
role in Le Pliage’s successful distribution.
