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Mrac [35]
3 years ago
13

​________ is used to describe how changes in price affect a​ consumer's purchasing​ power, and​ ________ is used to describe how

a change in price affects the quantity demanded of a good by making it more or less expensive than substitute goods.
a. the income​ effect; the substitution effect

b. the law of​ demand; the income effect

c. the substitution​ effect; the income effect

d. the substitution​ effect; the law of demand
Business
2 answers:
baherus [9]3 years ago
8 0

D. The substitution effect/ the law of demand

The substitution effect says when the price of one good goes up, consumers will replace it with a similar less expensive good (like buying generic paper towels)

The law of demand says that quantity demanded is <em>inversley </em>related to price, so as price goes up demand goes down.

stiv31 [10]3 years ago
4 0

Answer:

d. the substitution​ effect; the law of demand

Explanation:

just took the test

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Tatum Manufacturing recently opened a new facility in Hong Kong. The firm can most likely expect the Hong Kong government to ___
pickupchik [31]

The expectation of the Tatum Manufacturing firm from the Hong Kong government is to <u>ensure fair competition </u>with its competitors.

<h3>What is a manufacturing firm?</h3>

A manufacturing firm is a firm that engages in massive scale production of goods and commodities that uses physical labor and/or machinery to turn raw materials and parts, into finished goods or completed items.

The finished goods could be sold:

  • To other manufacturers for the fabrication of more sophisticated products,
  • To wholesalers that redistribute the goods to retail traders, or
  • To final consumers directly.

The role of the Hong Kong government to Tatum Manufacturing Firm in as much they comply with the government regulations and taxes is for the government to ensure that there is fair competition for Tatum Firm with its competitors.

Learn more about a manufacturing firm here:

brainly.com/question/24519299

4 0
1 year ago
It is important negotiators consider the shadow negotiation carefully before meeting with the other party so they:________
UkoKoshka [18]

Answer:

b. are clear in their own minds about the scope of the negotiations.

Explanation:

Shadow negotiations refer to the unspoken assumptions that determine how those involved in a deal with each other, whose opinions get heard, whose interests hold sway. Therefore, this is important so the negotiators are clear in their own minds about the scope of the negotiations. Meaning that they go into the negotiation knowing who has more bargaining power and how far they can actually take the negotiation.

7 0
3 years ago
The feed that Luca exports from his point of sale system needs some cleanup before it will be accepted by Google Merchant Center
Reil [10]

Answer: To meet the requirements, he needs to constantly change product state to condition in his exported feed. The best way to do this each time: <u><em>Submit his feed without changing it, and then use feed rules to automatically change product state to condition.</em></u>

<u><em></em></u>

<u><em>Therefore, the best option in this case is (a)</em></u>

3 0
2 years ago
A business produces 10 units of output. Its average variable cost (AVC) = $25, average fixed cost (AFC) = $5, and marginal cost
kramer

Answer: $30

Explanation:

Given that,

Average variable cost (AVC) = $25

Average fixed cost (AFC) = $5

Marginal cost (MC) = $30

Average total cost (ATC) = Average fixed cost (AFC) + Average variable cost (AVC)

                                          = $5 + $25

                                          = $30

Therefore, average total cost is the sum of average fixed cost and average variable cost. Alternatively, average total cost is calculated by dividing total cost to units of output produced.

6 0
2 years ago
Dudley Transport Company divides its operations into four divisions. A recent income statement for its West Division follows. DU
Ghella [55]

Answer:

Companywide income would increase by $6,000 if West Division is eliminated.

Explanation:

The amount by which the companywide income will increase or decrease if West Division is eliminated can be determined by comparing Revenue with avoidable cost.

Avoidable cost refers to the cost that will be eliminated or not incurred if a firm decides to change the course of a business.

In this question, avoidable cost is simply the cost or expenses that will be eliminated if West Division is eliminated.

Among all the expenses in the question, only Companywide facility-sustaining costs which is $78,000 cannot be eliminated if West Division is eliminated.

Therefore, avoidable cost can be calculated as follows:

Avoidable cost = Salaries for drivers + Fuel expenses + Insurance + Division-level facility-sustaining costs = 210,000 + 30,000 + 42,000 + 24,000 = $306,000

Since, Revenue = $300,000

Decision rule:

1. If revenue is greater than avoidable cost, we have a decrease in income. Therefore, the division should not be eliminated.

2. If revenue is less than avoidable cost, we have an increase in income. Therefore, the division should be eliminated.

Since the revenue of $300,000 is less than the avoidable cost of $306,000, it implies we have an increase in income based on the decision rule 2. The increase in income is calculated as follows:

Increase in income if West Division is eliminated = Avoidable cost – Revenue = $306,000 - $300,000 = $6,000

Therefore, companywide income would increase by $6,000 if West Division is eliminated

Since there would be an increase in income of $6,000, West Division should therefore be eliminated.

4 0
3 years ago
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