Answer:
C
Explanation:
Measures concentration by adding market shares squared
Answer:
<u>True </u>
Explanation:
The above statement that, Agency relationship are normally consensual , coming about through voluntary consent and agreement between the parties is true.
The agency relation is defined as a relation in which a company or any person allow any another person or we can say agent to act on his behalf.
The must listen and follow the instruction of the company or the person.
In agent relationship there are two parties who are involve in it they are the principal and the agent . The principal is the person who hire the agent to act on his behave. It is fully a formal or we can say a business relation where the principal or the main person allow the agent to act on his behalf with the third party . There should be loyalty on the behalf of both the parties.
Answer:
B. It is only applicable in manufacturing.
Explanation:
Six sigma is a set of methods and techniques that is used to improve efficiency of processes. A process that complies with six sigma standards has a probability of 99.99966% being free from defects.
Six sigma seeks to identify and remove any factors responsible for defects in the process of manufacturing and business.
Six sigma is not only applicable in manufacturing but also in finance, engineering, supply chain and health care.
Answer:1) how responsive quantity demanded is to changes in income--A 2) income elasticity of demand for butter is 0.11. That means butter is a luxury good---A
Explanation:
1) Income elasticity of demand refers to the responsiveness of the quantity demanded for a certain good to a change in income of consumers who purchase this good.The higher the income elasticity of a good, the greater the consumers' response in their purchasing lifestyle.
The formula for Income elasticity of demands given by
The percent change in quantity demanded divided by the percent change in income.
2) Income elasticity of demand, helps us to identify if a particular good represents a necessity or a luxury.
-when the income elasticity for a good is less than 1(ie from 0-1) we say that the good is a normal good. these goods are also called necessity goods and consumers will purchase them irrespective of the changes in their income eg water, electricity
- when the income elasticity of a good is greater than 1 , we say that the good is a luxury good. eg butter
- An inferior good is one with a negative income elasticity which means rising incomes will lead to a drop in demand.
Oil level, tire presseure
