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3 years ago

What is a(n) economic model?

Business

1 answer:

elixir [45]3 years ago

3 0

Explanation:

It is an simplified version which makes us to understand and observe the "economic behavior"

It purely uses mathematical concepts and simplify the information and show only important or highlighting information.

You can alternatively use "economic theory" instead of "economic model"

A good economic model, will make the user to understand the complex information with the help of key pointers.

There are 2 broad classification of Economic model:

1. Theoretical

2. Empirical.

The commonly used economic model is the classic model, which constitutes of "The law of demand and the law of supply"

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Lenox China Co. would like to get its annual Christmas ornament series into Macy's department stores. Macy's has a buying office

dezoksy [38]

Answer: Option (B)

Explanation:

Here, in this particular case we can state that Lenox would use personal selling as the promotional element in order to reach their Macy's buyer. Personal selling is referred to as use of individuals by businesses in order to sell their commodity after meeting their respective clients face-to-face. The sellers mostly tend to advance the commodity through their belief, conviction appearance and the knowledge regarding the commodity.

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3 years ago

In most high-tech industries, the fixed costs of developing a product are very _____, and the costs of producing one extra unit

topjm [15]

Answer:

Fixed costs are high, variable costs are low

Explanation:

The reason is that the fixed costs are high because these fixed costs are uncontrollable and their might not be an alternative which means we have to move with higher fixed costs. And this is because most of tasks in manufacturing are handled by the machines not humans. So the cost of maintenance, depreciation, etc are fixed costs which are uncontrollable.

Furthermore, the company has very small variable costs because the company enjoys economies of scales, fast paced manufacturing machines, etc. And this is controllable by investments in another more robust machinery.

7 0

3 years ago

Suppose that there are 7 million workers in Mexico and that each of these workers can produce either 2 cars or 50 bushels of whe

Reil [10]

Answer:

The employees in Mexico can either produce 2 cars or 50 bushels of wheat.

This means that the opportunity cost of producing 50 bushels of wheat is 2 cars.

For 1 bushel of wheat therefore;

= 2/50

= 0.04 cars

Opportunity cost of producing a car in Mexico will be;

= 50/2

= 25 bushels of wheat.

The opportunity cost of producing a car in Mexico is 25 bushels of wheat, and the opportunity cost of producing a bushel of wheat in Mexico is 0.04 cars.

7 0

3 years ago

A firm emphasizing long-term employment, collective decision making, individual responsibility, slow evaluation and promotion, i

ziro4ka [17]

Answer: type z firm

Explanation: In simple words, type Z firm refers to the firm structure under which the management of the organisation focuses on factors like employment stability, high productivity and high satisfaction and morale of employees.

The firms employing such structure believes that employees are the most important resource and without their satisfaction operational effectiveness and stability cannot be achieved.

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3 years ago

The legal proceeding or legal action brought by either the buyer or the seller under a purchase contract to enforce the terms of

Fynjy0 [20]

The amount of an earnest deposit is determined by:Agreement between the partiesThe term rescind means:CancelEvery real estate contract must have:Offer & AcceptanceBroker took listing and later found out client is legally incompetent. Listing is now:Of no value to broker, VOIDAfter buyer & seller sign sales contract, seller changes mind and defaults. Buyer sues seller to force contract. This is know as a suit for:Specific PerformanceOfferee has right to:reject offerStatue of Frauds states all contracts:must be in writing to be enforceableBroker receives earnest money on Tuesday.
Seller accepts offer on Thursday.
When does Broker need to deposit earnest money?By Friday in special non interest bearing trust account.Void contract:Not legally enforceable.Legal proceeding or legal action brought by either buyer or seller under a purchase contract to enforce the terms of the contract is known asSuit for specific performanceEssential elements of a contract do not need:notarized signaturesUpon receipt of offer to purchase property under certain conditions, seller makes counter offer, the buyer is:relieved of original offerBuyer defaulted some time ago on a written contract to purchase sellers real estate. Can seller sue for damages?Yes, if seller is not prohibited from doing so by statute of limitations.What is best evidence of buyers intention to carry out terms of contract?earnest money depositReal Estate Licensee may draft a contract:NEVER, licensee can only fill in blanks.An option:keeps an offer open for a specified time period.Prospective buyer makes a written purchase offer that the seller accepts, then:buyer receives equitable title to the propertyBilateral contract:promise for a promiseLaw that requires real estate contracts to be in writing to be enforceable:Statute of FraudsOwner takes property off market for definite period of time in exchange for some consideration, but grants right to purchase property within that period for a state price this is calledOptionBreach of contract is a refusal or failure to comply with terms of contract, buyer may:Sue seller for specific performance
Rescind contract and recover earnest money
Sue seller for damagesTo assign a contract for the sale of real estate means to:transfer ones rights under the contractBroker gets offer to purchase, seller out of town, broker must:wait to obtain the signature of the seller to effect the contractIn option to purchase real estate, optionee:has no obligation to purchase the propertyBuyer has right to revoke offer at any time and recover earnest money until:offer is acceptedSeller said empty lot soil was firm enough to support new construction, seller knew building would probably sink. Contract is:Voidable by buyer because of fraud.Contract agreed to under duress:VOIDABLEContract becomes valid when:both buyer and seller signRevocation of offer before acceptance, death of offeror before acceptance, counteroffer by offeree:terminate offerBroker deposits earnest money int trust account. When can seller receive it?At time of settlementWhat is the status of an option contract that has been exercised?BilateralDestruction of the premises would:terminate sales contractIL deed or contract executed on Sunday or legal holiday is:VALID and enforceableHow must real estate contracts be headed under IL law?REAL ESTATE SALES CONTRACT
Bigger font than rest of contractBoth parties sign sales contract. Three days before closing tornado destroys property. Under IL law:Seller cannot enforce contract and must return all earnest money to the buyer.

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3 years ago