Answer:
D) Susie would buy more massages and fewer rounds of golf,as predicted by the substitution effect.
Explanation:
Let's check the utility that Susie gets from consuming these products.
The second round of golf gives her 20 units of satisfaction at $20 = 20/20 = 1
The third massage gives her 30 units of satisfaction at $30 = 30/30 = 1
But now the price the price for massage has come down to $15. The ratio of their prices would be
20/15 = 1.333
1.3 is greater than 1
So she should substitute golf for massages
The answer is option b, that is false.
When texting or instant messaging on the job, we have to worry about our grammar and spelling, we should always use good grammar and <span>correct spelling </span>to get the job and we should also avoid abbreviations, slang and unnecessary things.
Answer:
The correct answer is D.
Explanation:
Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another as goods but not perfect substitutes (such as from branding, quality, or location). In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms.
Monopolistic competitive markets:
have products that are highly differentiated, meaning that there is a perception that the goods are different for reasons other than price;
have many firms providing the good or service;
firms can freely enter and exits in the long-run;
firms can make decisions independently;
there is some degree of market power, meaning producers have some control over price; and
buyers and sellers have imperfect information.
Answer: $12,113.14
Explanation:
Find out the future value of each payment 20 years from now then sum up the values.
Year 1:
= 250 * ( 1 + 15%)¹⁹
= $3,557.94
Year 2:
= 300 * ( 1 + 15%)¹⁸
= $3,712.636
Year 3:
= 450 * ( 1 + 15%)¹⁷
= $4,842.5688
Future value of all:
= 3,557.94 + 3,712.636 + 4,842.5688
= $12,113.14
Answer:
Wages would fall due to an increase in labor costs.
When the workers compensation laws were not there, the employers only had to worry about one labor cost, that of paying their employees. With the introduction of worker's compensation, they then had to get insurance for their employees as well.
This led to an increase in the costs of labor which meant an increase in production costs and a decrease in profitability. To compensate for this, the employers cut wages in order to be able to pay for both the insurance and wages and still pay the same general amounts they were paying as wages such that their production costs don't rise significantly.
