Answer:
The cross elasticity of good X 5%, divide 10% of change in demand from the 2% of price increase in good Y.
The two goods are SUBSTITUTE Goods.
Explanation:
In substitute goods, when the price of one good increases, people start using less of that good and move onto use cheaper other goods that can be used instead of that good.
Answer:
The answer is: A) If taxes are lowered, government revenues actually increase.
Explanation:
For example, when consumers have to pay less money in taxes, it means they will have more money to spend. Private consumption is the most important component of the GDP. When money starts to flow, a virtuous circle of growth starts a chain of events that reinforces economic growth through a feedback loop. When the economic growth rate increases, government revenue will also increase. The virtuous circle of growth is the most important pillar of the Keynesian economic theory.
The same applies to businesses, when they pay less taxes, they can invest more in new businesses which in turn increase economic growth, which results in higher revenue for the government.
Of course this theory applies to certain small tax reductions, and under certain specific circumstances.
d. tyler says his profit is $34,100, and greg says he lost $6,500.
Accounting profit is simply revenues minus explicit (direct) costs whereas economic profit factors in opportunity costs and explicit costs.
Answer:
To help my client quickly and easily access and understand all of this data, i will introduce Data Management.
Explanation:
Data Management is a mechanism that helps to collate and organize data into one central cache for ease of access and safety.
A data manager has the capacity to gather and analyze the data into a system that can accessed easily as at when needed. The are a lot of IT supported options for storage of data over the internet. All that will be required to access them would be a password.
When data is made available with just a click, it aids planning. It is easier to spot flaws and inaccuracy with data management and ensure that decisions and projections are reliable and well researched.
The business cycle is the fluctuation in economic activity
