Answer:
The correct answer is option E.
Explanation:
Income elasticity of demand measures the change in quantity demanded of a product because of a change in the income of the consumer. It is calculated as a ratio of change in quantity demanded and change in income.
At the income level of $300, the consumers buy 5 bars of chocolate. When the income increases to $330, the consumer buys 6 bars of chocolate.
The income elasticity of demand is
= 
= 
= 
= 
= 2
Since the income elasticity of demand is positive, this implies that chocolate is a normal good.
Answer:
A. applies economic theory to understand real-world events.
Explanation:
An economic model is a simplified version of reality that allows us to understand and predict economic phenomena.
characteristics of economic models are ;
They capture the fcomplexity of a phenomenon
They are able to make powerful predictions they are simple to understand
An example of an economic model is the production possibility frontier (PPF) . The PPF is a curve that shows the two combinations of goods that can be produced given the resources of an economy
Mediation<span> is the use of a third party to encourage labor and management to continue negotiating in an effort to settle a labor dispute or achieve a mutually acceptable labor-management agreement.
Mediation is common in any disagreement when needing to come to a conclusion for an on-going issue. It's beneficial to have a mediator who is a third party to advocate and </span>clarify points each side is making. This helps facilitate without preference for both labor and management to agree/come to terms with an idea, issue or advancement they are facing.
Accounts receivable and notes receivable
