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IceJOKER [234]
3 years ago
10

Economist george stigler once wrote that, according to consumer theory, “if consumers do not buy less of a commodity when their

incomes rise, they will surely buy less when the price of the commodity rises.”
Business
2 answers:
Gala2k [10]3 years ago
6 0

<u>Economist George Stigler once wrote that, according to consumer theory, “if consumers do not buy less of a commodity when their incomes rise, they will surely buy less when the price of the commodity rises.” This is an example of normal goods and inferior goods.  </u>

<u></u>

Further Explanation:

Normal goods:

Normal goods refer to the types of goods, the demand for the good is increased when the income rises. When the income is increased, the demand for good rises. Now the individual buys more quantity of goods. When the income is decreased, the demand for a product fall.  

Inferior goods:

Inferior goods are those type of goods, the demand for the good is decreased, when the income rises. When the income is increased, the demand for a good fall. Now the individual buys less quantity of goods. When the income is decreased, the demand for a good rise.  

The consumer does not purchase less when the income rise because the purchasing power of the consumer is increased. The consumer buys less of the product, the price of the product rises.  

According to the law of demand, the demand for the product is increased when the price falls and the demand for the product is decreased when the price low.  

Learn more:

1. Learn more about an increase in price

<u>brainly.com/question/3352455 </u>

2. Learn more about goods production

<u>brainly.com/question/9356259 </u>

3. Learn more about GDP and taxes

<u>brainly.com/question/4306898 </u>

Answer details:

Grade: Middle School

Subject: Economics

Chapter: Types of good

Keywords:

Economist, George Stigler, consumer theory, commodity, product, goods, normal goods, inferior goods, the law of demand, purchasing power.

lyudmila [28]3 years ago
5 0
George Stigler is a known American economist and according to his theory the Consumer theory, he quoted that <span>“if consumers do not buy less of a commodity when their incomes rise, they will surely buy less when the price of the commodity rises.” This means that when consumers do not purchase a certain product even if their incomes increases, that is considered normal, but when the product increases in value, we can expect that these consumers will buy less of the product.</span>
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zzz [600]

Answer: C. Your customization ability decreases.

Explanation:

Job Shops are able to customize products and services because they manufacture products on a small scale and usually for individual job orders whereas continuous processing is more large scale and the products are more homogeneous.

As one move from a job shop to a continuous process, they will find that they would be unable to customize products as much as they could before because they would be producing a higher volume of goods and so would not have the time to be customizing the products as much.

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3 years ago
A neighborhood sportswear store sells a pair of victoria sneakers for $40. due to the recent fitness craze, these shoes are in h
Anettt [7]

The current lot size of 235 is too large.

We use the given data to find the Economic Order Quantity or EOQ and then compare it to the lot size of 235.

Economic Order Quantity is used to arrive at the optimum purchase order for goods (in number of units) while minimizing ordering and handling costs.

The formula for calculating EOQ is:

Q = \sqrt{2DS/H},

where :

Q is the order lot in number of units

D is the annual demand for the product

S is ordering cost per order (in $)

H is holding cost per unit (in $)

We can arrive at the annual demand for the product as follows:

Annual Demand = No. of units sold per week * No. of weeks the store operates

Annual Demand = 50*52 = 2600 units

Order cost = $20

Holding Cost = Holding Cost (in %) * Selling Price

Holding Cost = 20%*$40 = $8

Substituting the above values in the EOQ formula, we get,

Q = \sqrt{(2*2600*20)/8} = 114.02 units.

Comparing the EOQ we just calculated and the given lot size, we arrive at the answer above.

8 0
3 years ago
_____ lets programmers create Web pages that will update asynchronously while the rest of the Web page continues to be displayed
Misha Larkins [42]

Answer:

AJAX

Explanation:

Ajax programming (Asynchronous JavaScript and XML)

Ajax is a technology that allows HTTP queries asynchronously against the server. Under this definition, which may not be too clear for some people with little experience in the web environment, we find one of the most common tools on sites, which have allowed web applications to evolve to be as complex as we know them today.

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6 0
3 years ago
Last year Rennie Industries had sales of $395,000, assets of $175,000 (which equals total invested capital), a profit margin of
maxonik [38]

Answer: 5.9%

Explanation:

Before:

Equity is calculated as:

= Total Assets / Equity Multiplier

= $ 175,000 / 1.2

= $ 145,833

Therefore, ROE will be:

= (Turnover × Profit Margin) / Equity

= ($ 395,000 × 5.3%) / $ 145,833

= $ 20935 / $145,833

= 0.1436

= 14.36%

After:

New Total Assets will be:

= $ 175,000 - $ 51,000

= $ 124,000

Equity

= Total Assets / Equity Multiplier

= $ 124,000 / 1.2

= $ 103,333

ROE will then be:

= (Turnover × Profit Margin) / Equity

= ($ 395,000 × 5.3%) / $ 103,333

= $ 20935 / $ 103,333

= 0.2026

= 20.26%

Therefore, the change in ROE will be:

= 20.26% - 14.36%

= 5.9%

= 4.035%

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Shtirlitz [24]
<span>This is called a brand. This helps a company distinguish itself from other companies and in some circumstances, a brand might make the product more appealing to the customer by adding a certain personality to it. This helps the consumer relate to the product more.</span>
7 0
3 years ago
Read 2 more answers
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