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saveliy_v [14]
3 years ago
6

Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000 units a week when he raised the price of th

e product from $200 to $250. Based on this information, the demand for Jim's product is a) Elastic b) Unitary elastic c) Inelastic d) Hard to determine
Business
1 answer:
Vadim26 [7]3 years ago
3 0

Answer:

The answer is A.

Explanation:

If a a product is price elastic that means it is sensitive to price. If there is an increase in price, the quantity demanded of that product will drop and if there is a decrease in price, the quantity demanded of that product will rise. Price elasticity has a value greater than one.

Because the price rose from $200 to $250, quantity demanded fell from 8000 units to 6,000 units.

If it were to be inelastic, the quantity demanded will not change or will change with very little percentage.

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Strong economic growth since 1960 has allowed nations like Singapore and Ireland to surpass nations such as the United Kingdom a
djyliett [7]

Answer:

A. True.

Explanation:

Making a comparison among countries of GDP per capita and Ireland and Singapore show higher values than the United Kingdom and France and this is because these two countries have experienced long periods of rapid growth with ratas higher than growth population. The United Kingdom and France, as mature economies economically growth also, but at a lower rate

3 0
3 years ago
_______ measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it.
Anastasy [175]

Answer:

Brand Awareness

Explanation:

Brand Awareness measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it. Brand awareness is further consisted of 2 elements:

1: Brand Recognition: is the ability of consumers to confirm previous exposures to brand when they are presented the brand as a cue. For example, if you go to a store, will you be able to recognize the brand to which you have been already exposed?

2: Brand Recall: It is the consumers ability to retrieve the brand from their memory if they are given product category or usage occasion as a cue. For example, when you think of carbonated drink, then what brand comes into your mind?

3 0
3 years ago
Which type of currency was not used in the united states during its early years?
SVETLANKA909090 [29]
According to answers.com its greenbacks
6 0
3 years ago
Read 2 more answers
The report that compares actual performance and budgeted performance based on actual activity level is called a ______ budget pe
Gnesinka [82]

Actual budget performance report compares actual performance and budgeted performance based on actual activity level.

<h3>What is a budget?</h3>

A budget serves as a term that describes how to place our needs on our income, it is a way to balance our expenses and income.

Actual budget performance report gives room to

compares actual performance and budgeted performance based on actual activity level.

Learn more about budget at:

brainly.com/question/6663636

3 0
2 years ago
When economists say that the demand for labor is a derived demand, they mean that it is Group of answer choices dependent on gov
Katen [24]

Answer:

related to the demand for the product or service labor is producing.

Explanation:

Factors of production can be defined as the fundamental building blocks used by individuals or business firms for the manufacturing of finished goods and services in order to meet the unending needs and requirements of their customers.

In Economics, there are four (4) main factors of production and these are;

I. Land.

II. Labor (working).

III. Capital resources.

IV. Entrepreneurship.

Labor refers to the human capital or workers who are saddled with the responsibility of overseeing and managing all the aspects of production.

Generally, when these aforementioned factors of production are combined effectively and efficiently, they can be used for the manufacturing or production of goods and services to meet the unending requirements or needs of the consumers.

Typically, when economists say that the demand for labor is a derived demand, what they do really mean is that, this demand for labor is related to the demand by the consumers for the product or service labor is producing.

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3 years ago
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