Average income is important because it tells us the income of an average person and gives an idea about the rising standard of living of people.
Average income is basically income earned per person in a given area in a specific year. More income means more money to fulfill your needs and wants. It is believed that the prosperity of a country depends on it. Money is considered an important factor in the development of a country. If the average income of a country increases there are chances of an increase in the development of that country. If the average income is lower there are fewer chances of development.
A country with high average income is considered rich and low average income country is considered poor. The World Bank also uses the average income to measure the development of any country. Therefore average income is considered a very important criteria for development.
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Answer:
The U.S. economy is a free enterprise system.
Explanation:
That means that individuals — and not the government — own most of our country's resources.
Answer:
only price and quantity matter in determining supply
all other determinants of supply are held constant
Explanation:
At the time of constructing the supply schedule, only price and quantity should be considered and other factors should remain the same because the factors that impacts the supply other than the price so it shifted the supply curve but when only the price changed so there should be the movement also law of supply represent the direct relationship between tfhe price and the supply
Answer:
Expected return on the market = 11.58%
Explanation:
MRP = Market risk premium
RFR = Risk free rate
ERM = Expected return on market
MRP = 8.71%
RFR = 0.155 - (1.45*0.0871) = 0.155 - 0.126295 = 0.0287
RFR = 2.87%
ERM = MRP + RFR = 8.71% + 2.87%
ERM = 11.58%
Hope this helps!
Answer:
B. the difference in price and long-run average cost multiplied by the quantity produced.
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<em>Note, The complete exercise was found due to a online research. </em>
Explanation:
Take a look to the image attached. Will help you to understand the exercise.
