Answer:
b. increase his consumption of Y.
Explanation:
A normal good is a good whose demand increases when income rises and falls when income falls.
If good Y is a normal good, Prince would increases its consumption when income rises.
I hope my answer helps you
Answer: Substitute
Explanation:
Substitute goods are the goods that can be used for the same purpose. Complement are the goods that are used together e.g. car and petrol.
It should be noted that when the price of a good increase, people move to the substitute and this will being about the rise in the quantity demanded of the other good.
Therefore, as the price of good X rises from $10 to $12, the quantity demanded of good Y rises from 100 units to 114 units shows that the are substitutes.
Answer:
"Yes" will be the correct response.
Explanation:
- The dealership has been obliged to Edward since Edward as well as Dealer had written agreements stating that somehow Edwards may acquire their motorbike on the day before the fifteenth of June.
- The two parties offered and otherwise accepted as well as agreed in writing. That's because the contract remained valid, Dealer may be prosecuted as well for contravention.
Answer:
$175,808
Explanation:
P=R (1-(1+i)^-n)/i
Where P=780,000*90%=$702,000
R=?
i=8%
N=5 years
By putting above values in formula, we get
P=R(1-(1+.08)^-5)/.08
702,000=R*3.993
R=702,000/3.993
R=$175,808
