<span>Think of product when they first introduced in market. For ex. iphone introducet at the price of 700$. Since then, the price has dropped considerably even for a new model. The same is true for DVD, LCD, digital camera and many high-tech product.when company set a high intial price for the product the aim is to target a consumer who are willing to pay high price and buy product early. This way company recoup its investment in the product faster.</span>
We are given with the equation
<span>balance = -17,732 + 367 * age +1300 *years education + 0.116 * household wealth
</span>-17,732 is a constant amount credited from the savings acount
367 is the amount saved per year of age
1300 is the amount saved per year of education
0.116 is the amount save per household wealth
Answer:
Explanation:
a) To maximise profit, we would charge a price of 7 for adults and a price of 4 for children.
Profit would be = 7 x 300 + 4 x 200
Profit = 2900
This is the maximum profit other than fixed cost
b) If we have to keep one price of the ticket, then it would be 7. This would yeild a profit of 2100
c) From the law, the adults dont get any benefit, rather the children are in best position of free ticket
d) Fixed cost wont effect the answers above as long as the price and numbers of participants wont change
If the economy's income rises, the price of a normal good like a trumpet will rise and the quantity will increases.
If the number of trumpet producers on the market increases, this means that there will be an increase in supply, which can mean greater availability of these goods and, consequently, a reduction in price.
In a situation where there are few substitutes for trumpets, demand will be relatively inelastic, as consumers are not as sensitive to price changes due to low availability.
<h3 /><h3>What is the law of supply and demand?</h3>
They are economic concepts related to the quantity of a good available in the market and its price, which are determined by the law of supply and demand, impacted by economic forces, such as income, producers, and policies for example.
Therefore, the greater the supply than the demand, the lower the prices, and the lower the supply, the higher the prices.
Find out more about supply and demand here:
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Answer:
5%
Explanation:
Deposit= $600 million
Required reserve= $30 million
Required reserve ratio= required Reserve/deposit
= 30 million/600 million
= 0.05×100
= 5%
Hence the required reserve ratio is 5%
