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3 years ago

How does free enterprise differ from laissez faire?

1 answer:

3 0

A free market economy is one in which the government does not set or control prices, supply, or demand. A laissez-faire economy is one in which transactions between different companies or people are not subject to tariffs, government subsidies, and enforced monopolies.

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If a 30% price increase for Product A causes a 10% decrease in its quantity demanded, but no change in the quantity demanded for

Aleks04 [339]

Answer:

The correct answer is: Zero, Option c.

Explanation:

The price elasticity of demand shows the change in the quantity demanded of a commodity due to a change in the price of the commodity.

The cross-price elasticity is the change in the quantity demanded of a product because of a change in the price of related good.

The cross-price elasticity is calculated by finding the ratio of proportionate change in quantity demanded and proportionate change in price.

Cross-price elasticity in this situation will be

= $\frac{\% \Delta Qy}{\% \Delta Px}$

= $\frac{0}{30}$

= 0

The cross-price elasticity is zero. This implies that the two goods have no relation.

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4 years ago

Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts results in a 15 percent decrease in the n

Gala2k [10]

Answer:

Option (B) is correct.

Explanation:

Given that,

Percentage increase in price = 5%

Percentage decrease in quantity demanded = 15%

Therefore,

$Elasticity\ of\ demand=\frac{percentage\ change\ in\ quantity\ demanded}{percentage\ change\ in\ price}$

$Elasticity\ of\ demand=\frac{15}{5}$

= 3.0

Hence, elasticity of demand facing Billy Bob's Barber Shop is 3.0

6 0

3 years ago

Suppose a customer is the one who randomly selects and then purchases the four apples. if an apple is damaged, the customer will

tatiyna

What is the question?

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3 years ago

Prepare financial statements.

AlladinOne [14]

Answer:

it's b

Explanation:

3 0

3 years ago

An agency that occurs when a principal and an agent categorically agree to enter into an agency agreement with each other is kno

Zepler [3.9K]

express agency

Explanation:

Express agency means an actual agency created by written or oral agreement between the principal and the agent. Through this agreement the principal authorizes a person to act as the principal's agent. For example, a written listing agreement between a seller of real estate and broker is an express agency

6 0

2 years ago