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Answer:
Break-even point= 15,000/ (5 - 3)= 7,500 units
Explanation:
Giving the following information:
Each unit of output can be sold for $5, variable costs are constant at $3 per unit, and if the fixed costs are $15,000.
We need to use the following formula:
Break-even point= fixed costs/ contribution margin
Break-even point= 15,000/ (5 - 3)= 7,500 units
Answer:
B. not accurately defined by any of these statements.
Explanation:
An inferior good is defined as one whose the quantity demanded decreases as the income of its consumers increases and vice versa.
<em>Option A is incorrect because the income elasticity for inferior goods is negative and therefore, as the income of the consumers increases, the demand curve shifts to the left.</em>
<em>Option C is incorrect because an inferior good does not necessarily mean a fake good. A good can be inferior but yet meet all the standards for approval by the FDA.</em>
<em>Option D is incorrect. The price and quantity demand for inferior goods, just like normal goods do not vary directly. This is only applicable to luxurious goods.</em>
None of the statements in A, C, and D accurately defined an inferior goods.
Hence, the correct option is B.
This goal is called a short term goal.
The examples are given below:
- There are people who pursue a degree in theater rather than science, even though scientific careers are usually much higher-paying.= Consistent with the Predictions of Traditional Economic Models
- Some people care about how much money they make relative to other people rather than their absolute level of income.= Reserved for Behavioral Economics
- Some people would be willing to make a large sacrifice in order to help a loved one.= Consistent with the Predictions of Traditional Economic Models
- Some people treat $75 they earn differently from $75 they receive as a gift.= Reserved for Behavioral Economics
What is meant by Behavioral economics?
Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. It differs from neoclassical economics, which assumes that most people have well-defined preferences and make well-informed, self-interested decisions based on those preferences.
What are behavioral economic strategies?
Behavioural economics aids marketing strategies by understanding how consumer decisions can be influenced. As a result, making small changes to the product, the branding or the choices you offer can massively influence consumer behaviour.
Learn more about behavior:
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