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.
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Answer:
Tiered brand
Explanation:
Tiered branding is a strategy used to leverage a company's reputation for a product line. This develops a distinct identity for the product line.
In the given scenario Sony brand I being leveraged to promote the Sony Walkman.
Usually the common tiered branding is two tiered branding. The top tier is the parent brand while the second tier is the sub brand.
So Walkman is the sub brand that uses the reputation of Sony to boost awareness and sales of the new product.
Employee benefits have become more significant and diverse
Employee benefits
- Typically, membership-based incentives are provided to recruit and retain staff.
- Although they have no direct impact on a worker's performance, insufficient benefits make workers unhappy.
The Price of Offering Employee Benefits
- The cost of benefits and services is around 40% of an organization's payroll expense.
- When significant wage and salary increases are not possible, benefits become the main topic of discussion with employees.
Community Security
- Funded by equal contributions from the employer and the employee, based on a percentage of wages.
- Offers retirement income, income for disabled workers, and money for surviving dependents.
- offers Medicare some health insurance coverage.
Unemployment Insurance
- Employers who pay both federal and state taxes on the taxable wage base provide the funding.
- Tax rates vary depending on an organization's history with unemployment.
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Answer:
One possible explanation is that the Blimpie franchisor is working properly since the franchisees are not receiving proper training and support in order to operate the franchise.
Another reason is that the Blimpie franchise model is simply not efficient (i.e. bad) and it is really hard to operate properly.
On the side of the franchisees, they might not have sufficient working capital since they budgeted higher revenues or lower costs. The franchisor shares the blame for this situation, since before establishing the franchise, the franchisor should request that the franchisee has enough enough working capital to operate the business properly.
