1. The substitution effect is the change in the quantity demanded of a good that results from a change in price making the good more or less expensive relative to other goods, holding constant the effect of the price change on consumer purchasing power.
2. The income effect causes quantity demanded to increase when the price of a normal good decreases, and causes quantity demanded to increase when the price of an inferior good decreases.
Explanation:
The quantity change required this because a rise in the market price of goods leads to a shift in relative prices, which causes consumers to exchange sales with one commodity. This is one of two factors or consequences that underlie the demand rule and the negative curve of the market demand. The second is the impact of profits.
The tax increase is the result of a change in the price of production that impacts the buying power of a specific income level. The adjustment in buying power then results in a necessary supply shift and demand shift. Price changes and revenue are set with the income effect.
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The amount of money in the account at the end of the period will be $2907.89.
<h3>
What is the investment?</h3>
- The dedication of an asset to achieve a gain in value through time is referred to as an investment.
- Investment necessitates the sacrifice of a current item, such as time, money, or effort.
- The goal of investing in finance is to earn a return on the invested asset.
- A gain (profit) or loss realized through the sale of a property or investment, unrealized capital appreciation (or depreciation), or investment income such as dividends, interest, or rental income, or a mix of capital gain and income, may constitute the return.
<h3>To find the amount of money in the account at the end of the period:</h3>
Step 1: Define
Identify variables
P = 930
t = 19
r = 6% = 0.06
Step 2: Find Interest
Substitute in variables [Compounded Continuously Formula]:
[Exponents] Multiply:
Evaluate exponents:
Multiply:
Therefore, the amount of money in the account at the end of the period will be $2907.89.
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Answer: A customs union requires all members to have a common external trade policy with non-union members.
Explanation: The feature that differentiates a customs union from a free trade area is that a customs union requires all members to have a common external trade policy toward non members. Free trade areas are permitted to negotiate different tariffs with different countries, contrary to the operation of customs unions.
Answer: d. is a third-party neutral who helps the two parties reach a compromise decision
Explanation: A form of alternative dispute resolution that resolves disputes between two or more parties with concrete effects is known as mediation. A mediator is a neutral third party who assists disputing parties in resolving conflict. Through the use of specialized communication and negotiation techniques, the mediator helps the two parties reach a compromise decision. He is one who negotiates between parties seeking mutual agreement. Thus he suggests compromise solutions or recommends concessions from each party that leads to an agreement.