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Contact [7]
3 years ago
8

The term _____________ describes a situation where a ________________ causes a reduction in the buying power of income, even tho

ugh actual income has not changed. question 3 options:
Business
1 answer:
Radda [10]3 years ago
6 0
The term income effect used in economics describes a situation where a higher price causes a reduction in the buying power of income, even though actual income has not changed. 
<span>It denotes the change in demand of a good or service as a result of a change in a consumer's discretionary </span>income<span>. </span>
You might be interested in
If julio ruiz has an income of $30,000, pays $6,000 in rent, $1,200 in utilities, and $5,000 in taxes per year, is disposable in
Taya2010 [7]
<span>Disposable income is defined as any and all income that one has less the taxes and other mandatory payments one must make. In Julio's case, this would be the $30,000 he has earned less the $5,000 he pays in taxes yearly. The rent and utilities would not be considered, leaving a disposable income value of $25,000.</span>
8 0
3 years ago
Luke invested $110 at 3% simple interest for a period of 6 years. How much will his investment be worth after 6 years?
Finger [1]

Answer:

investment after 6 years = $129.80

Explanation:

given data

invested = $110

simple interest = 3%

period = 6 years

to find out

How much will his investment be worth after 6 years

solution

first we get here interest that is express as

interest = invested amount × rate × time    ..................1

interest = $110 × 3% × 6

interest = $19.8

and

investment after 6 years = invested amount + interest   .................2

investment after 6 years = $110 + $19.8

investment after 6 years = $129.80

3 0
3 years ago
If the average propensity to consume is 0.75, and the marginal propensity to consume is 0.70, if income rises by $4,000, consump
LUCKY_DIMON [66]

Answer:

$2,800

Explanation:

The computation of the increase in consumption is shown below:

= Marginal propensity to consume × rise in income

= 0.70 × $4,000

= $2,800

Hence, the consumption would be increased by $2,800

We simply applied the above formula i.e. marginal propensity to consume is multiplied with the rise in income so that the correct answer could come

7 0
3 years ago
a firm in a perfectly competitive industry is producing 1000 units of output and earning revenues of 50000. At that level of out
hram777 [196]

Answer:

Increase quantity to where AC = MC = D=AR=MR

Explanation:

A perfectly competitive market is where there are many firms in the industry producing homogeneous products. There is ease of entry and exit into and out of the market. They are price takers and earn normal profits in the long-run. In order to maximize profits, a firm in a perfectly competitive industry should produce an the quantity where its average cost is equal to marginal cost when AR = MR = D. In other words, when the AC and MC curves intersect with AR = MR = D curve.

<em><u>Please refer diagram</u></em>

The firm is currently producing at a point where AC > MC at quantity 1000. In order to reach AC = MC, the firm has to increase its quantity to Qe. As it increases quantity, although marginal cost increases, average cost falls because now fixed costs are spread over a larger quantity of output.

At Qe, the three curves intersect and is the point where this firm can maximize its revenue (Price = Pe). At a price higher than this, it would lose customers since there are many others producing the same product and customers can easily shift to another.

7 0
3 years ago
There is a system in the axon, separate from the movement of the action potential along the surface of the axon, that transports
Alik [6]

Answer: Synapse

Explanation: The synapse is a specialized (functional) intercellular approach between neurons, either between two association neurons, a neuron and a recipient cell or between a neuron and an effect or cell (almost always glandular or muscular). In these contacts the nerve impulse transmission takes place.

7 0
3 years ago
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