Answer:
Option (c) is correct.
Explanation:
Given information states that bananas and tangerines are substitute goods. We know that the cross price elasticity of substitute goods is positive which means that there is a positive relationship between the price of one good and the quantity demanded for substitute good.
Therefore, in our case as the price of bananas increases and all the other factors remains constant then as a result the quantity demanded for tangerines increases.
3. Classical economics assumes people are rational and logical while behavioral economics adds psychology to the mix.
A major theory in classical economics is that human beings are rational and, given the necessary information they will make rational decisions and act rationally, however, Behavioral economics assumes that people are irrational players.
Answer:
Assets= 15,000
Liabilities= 10,000
Owner's equity= 5,000
Explanation:
When he invests 5,000 of his own money that 5,000 is an asset as it is cash and the 10,000 he borrows is also an asset as it is cash. The liabilities are 10,000 as he has to pay 10,000 back and it is a loan so it is a liability also.
The owners equity is 5,000 as he invested 5,000 of his own money in the business and that is owners equity.
Answer: e. Design analysis.
Explanation: Value engineering is defined as a systematic, organized manner of providing necessary functions in a project at the lowest cost possible thus promoting the substitution of materials and methods with cheaper alternatives, without the loss of functionality. Design analysis is a form of value engineering wherein several possible designs of a product or method is prepared, with each product/method having similar features with varying levels of performance and costs. It can be applied to any type of design both tangible and intangible and as a process, it includes all information discovery, planning and communications. It is focused solely on the functions of various components and materials, rather than their physical attributes.
