Answer:
A. A
Explanation:
Location A is best suited for the management. Location A offers Excellent Labor climate, Utilities and Markets. It is fair in Quality of Life and Taxes. The best possible alternative is location A for the management of biotech research company.
Answer:
b. 3 McBurgers and 2 cans of Alpo
Explanation:
If the goal is to maximize utility, Ms. Tightwad should look into purchasing the combination that yields the highest utility.
a. 4 McBurgers, 0 Alpo cans:
b. 3 McBurgers, 2 Alpo cans:
c. 2 McBurgers, 4 Alpo cans:
d. 1 McBurger, 6 Alpo cans (assume marginal utility stays constant after the 4th can):
Since option b. yields the highest utility, she should buy 3 McBurgers and 2 cans of Alpo
There are four given basic economic questions and these serve as a guide on the production of goods and services. In the given scenario above, the basic economic question that they are answering would be how to produce. The correct answer is option A. This question applies since resources are also limited. And they must make a way on how to produce enough goods and services from limited resources. Hope this helps.
Answer:
8.88
Explanation:
Data provided in the question:
Initial income, I₁ = $65,000
Initial novel purchased, D₁ = 10
Final income, I₂ = $68,000
Final novel purchased, D₂ = 15
Now,
Tim's income elasticity of demand for novels will be
=
on substituting the respective values, we get
=
= [5 ÷ 25] ÷ [3,000 ÷ 133,000 ]
= 0.2 ÷ 0.0225
= 8.88