Answer:
PV= $3,978.115
Explanation:
Giving the following information:
Interest rate (i)= 8% = 0.08
Future value (FV)= $20,000
Number of periods (n)= 21 years
<u>To calculate the lump-sum to be invested today, we need to use the following formula:</u>
PV= FV / (1 + i)^n
PV= 20,000 / (1.08^21)
PV= $3,978.115
<u>If advertising draws more price sensitive consumers into the set that are willing to pay for a particular brand, this will increase the price elasticity of demand facing the brand</u><u>.</u>
TRUE.
The labor-supply curve is affected by the trade-off between labor and leisure.
The opportunity cost of leisure depends on the wage rate, it increases and people supply more labor. Main factors determining the labor supply curve how desirable the work appears to its employees relative to the alternatives available in the market.
Other factors that encourages are government policies and procedures that are labor and trade effective or not. The quantity of workers trained for a particular job specifications. The number of workers in economy and the education required further.
To learn more about labor supply here,
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