The museum will earn $600 on a weekday.
<h3>
What is an art museum?</h3>
- A structure or area designated for the exhibition of art, typically from the museum's own collection, is known as an art museum or gallery.
- It may be owned by the government or a private individual, and access may be open to everyone or subject to limitations.
<h3>Who are executives?</h3>
- An executive manages operational activities for their company or organization and is typically in charge of developing policies and strategies to achieve organizational objectives.
- Executives frequently travel to conferences, meetings, and local, regional, national, and worldwide offices.
<h3>Solution -</h3>
Adults willing to pay = 100 and their fees = $12.
Students are willing to pay = 200 and their fees = $8.
Operating cost of museum = $2,200.
To find the profit, do the following:
Therefore, the museum will earn $600 on a weekday.
Know more about operational activities here:
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Answer:
The increase in demand of the product with the higher price or decrease in demand for the other goods is because the substitution effect is outweighed by the income effect of price increase.
Explanation:
The above explanation in economics refers to Giffen Good. The idea behind this concept Giffen is that if you do not have money and there is an increase in the price of a fundamental product such as bread, it is still impossible to afford other alternatives, hence you will go ahead to buy bread or avoid buying any of the product. Hence, the demand for other product will also decrease in this case. This means that the demand for product with higher price or decrease in other substitute product is due to the fact that the income effect outweighs the substitution effect. Hence people do not have the money to even afford the alternative product.
Answer:
cause how are illiterate people gonna read the newspaper? therefore: newspapers=not for people who can't read
