Answer:
-1.25
Explanation:
Given that
Q1 of tomatoes = 3
Q2 of tomatoes = 5
P1 = 1.50
P2 = 1
Using midpoint formula
Recall that
Midpoint = [(Q2 - Q1)/(Q2 + Q1/2)] ÷ [(P2 - P1)/(P2 + P1/2)]
Thus
(5 - 3)/(5+3/2) ÷ (1 - 1.5)/(1 + 1.5/2)
= 2/4 ÷ -0.5/1.25
= 0.5 ÷ -0.4
= - 1.25
The cross price elasticity of demand is -1.25 and they are thus compliments.
Answer:
The correct answer is the option C: For markets to work, people must be free to pursue their self-interest.
Explanation:
To begin with, Adam Smith was a Scottish economist, philosopher and author known as ''The Father os Economics'' and whose works established the basics of today's economics.
To continue, in Smith's most known classic work, ''An Inquiry into the Nature and Causes of the Wealth of Nations'', he established the concept called the <u><em>''invisible hand''</em></u><u> </u>that states that <u><em>in order to the economy to work properly, the people must be free to pursue their self-interest products without no restrictions from the government</em></u>.
Option e, using company resources for personal use
He should use his own phone or home device, and not at work
Answer:
1) In general, is it a good idea to make only minimum payments on your credit cards?
-
No, the small payment requirement is mathematically guaranteed to keep you in debt for many years.
All you have to do is analyze the interest rates charged by the credit card companies and it is really difficult for any investment to match those interest rates.
2) Assuming you have $1,500 in your budget this month with which to pay down your credit cards, how much should you pay on each card?
I would start with the cards that charge the highest interest rates. I would pay the full balance of the department store card and the gasoline card = $600 + $300 = $900
Since I have $600 left, I would then pay the minimum payments for the cards that charge the least interest rates. I would pay $40 to Discover card and $60 to VISA.
The remaining $500 would be used to pay MasterCard 1 card and lower its balance.
Answer:
a. Which country has the absolute advantage in producing dates?
Mali
b. Which country has the absolute advantage in producing grain?
None
c. Which country has the competitive advantage in producing dates?
Mali
d. Which country has the comparative advantage in producing grain?
Ireland
Explanation:
Opportunity cost of producing dates:
Ireland = 10 / 5 = 2 tons of grains
Mali = 10 / 25 = 0.4 tons of grains
Opportunity cost of producing grains:
Ireland = 5 / 10 = 0.5 tons of dates
Mali = 25 / 10 = 2.5 tons of dates
