Answer:
Elastic demand
A heart valve
Explanation:
A good with many close substitutes will have a highly elastic demand. This is because an increase in the price of the good will causes the consumers to purchase one of its cheaper substitutes.
If both a diamond necklace and a heart valve for heart attack victims are priced the same, the price elasticity for the heart valve will be lower. This is because the diamond necklace is a luxury good but the heart valve is necessary for the survival of the victim.
Answer:
Recognition of priorities
Explanation:
Management involves planning, organizing, controlling, supervising, a group of people which could be an entire team, workers or some fractions of workers in an environment to achieve organizational goals. An entrepreneur which is among the factors of production is indeed someone who manages, supervise the other factors of production, keeping an environment in which people work and achieve the goals of production.
Management is a profession and as such skill set to recognizing when some aspects of management becomes important than others and when some goals need to be given more attention to achieving the overall organizational goals can describe as Recognition of priorities.
Recognition of priorities brings some other important aspects of management into focus leaving out the less important ones cancelled or put on hold so as to save time and maximize labor efficiency.
Answer:
The answer is B) "lower the prices that customers pay."
Explanation:
Actually, to increase capacity during high demands, the company do not need to lower the prices that customers pay but rather in crease the prices. According to law of demand and supply, the higher the demand, the more the price. Also, the company may also open another new branch for more production, approve overtime work and wages for employers, create more shifts and even subcontract part of the production to another company to ensure faster process but with same quality.
Answer: $256
Explanation:
Using time and materials pricing, the total price for a job requiring 3 direct labor hours and $54 of materials will be calculated as:
Materials = $54
Add: Materials markup = 30% × $54 = 0.3 × $54 = $16.2 = $16
Add: Labour = 3 × $62 = $186
Total price of job = $256
Answer:
27%
Explanation:
Number of Persons in the Household = 90
<u>Neither Employed Nor Unemployed</u>
- Children Under 16 =10
- Disabled = 5
- Retired =10
- Stay at Home Parents = 5
- Full Time Students over the age of 16= 5
Total =35
<u>Unemployed</u>
- 10 people had no job but were looking for jobs
- 5 people who wanted a job but were not looking for a job.
- Total =15
<u>Employed</u>
- 35 people had full-time jobs
- 5 had part-time jobs
Total =35+5=40
Total Labour Force = Unemployed +Employed = 40+15 =55
Unemployment Rate = (Unemployed People / Total Labor) x 100
=15/55 X 100
=27%
According to the information in the survey, the unemployment rate is: 27%
