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4 years ago

When the price of audio books, a normal good, falls, causing your purchasing power to rise, you buy more of them due to

Business

1 answer:

grandymaker [24]4 years ago

3 0

Answer:

The answer is C. Income Effect

Explanation:

Economists refer to income effect as an increase in purchasing power.

It is the change in quantity demanded for a commodity when income changes

For example, consumers tend to buy more of goods and services when their income rises or tend to buy more of a good and service when the price of a goods falls while the income remains constant. This causes the purchasing power (which is the amount of goods that can be purchased with a unit of currency) to rise.

Option A is wrong because substitution effect states that when the price of a good rises, consumer tends to purchase less. This centers on price while income effect centers on income

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2. You're interested in the proportion of students in your school who favor the elimination of a local curfew on teenagers. Assu

lara [203]

Answer: The minimum number of students you need if you want the margin of error to be 5% IS 278.

Explanation:

Cochran’s Sample Size Formula gives the minimum number of students as $n= \frac{z^{2}pq }{e^{2} }$

Where:

e is the desired level of precision (i.e. the margin of error),

p is the (estimated) proportion of the population which has the attribute in question and q is 1 – p.

The z-value for 95% confidence interval is found to be 1.96 in a Z table.

Assuming that half of the teenagers favor the elimination of a curfew: this gives us maximum variability. So p = 0.5 and q=0.5.

Then $n= (\frac{1.96^{2}*0.5*0.5 }{0.05^{2} } )$

$n= frac{0.9604}{0.0025} }$

$n= {384.16 }$

Rounding up, $n= \frac{385 }$

But considering that 1000 is a small population, we can modify the sample size we calculated above formula by using this equation:

$s = \frac{n}{1 + \frac{n - 1}{N} }$

Where s is the adjusted sample size, n is the original sample size we calculated and N is the population size.

$s = \frac{385}{1 + \frac{385 - 1}{1000} }$

$s = \frac{385}{1 + \frac{384}{1000} }$

$s = 278$

8 0

4 years ago

This year, Druehl, Inc., will produce 57 comma 60057,600 hot water heaters at its plant in Delaware, in order to meet expecte

SashulF [63]

Answer:

The number of laborers employed by the plant is 120 laborers

Explanation:

According to given data Annual output = 57600 water heaters.

So the output per month = 57,600 / 12 months = 4,800 water heaters

Each labor works 160 hours per month

Suppose ,there are x number of laborers employed by the plant. So,x number of laborer will work 160x hours per month. So the labor input = 160x per month

Labor productivity = 0.25

Labor productivity = Output / Labor input

0.25 = 4800 / 160x

25/100 = 4800/160x

160x = (4800 X 100) / 25

160x = 19200

x = 19200/160

x = 120

Therefore, the number of laborers employed by the plant is 120 laborers

5 0

3 years ago

What is indigenous bookkeeping

Mumz [18]

a casual operation where few records are kept of income, expenses, stock and other items.

6 0

4 years ago

Assets for a particular business might include: A) cash, accounts payable, and notes payable. B) cash, retained earnings, and ac

slega [8]

Answer:

The correct answer is letter "C": cash, accounts receivable, and inventory.

Explanation:

A company's assets represent all property the firm can use to generate income. Thus, assets imply talking about cash, accounts receivable, inventory, pre-paid investments, buildings, land, machinery, and vehicles among others. Assets can also be intangible such as patents, trademarks or copyrights. All of them are destined to increase the organization's value.

3 0

3 years ago

The second-price auction model

Maurinko [17]

Answer:

The correct answer is the option B: charges the highest bidder only a penny more than the bid of the second-highest bidder.

Explanation:

To begin with, the model of ''the second-price auction'' is a non-truthful auction mechanism in which every bidder places a bid but with the little particularity that the one who has the highest bid, and therefore the one who gets the first slot, only pays the price bid by the second highest bidder, and this last one only pays the price bid by the third highest bidder and so on. Therefore that this auction mechanism is non-truthful because the bidder does not pay the price he said he would, but he pays the price bid by the other person.

8 0

3 years ago