Answer:
$55,000
Explanation:
Data provided in the question:
Income in 2016 = $50,000
Nominal income in 2017 = $70,000
CPI in 2016 = 100
CPI in 2017 = 110
Now,
Purchasing power in 2017 = [ CPI of 2017 ÷ CPI of 2016 ] × Income in 2016
or
Purchasing power = [ 110 ÷ 100 ] × $50,000
or
Purchasing power = 1.1 × $50,000
or
Purchasing power = $55,000
Answer:
Since a perfectly competitive firm must accept the price for its output as determined by the product’s market demand and supply, it cannot choose the price it charges. Rather, the perfectly competitive firm can choose to sell any quantity of output at exactly the same price. This implies that the firm faces a perfectly elastic demand curve for its product: buyers are willing to buy any number of units of output from the firm at the market price. When the perfectly competitive firm chooses what quantity to produce, then this quantity—along with the prices prevailing in the market for output and inputs—will determine the firm’s total revenue, total costs, and ultimately, level of profits.
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Hey there,
According to Robert E. Quinn<span> and </span>Kim S. Cameron<span> at the </span>University of Michigan at Ann Arbor<span>, there are four types of organizational culture: Clan, </span>Adhocracy<span>, Market, and Hierarchy. Clan oriented cultures are </span>family<span>-like, with a focus on mentoring, nurturing, and “doing things together.”
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