The marginal cost faced by the producer of a movie includes the cost of Hiring the crew for the additional day.
<h3>What is
marginal cost?</h3>
Marginal cost can be described as the increase or decrease in the cost when carrying out the production of one more unit or serving one more customer.
This can be regarded as the incremental cost, it should be noted that the marginal cost faced by the producer of a movie includes the cost of Hiring the crew for the additional day.
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The best option is B (A high Human Development Index and a high per capita income.)
A high Human Development Index and a high per capita income best describes a developed/advanced nation.
Answer:
6.9%
Explanation:
The May be life insurance corporation is trying to sell an investment policy
This policy will pay $33,000 per year forever
A sales associate mention that the policy would cost $478,000
Therefore, the interest rate at which it will be a fair deal can be calculated as follows
Interest rate= Annual inflows/present value
= 33,000/478,000
= 0.0690×100
= 6.9%
Hence the interest rate at which it would be a fair deal is 6.9%
Answer:
B. negative, positive
Explanation:
Substitution effect : Price rise of a good makes it relatively expensive, decreases its demand. Price fall of a good makes it relatively cheap, increases its demand.
So: Substitution Effect is always negative as per above explanation.
Income Effect : Price rise of a good decreases real income/ real purchasing power of consumer & reduces demand of all goods. Price fall increases real purchasing power & increases demand of all goods.
Income effect is positive in case of Normal Goods, normal good demand is positively related to income. The effect is negative in case of inferior goods, inferior good demand is negatively related to income.
Hence: Price rise of rice - Substitution effect results in negative change in rice consumption. {∵substitution effect always negative}
Income Effect leads to positive change in rice consumption {∵price rise reduces real income & income effect is negative for inferior goods}
