The development of an internationally distributed
collection of multimedia files addressed using universal resource locators led
to the world-wide web (www).
Tim Berners-Lee, who was an English scientist invented
the World Wide Web (WWW) in 1989. The global information medium,
accessed by the use of internet, where documents and other web resources are recognized
and it is also refers to the collection of public websites. Web and Internet
are different terms, they are mostly misunderstood.
Usually, it's over a monthly period.
Everybody's Credit is different, because people have different Credit Scores
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Answer:
1) It is a price floor which is binding as employeer cannot hire teenagers willing to work below 24 dollars per hour
2) it is a price celling and is biding as the current equilibrium price is 3.00 There will be shortage as demand will icnrease for the lower price but supply decrease as it is not as profitable
3) it is a price floor which is also binding as the equilibrium is at 3 dollars the supplier will have to increase price and sales volume will be lower as demand will drop
Explanation:
Answer:
Inelastic
Explanation:
When the price of hamburgers increased from $1.50 to $2.75, the quantity demanded decreased from 375 units sold to 250 units sold. Using the midpoint method, hamburgers are said to be inelastic
1. Change in price = 2.75-1.5 / (1.5+2.75)/2 = 1.25/2.125 = 0.59
2. Change in quantity demanded = 375-250 / (375+250)/2 = 125/ 312.5 = 0.4
3. Price Elasticity = 0.4/0.59 = 0.68
4. When the value of elasticity is less than 1, it suggests that the demand is insensitive to price and is inelastic
Answer:
C. price per unit times quantity sold.
Explanation:
Total revenue is defined as the revenues that are received from the sales of units of goods and services. It is price multiplied by quantity sold.
Total revenue can also be seen as price per unit times quantity is sold. For example if the unit price of a good is $2 the price per one unit is $2. When 20 units are sold the price per units sold is 20* $2= $40.
So times that a defined unit of goods is sold multiplied by price gives the total revenue.
