Answer: d. income elasticity of demand for that good.
Explanation:
A good is a normal when an increase in income leads to an increase in demand for the good and inferior when an increase in income leads to a decrease in demand for the good. Thus, to determine whether the good is normal or inferior we use income elasticity of demand for that good. If income elasticity is positive the good is a normal good. If income elasticity is negative, the good is inferior.
$4419.76 on apex and I don’t know how to explain it but it won’t let me post otherwise, so.... good luck this year.
Answer:
Explanation:
a) A production function has constant return to scale if the inputs and the outputs change by the same factor.
Multiplying K and L by a constant C
Since Y = F(CK, CL) = CF(K,L), the production function have constant returns to scale
b) Per-worker production function, y = f(k)
c) % Capital depreciation per year, Δ = 0.2
Country A saves 10%, S = 0.1
The steady state level of income per worker and consumption per worker
Country B saves 30%, S = 0.2
The steady state level of income per worker and consumption per worker
Answer: a. Simplification of reality
Explanation: Simplification of reality is an accurate way to describe what a model is all about. It is a simplified representation used to explain the workings of a real world system or event. In business, as company's plan for making a profit, it identifies the products or services the business will put up for sale, it's target audience, including all expenses it anticipates. For new businesses, models help attract investments, to recruit talent, and in motivating management and staff. In all, businesses revisit and update their business plans so they can anticipate trends and changes and propose methods of meeting them in reality.
Answer:
Unearned revenues refer to cash received in advance of providing a service or product.
Explanation:
The unearned revenue is the amount i.e. collected in advance prior a service or the product is to be delivered. The same is to be shown as the liability on the balance sheet
So it is the cash received in advance before providing the service or product
Therefore the above statement represent an answer