Answer:
Mark's individual consumer surplus is $10.
Explanation:
Mark and Rasheed are at the bookstore buying new calculators for the semester.
Mark is willing to pay $75 and Rasheed is willing to pay $100 for a graphing calculator.
The price for a calculator at the bookstore is $65.
The consumer surplus is the difference between the maximum price that a consumer is willing to pay and the price he actually has to pay.
Mark's individual consumer surplus
= Price mark was willing to pay - Price he actually has to pay
= $75 - $65
= $10
Answer:
$1,223,500
Explanation:
The computation of cost of goods sold using LIFO method is shown below:-
Here, we are using LIFO method so we calculate from last number of units and cost per unit so we need to get 1,100
So, units from last 270 + 440 + 340 = 1,050
Now we need 50 units from purchase units so cost of goods sold
= 270 × $1,190 + 440 × $1140 + 340 × $1,040 + 50 × 940
= $321,300 + $501,600 + $353,600 + $47,000
= $1,223,500
Answer: Option (d) is correct.
Explanation:
Here, Income elasticity of demand for burger is negative because burger is considered as inferior good for this person. There is a inverse relationship between the income of an individual and demand for a inferior good which means that as the income of a consumer increases, as a result demand for inferior good decreases whereas demand for normal good increases with increased income level. Income elasticity of demand for normal good is positive.
The following statements fulfill the criteria.
Explanation:
- She issues an account statement annually that lists all the transactions made through a customer’s account that year.
<u>This is her responsibility to keep a record of the transactions and make them availabl</u>e.
-She allows customers to withdraw money only if the institution has sufficient cash reserves during the day.
<u>This is also following standard policy of the company</u>
-She provides details to customers regarding the money deposited in their accounts.
<u>This is also in terms with the privacy policy of most firms for consumers to have this information.</u>
