Answer:
c. boats
Explanation:
Income elasticity of demand measures how quantity demanded responds to changes in price.
Goods that are considered necessities usually have the lowest income elasticity of demand. Therefore, the income elasticity of demand for doctors visits and natural gas would be relatively low.
The income elasticity of demand for luxury goods are usually high. Therefore, the income elasticity for boats would be high.
Goods whose price is small compared to income would have a low income elascitiy. Therefore, the income elasticity for hamburgers would be low.
I hope my answer helps you.
Answer:
through profits, empowering sales force, and reducing costs
Explanation:
Answer:
Mobile device eases the process of providing and receiving feedback. If your customers have concerns or problems with what your business offers, they can let you know in a timely manner. Mobile device gives customers a convenient and accessible way to express what they feel and gives companies a chance to respond. With such platforms, businesses are able to view complaints and assure their customers that their problems will be dealt with.
Explanation: the way I see the advantage of mobile devices evolving in the next 5 years.
it will be very easy for customers to get their orders at their doorstep without going out of their comfort Zone which is also happening now but by there the service will be faster.
Easy access to desired product and services
It will make work easier for the organization and also on time delivery for the client.
Answer:
Shut down
$1650
$1500
Explanation:
A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
in the shut run, a perfect competition should shut down if average variable cost is greater than price. this is the case for this firm $10 is greater than $8.
total fixed cost = average fixed cost x quantity produced = $11 x 150 = $1650
Total variable cost = average variable cost x quantity produced = $10 x 150 = $1500