Explanation:
Examples of determinants of demand are:
- The price of the good or service. - The nominal price of a good is its value in terms of money
- The income of buyers. - available to purchase a good
- The prices of related goods or services. - one of the other factors affecting demand
- The tastes or preferences of consumers. - the subjective (individual) tastes, as measured by utility, of various bundles of goods.
- Consumer expectations. -the feelings, needs, and ideas that customers have towards certain products or services
If you have any questions feel free to ask in the comments. - Mark
There are four parts to property rights are namely the right to use the good, the right to transfer the good to others, the right to enforcement of property rights, and the right to earn income from the good
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Option C
<u>Explanation:
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Property rights are abstract and legally regulated legal buildings for deciding which property or economic goods are used and held. Property rights may be owned by (and therefore belong to) individuals, organizations, collectives. This characteristic comprises four wide elements and is frequently called a bundle of rights.
- The right to make use of the good
- The right to earn an income from the good
- The right to transfer the good to someone else, change it, give up it or destroy it (the right to cease ownership)
- The right to implement property rights.
Throughout economics, the land is normally considered to be owned by an asset or good (rights on the income obtained from property). In fact, several economists argue that ownership rights must be fixed and relations between other parties represented in order to be more efficient
.
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Answer:
a. positive, so Joan considers hamburger to be an inferior good.
Explanation:
Income elasticity is a microeconomic concept that aims to measure the sensitivity of demand in the face of income changes. To calculate the Income elasticity , a formula is used that divides the observed percentage change in quantity (Q) by the percentage change in price income (P): Elasticity = ▲ Q / ▲ P
The percentage change in quantity (▲ Q) and the percentage change in price (▲ P) are calculated by the difference in quantity / price in the two periods divided by the quantity / price of the first period.
▲ Q = (60 -50/60) = 0,16
▲ Q = (40.000 - 30.000/40.000) = 0,25
Elasticity = ▲ Q / ▲ P = 0,16/0,25 = 0,64
Therefore, the elasticity is positive.
This good is considered inferior, because according to microeconomic theory, inferior goods are those whose demand increases when consumer income decreases. This is the opposite of the normal good, which has its demand increased when income increases.
Answer:
Option A
Explanation:
A Novation is a form of contract in which the original contract is substituted by a replacement contract where by the new party agrees to accept all the debts to be paid as a part of the original contract.
In other way the original contracting party give all the rights and obligations to the new party
Hence, Option A is correct
