Answer:
-3.24
Explanation:
Income-elasticity of demand is given as = % change in quantity demanded / % change in income.
Therefore, since Blake stopped eating generic chips, his change in demand of generic chips is given as
0-2 = 2.
Midpoint is (0-2)/2 = -1
Therefore, % change in quantity demanded for generic chips is given as zero, since Blake stopped taking it completely.
Blake's change in income is given as $8 to $15
% change in income = ($15-$8/$8)×100
7/8 × 100
% change in income = 87.5%
Midpoint of income is $8+$15/2 = $11.5
Income elasticity of demand for generic chips would be = -2/0.609 = -3.284 approximately -3.24
Answer:
C
Explanation:
because you need lots of apples to make lots of apple cider
<h2>The two fundamental steps are how people make choices & how resources and scarcity affect the costs and benefits of choices.</h2>
Explanation:
Let us understand the term "Economics" first.
It deals with "production, distribution and consumption" of "goods and services".
The basic steps are
People make choices by
- seeing the price of the market for any given product,
- the benefits that they get out of it,
- the postponement of buying a product based on the availability of the product
- buying products based on future demands
- understanding that the cost depends purely on the "scarcity" of the product
The simple answer is competition. While Southern Brewers was the only supplier in the market, they had monopoly over that industry which is why they could afford to give high prices. When other suppliers came with lower prices, they can't keep their high prices anymore because people can now save money with other suppliers.
Answer:
The correct word for the blank space is: defects.
Explanation:
The Six Sigma process is a highly-strict method companies use based on data analysis which purpose is eliminating <em>defects </em>in products. The Sigma represents the standard deviation of the total number of products studied. When a defect is identified, limits are specified to set boundaries on how good or bad the failure could be. Then, the defect has up to six sigma deviations which offer enough opportunity between the natural deviation and the technical specifications of the product.