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Sergeu [11.5K]
3 years ago
10

A firm knows that Seneca's income elasticity of demand for hair ties is 5; for Janelle, it is 0.2. A firm can reason thatla hair

tie is a(n) _ _good for Seneca while it is a(n)_good for Janelle. A. inferior; normal B. complement; substitute C. necessity; luxury D. normal; inferior E. luxury; necessity
Business
1 answer:
Lilit [14]3 years ago
3 0

Answer: E. luxury; necessity

Explanation:

Income elasticity of demand is a measure of how the demand for a good or service change when people's income changes. It the ratio of the percentage change in quantity demanded to the percentage change in income.

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Answer:

C) Third

Explanation:

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How does a mechanic's lien assist creditors?
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A time standard was set as 0.20 hour per unit based on the 20th unit produced. Assume the task has a 60 percent learning curve.
Sliva [168]

Answer:

40th unit = 0.11 hr

80th unit = 0.06 hr

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Explanation:

Given :

$T_{20} = 0.2$

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Now using the learning curve equation,

$ T_n = T_1(n)^b$

where b is  $b= \frac{\ln r}{\ln 2} = \frac{\ln 0.6}{\ln 2} $  = -0.833

Now

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For 40th unit

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For 80th unit

$ T_{80} = 2.5(80)^{-0.833}$

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For 160th unit

$ T_{160} = 2.5(160)^{-0.833}$

        = 0.03 hr

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