Answer: Fresh fish lacks store of value feature.
Cattle lacks medium of exchange feature.
Explanation: In the given case the problem with using fresh fish as a medium of exchange is that it cannot be stored for the purpose of future use as it will rot in a short span leading to decrease in its value.
Whereas, the problem with cattle is that it cannot be used as a medium of exchange as one has to have a need of something valuable as a full cattle because cattle in pieces will have no value.
Answer:
The correct answer is d. result in a movement along a stationary supply curve.
Explanation:
The price effect is the change in the quantity demanded of a good (or service) when its price is modified, while the rest of the variables remain constant (other prices, income or preferences among others).
When the price of a good changes, the conditions in which a particular consumption basket was chosen change. Given the above, the consumer will have to reevaluate his choice and will probably have to vary the quantity demanded of the goods that make up his shopping basket.
Thus, for example, if the price of one of the goods falls, the consumer sees his budgetary restriction modified and can look for a new optimum in a higher indifference curve. On the contrary, if the price of one of the goods increases, the budget line changes but now the consumer can only aspire to a lower indifference curve. In addition, given a price change, the relative prices of goods also change.
Answer:
A
Explanation:
A budget constraint is a graph that shows all the combination of goods a consumer can consume given current prices and income of the consumer.
If income increases, the budget constraint will shift out parallel to the old
If income decreases, budget constraint will shift in parallel to the old one.
Complete question:
The marginal utility of the last unit of apples consumed is 12 and the marginal utility of the last unit of bananas consumed is 8. What set of prices for apples and bananas, respectively, would be consistent with consumer equilibrium
a. $8 and $12
b. $6 and $4
c. $16 and $9
d. $4 and $6
Answer:
$6 and $4 set of prices for apples and bananas, respectively, would be consistent with consumer equilibrium.
Explanation:
Given,
The marginal utility of the last unit of apples consumed = 12
The marginal utility of the last unit of bananas consumed = 8
Now ,
To find :
The market level for apples and bananas, respectively, will be compatible with the consumer's equilibrium:
= = $6
= = $4
$6 and $4 set of prices for apples and bananas, respectively, would be consistent with consumer equilibrium.
Answer:
mapping activities, improving process and executing processes.
Explanation:
Process analysis is a method used by management of a business to evaluate various processes in the entire organisation or in a department.
The main focus of process analysis is increased efficiency of the process under consideration.
Process analysis considers the process itself, parties that interact in the process, and information exchange structure.
Also improvements to current practice is identified for future implementation