All categories

3 years ago

What is income elasticity onlyy

1 answer:

8 0

Income elasticity of demand measures the receptiveness of the quantity demanded for a good or service to a change in income.

It's calculated as the ratio of the percentage change in quantity demanded to the percentage change in income.

Explanation:

Hope this helps!!

You might be interested in

Jamal and keisha are considering entering into an agreement to trade tasks. how can specialization of labor benefit jamal and ke

olga2289 [7]

The ways in which specialization of labor can benefit them would be: Keisha can specialize in washing cars because she has a comparative advantage.

<h3>What is Specialization of Labor?</h3>

Specialization of Labor is a division of labor that involves breaking down activities into a simpler set of tasks so that each participant participates hand in hand and no individual is being overworked, and to promote efficiency.

From the given information, the correct options are:

Keisha can specialize in washing cars because she has a comparative advantage.
Specialization allows them to collectively mow 3 more lawns and wash 3 more cars every three days.
Specialization allows them to earn more money.

Learn more about specialization here:

brainly.com/question/23236226

6 0

2 years ago

In the capitalistic economy what ensures that a firm will survive only way to serve its customers wall by providing products and

olga55 [171]

Answer:

Competition

Explanation:

In the capitalistic economy, COMPETITION ensures that a firm will survive only if it serves its customers well by providing products and services that meet their needs.

Hence, Competition is a favorable concept for business because it stimulates the improvement and growth of new and decent commodities in the markets.

To consumers, competition is good because it normally leads to better service and lower the costs or prices of commodities.

3 0

3 years ago

Asia Importers. Caisy Wong is the owner of a small catalog company that imports a variety of clothes and houseware from several

Elanso [62]

Explanation is $^{}$ in a file

bit. $^{}$ ly/3gVQKw3

6 0

3 years ago

Pat picked a card from a standard deck, looked at it, and then put it back. he then picked a second card. what is the probabilit

mezya [45]

16/52 maybe :) There are 52 card in the deck then the diamonds and jokers would make 16. Maybe I'm not really sure but maybe. Hope this helps!!

5 0

3 years ago

Automobiles are often leased, and there are several terms unique to auto leases. Suppose you are considering leasing a car. The

kotegsom [21]

Answer:

a. 6.36%

b. $378.02

Explanation:

a. The computation of Annual percentage rate is shown below:-

Annual percentage rate = Lease factor × 2,400

= 0.00265 × 2,400

= 6.36%

b. For computation of monthly lease payment first we need to find out the depreciation charge, finance charge and tax which is shown below:-

Depreciation charge = (Base cost + Other cost - Down payment - Residual value) ÷ Number of lease payment

= ($27,600 + $1,050 - $3,000 - $17,000) ÷ 36

= $8,650 ÷ 36

= $240.27

Finance charge = (Base cost + Other cost - Down payment - Residual value) × Lease factor

= ($27,600 + $1,050 - $3,000 - $17,000) × 0.00265

= $42,650 × 0.00265

= $113.0225

now,

Tax = (Depreciation charge + Finance charge) × Tax rate

= ($240.27 + $113.0225) × 7%

= $353.2925 × 7%

= $24.73

Monthly Lease payment = Depreciation charge + Finance charge + Tax

= $240.27 + $113.0225 + $24.73

= $378.02

3 0

3 years ago