The answer is: satisfying customer needs and wants.
<h3>What Distinguishes Needs from Wants?</h3>
One of the most crucial tasks you must take when building a monthly budget is classifying your expenditures by "need" or "desire" status.
The distinction between a need and a want might vary from person to person, making it one of the hardest challenges. It is also simple to mistake requirements for wants if you have been accustomed to something to the point that it is difficult to imagine life without it.
You classify your expenditure on the budgeting worksheet as either needs or wants. By doing this, you may distinguish between the expenses that are absolutely necessary for your existence and well-being (what you need) and those that are only desirable but not necessary (wants).
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Answer:
A: Refer the detail below
B: Refer the detail below
C: Refer the detail below
Explanation:
A. Definition of Supply
Supply is an economic term that refers to the quantity of a given product or service that suppliers are willing to offer to consumers at a given price level at a given period. Supply is positively related to price given that at higher prices there is an incentive to supply more as higher prices may generate increased revenue and profits
B. Non-price factors that will shift the supply curve
1. Producer input costs
2. producer expectation
3. The number of sellers.
C. Impact of Fountain Pens market
If the cost of production of fountain pens falls, producers can produce more goods by using the same amount of money. Therefore, the supply will increase and the supply curve will shift to the right.
Answer: Option B
Explanation: In simple words, aggregate demand refers to the total amount of goods and services that the consumers are willing to consume at a specific price and in a specified time.
A decrease in dollar value will result in less purchasing power for imports. This will result in less supply which will ultimately increase the price of the imported quantity, thus, resulting in decrease in aggregate demand.
Answer:
- <u><em>4,099 units or more</em></u>
Explanation:
The cumulative distribution of a random variable X that follows a normal distribution is given by the area undear the "bell curve" and the values are given by the corresponding table for the standard normal distribution.
The standardized value of the variable X is called Z and is calculated with the formula:
Where:
You read the Z-value for which the probability is greater than or equal to 5% in the table for the values of the area to the right of Z. Using probability = area under the curve ≥ 5%, the Z-value is 1.645 (interpolating between p = 0.0495, Z = 1.64 and p = 0.0505, Z = 1.65).
Substituting in the formula for Z:
- X= 60 × 1.645 + 4,000 = 4,098.7 ≈ 4,099
Hence, the bonus will be paid on 4,099 units or more.
Answer: The theoretical characteristics of firms in different industries
Explanation:
A market is a medium whereby buyers and sellers of goods and services meet to transact business. While a market structure is a way and manner in which the different parts of the market are closely linked together. Market structure is divided into two which are
Perfect market : A perfect market is one in which the producers cannot influence the prices of their products, either by reducing or increasing the quantity produced. The producer only produces a fractional part of the total produc. Therefore, the producer cannot influence the price .if a producer charges high prices ,the producer will lose his customers.
Imperfect market : An imperfect market is one in which the producers can influence the price of their commodities. Since, the producer is the only one producing the commodities, the producer can influence the price by reducing the supply .This will then force the price to rise.Therefore,a producer in an imperfect market can control both the price and supply.
