Answer: Option (a) is correct.
Explanation:
Income elasticity of demand measures the responsiveness of quantity demanded with change in the income level of an individual.
Income of an individual has a positive relationship with the demand for normal goods and has a negative relationship with the demand for inferior goods.
Answer:
The branch of knowledge concerned with the production, consumption, and transfer of wealth.
Explanation:
Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. The building blocks of economics are the studies of labor and trade.
Answer:
A cottage industry is a small-scale, decentralized manufacturing business often operated out of a home rather than a purpose-built facility. Cottage industries are defined by the amount of investment required to start, as well as the number of people employed.
Answer:
- Food service managers are facing a larger percent decrease at 3.31%
Explanation:
The percentage decrease in chefs/head cooks is:
= (100,600 - 99,800) / 100,600
= 0.795%
= 0.8%
Percentage decrease for food service managers is:
= (320,600 - 310,000) / 320,600
= 3.31%
Its c good luck and hope that helps
