Matching each scenario to the insurance needed for protection.
- Tyrell's son has leukemia and will need cancer medications- Health insurance.
- Someone broke into Maria's house and stole her flat screen TV and other values- Homeowners insurance.
- Don wants to make sure his family has enough money to pay off the house if he dies- Life insurance.
- Jill broke both of her legs in a skiing accident. She will be out of work for several months while she recovers from her injuries- Disability insurance.
- Due to careless driving, Lisa hit another car and hurt the passengers inside- Liability insurance.
<h3>What is insurance?</h3>
Insurance can be defined as a coverage that help to cover cost or expenses in case of unforeseen or unexpected circumstances such as:
Therefore Tyrell's son has leukemia and will need cancer medications- Health insurance.
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If a drought ruins a significant amount of the coffee crop,
it is expected that the price of the coffee will rise. It is because if there
are less products or the less it produces, it causes the product to rise
because the product will be of demand by the consumers.
Benefits of small amounts of inflation include more expansionary monetary policy, the placebo effect, and the facilitation of relative price changes.
<h3>What is meant by inflation?</h3>
Inflation is the term used to describe the rate of price rise for goods and services.
It is sometimes used to categorize inflation according to cost-push, demand-pull, and built-in factors.
The two most popular inflation measures are the Consumer Price Index and the Wholesale Price Index.
Inflation can be viewed favorably or badly depending on the perspective and rate of change.
Inflation may be advantageous for those who own tangible assets since it will raise the value of their holdings, such as real estate or goods that are kept in storage.
Inflation's primary causes include:
- Consumer-driven inflation
- Price-driven inflation
- more money available
- Devaluation
- increasing pay
- Regulations and policies
Benefits of Inflation: In order to meet increasing demand, production must increase. Additionally, debtors benefit from inflation because they can return their loans with funds that are less valuable than the funds they borrowed. This promotes borrowing and lending, which boosts expenditure on all levels once more.
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It is a false statement that the existence of financial middlemen and financial intermediaries increases the efficiency of the financial market
<h3>Who are financial intermediaries?</h3>
This refers to those entities that acts as the middleman between two parties in a financial transaction such as a commercial bank, investment bank, mutual fund, or pension fund. They offer a number of benefits to the average consumer such as safety, liquidity, and economies of scale involved in banking and asset management.
However, It is a false statement that the existence of financial middlemen and financial intermediaries increases the efficiency of the financial market because only the buyers and seller influence an efficiency of the financial market.
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Answer:
The demand for Post Raisin Brand cereal is: ELASTIC
the demand for all types of breakfast cereals is: INELASTIC
Explanation:
To calculate the price elasticity of demand (PED) we can use the following formula:
PED = % change in quantity / % change in price
- If PED > 1, the demand is price elastic
- If PED = 1, the demand is price unitary
- If PED < 1, the demand is price inelastic
*The PED always results in a negative number, e.g. price deceases, quantity increases, but for practical reasons we convert the negative number into a positive (we use absolute values) when we are determining the elasticity.
