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slava [35]
3 years ago
10

Steve went to his favorite hamburger restaurant with $3, expecting to buy a $2 hamburger and a $1 soda. when he arrived he disco

vered that hamburgers were on sale for $1, so steve bought two hamburgers and a soda. steve's response to the decrease in the price of hamburgers is best explained by: the substitution effect. the income effect. the price effect. a rightward shift in the demand curve for hamburgers.
Business
1 answer:
inysia [295]3 years ago
8 0
The answer is The income effect. 
Income effect is described as the change in demand of a service or good brought on by change in the income of a consumer.It is observed in two cases first is when income of person increases and second is when price of goods or service decreases. 
The scenario given in the question is an example of second case as the price of burger was less than normal Steve perceived his income to be able to buy more product in same price
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How do you apply force field analysis and brainstorming techniques to a complex business
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3 years ago
The Quick Buck Company is an all-equity firm that has been in existence for the past three years. Company management expects tha
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Answer and Explanation:

a. The computation of the current price per share is shown below:

Current price per share = Value of Firm  ÷ Number of stock outstanding

where,

Value of Firm is

= $800,000 ÷ 1.13 + $1,250,000  ÷ 1.13^2

= $1,686,897.96

And, the number of outstanding shares is 35,000 shares

So, the current share price is

= $1,686,897.96 ÷ 35,000 shares  

= $48.20

c. The computation of the shares of stock sold is shown below:

No of shares of stock must be sold is

= ($910,000 - $800,000) ÷ 48.20

= $2,282.16

c. The computation of the new price per share of stock is shown below:

Current price per share = Value of Firm  ÷ Number of stock outstanding

where,

Value of Firm is

= $910,000 ÷ 1.13 +  $1,250,000 ÷ 1.13^2

= $1,784,243.09

And, the number of outstanding shares is 35,000 shares and $2,282.16

So, the current share price is

= $1,784,243.09  ÷ 35,000 shares  + $2,282.16

= $47.86    

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3 years ago
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