Answer:
monthly insurance payments = $29.94
Explanation:
given data
hazard coverage = $98,000
annual premium = $0.44 per $100.00
cost of the policy = 2 ½ times annual rate for 3 year policy
solution
we get here first normal premium cost per year that is
normal premium cost per year = $98000 × 0.44 ×
normal premium cost per year = $431.2
and
insurance company is offering for new owner discount for purchasing a three year policy
so here the total cost for the three year is
total cost for the three = $431.2 × 2.5 = $1078
and now we get monthly insurance payments for 3 year is
monthly insurance payments =
monthly insurance payments = $29.94
Answer:
The answer is: C) the elasticity of demand, where the shortages will be larger if demand is more inelastic.
Explanation:
When the demand for a product is completely inelastic it means that the quantity demanded for that product will be the same whether its price increases or decreases. Rarely any product is completely inelastic, but inelasticity shows a tendency of buyers to keep buying a product even if its price rises, for example gasoline.
Inelastic products don´t follow the law of supply and demand, since the price doesn´t alter the demand.
If suppliers can produce enough goods (product shortages) and the quantity demanded stays the same, the price will rise. But if the demand for the product is inelastic then the shortage will get worse since every time more people will want to buy the product and their will be less product to buy.
Answer:
<em>Problem solving skills refers to our ability to solve problems in an effective and timely manner without any impediments. It involves being able to identify and define the problem, generating alternative solutions, evaluating and selecting the best alternative, and implementing the selected solution.</em>