Answer: $6,814
Explanation:
Given that,
Initial price of chewing gum = $58
New price of chewing gum = $69
Initial price of cigarette = $39
New price of cigarette = $191
As per the budget equation,
Income with Initial price = Initial Price of chewing gum × quantity of chewing gum + Initial Price of cigarette × quantity of cigarette
= $58 × 76 + $69 × 49
= $4,408 + $3,381
= $7,789
Income with New price = New Price of chewing gum × quantity of chewing gum + New Price of cigarette × quantity of cigarette
= $69 × 76 + $191 × 49
= $5,244 + $9,359
= $14,603
Rise in income required = Income with New price - Income with Initial price
= $14,603 - $7,789
= $6,814
So, there is a need to rise the income by $6,814 and to become $14,603 to maintain the similar level of consumption.
Answer:
The correct answer are I and II.
Explanation:
The conceptual framework of IFRS defines that: "The information is material or of relative importance if its omission or inappropriate expression can influence decisions that users make based on the financial information of a specific reporting entity."
Relative importance (materiality) is defined in ISA 320 using the definition used by the IASB in the conceptual framework, the relative importance needs to consider both the amount (amount) and the nature (quality) of the representations on an economic fact, in the same way it is It is necessary to consider the possibility of misrepresentations of relatively small amounts that could have an important effect on financial information.
Answer: attached to other houses in a long row in a building that is owned by a landlord housing owned by shareholders.
An apartment is a row of houses with one common entrance and a hallway. It belongs to one building wherein the rows of apartment are attached and is managed by landlords.
Answer:
Economic models like the circular flow diagram are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories.
d) circular flow diagram
Explanation:
Economic models are a form of theoretical construct that consists of economic variables and quantities and the relationships between them. The relationship between the construct forms a basis for hypothesis for economic behavior. Economic models can be used to observe, understand and predict economic behavior. There are different economic models such as;
1. Specialization Model
This is a type of economic model where more attention is given to the production of specific goods and services for better efficiency in terms of time, cost and quality.
2. Financial capital market
This is a type of financial market that provides a platform for the buying and selling of capital in the form of long-term debt and securities. They basically act like a bridge between those who have capital and those who need the capital.
3. Financial investment market
This is also another type of financial market that provides a platform where financial assets and it's equivalent can be traded for the sake of investment. They include; stocks, bonds and assets.
4. Circular flow diagram
This is a type of visual representation that illustrates how money and commodities of trade move in an economy. It is a type of economic model that uses diagrams to represent economic patterns and theories.
Just try ur best and more likely ull get it