In economics, the marginal propensity to consume,or abbreviated as MPC, is the ratio of the change of consumption to the change of income. In other words, the MPC is the slope of a consumption vs. income plot graph. Analytically, its equation is
MPC = ΔC/ΔI
MPC = ($767-$758)/($927-$912)
MPC = 0.6 or 60%
Answer: d. a decrease in the quantity demanded of 30%
Explanation:
Price elasticity of a good is used to measure the magnitude of change in the quantity demanded of the good as a result of a change in price.
Price elasticity = Change in Quantity demanded / Change in Price
2 = Change in quantity demanded / 15%
Change in Quantity demanded = 2 * 15% = 30%
The elasticity is listed as positive but is supposed to be negative even though this can cause confusion. Normal goods are assumed to have a negative elasticity so unless stated otherwise, assume elasticity is negative.
This is why the change is a decrease in quantity demanded.
Answer:
B. The price for used Brazilian rosewood guitars will increase because there will be a smaller supply of those Guitars on the used market
Explanation:
A ban on the use of rosewood will lead to a reduction of supply the acoustic guitars. The Brazilian rosewood makes the guitars famous, increasing their demand. A reduction in the supply of the guitars in the market increases their price.
The price of a commodity such as these guitars is determined by the supply and demand forces. The equilibrium point where the demand matches supply becomes the market price. Should there be a decrease in supply and demand remain constant, many buyers will compete for the few available guitars. A few sellers against many buyers will result in sellers increases prices and buyers raising their bids to buy the guitars.
In term of big data, Veracity includes the uncertainty of data, including biases, noise, and abnormalities.
A big data characteristic related to consistency, accuracy, quality, and trustworthiness is veracity. The biasness, noise, and abnormality in data are all examples of data veracity. It also refers to data that is incomplete or contains errors, outliers, or missing values. The enterprise faces a significant challenge in converting this type of data into a consistent, consolidated, and united source of information.
While enterprises' primary focus is on utilizing the full potential of data to derive insights, they frequently overlook the issues caused by poor data governance. When it comes to big data accuracy, it's not just about the quality of the data; it also depends on how trustworthy your data source and data processes are.
Learn more about big data here:
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Answer:
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