Well said, you've been in the workforce or heard the war stories.
Answer:
3) laissez-faire
Explanation:
Laissez-faire is a French expression that means to let us do, or applied to economics, let the economy self regulate itself. It was not a doctrine developed by Adam Smith, but rather by French economists who supported the idea of no government intervention in the economy.
President Coolidge believed that the government should not interfere with businesses and that businesses themselves were able to create prosperity for the nation.
Answer:
The total cost of goods sold = $70,000
Explanation:
Given:
Initial inventory at the start of the year for Jackson Co. = $20,000
Total cost of purchases made during the year = $80,000
Inventory remaining at the end of the year = $30,000
Solution:
Total inventory for Jackson Co. during the year = 
Inventory remaining at the end of the year = $30,000
The cost of the goods sold can be calculated by subtracting the remaining inventory from the total inventory.
Thus, cost of goods sold can be given as :
⇒ 
⇒ 
The total cost of goods sold = $70,000
Answer:
.793
Explanation:
Formula
.032=.7^2*.17^2+.3^2*.23^2+2(.7)(.3)(.17)(.23)p
.032=.0142+.0048+.0164p
.032-.0142-.0048=.0164p
.0164p=.013
p=.013/.0164
p=.793
Answer:
1. It is perfectly inelastic
Explanation:
Elasticity of Demand is the responsiveness of demand to price change.
- Elastic Demand > 1 ; implies demand changes proportionately more than price change
- Inelastic Demand < 1 ; implies demand changes proportionately less than price change
- Perfectly Elastic Demand = ∞ ; implies demand changes infinitely to price change, so the prices are constant
- Perfectly Inelastic Demand = 0 ; implies demand doesn't respond to price change, so quantity demanded is constant
Given : Seth body builder needs 12oz protein packet to 'feed his muscles' depicts that it is a necessity good to him. Being a necessity good, it would be demanded by Seth irrespective of price.
So, the demand is perfectly inelastic.
