Answer:
Horses - 0.75 - normal
Clubs- 0.875 - inferior
Diamonds - 1.75 - normal
Diamond is a luxury good
Explanation:
Income elasticity of demand measures the responsiveness of quantity demanded to changes in income of the consumer.
Income elasticity of demand = percentage change in demand / percentage change in income
Income elascitiy for horses = 12% / 16% =
Income elasticity of demand for spades = 14% / 16% = 0.875
Income elasticity of demand for diamonds 28% / 16% = 1.75
A normal good is a whose demand increases when income increases and falls when income falls.
An inferior good is a good whose demand increases when income falls and whose demand falls when income increases.
Horses and diamonds are normal goods because the demand for the goods increases with income while clubs are inferior goods because the demand for the goods falls when income rises.
A luxury good is a good whose demand rises more than the rise in income. The demands for diamonds increase more than the increase in income, so diamonds are luxury goods.
I hope my answer helps you
Answer:
31.43 years
Explanation:
The number of years can be calculated using growth rate formula
yf = yi ( 1 + r) ^ t where yf is the final population, yi is the initial population, r is the rate in % and t is the number of years
yi = 50, yf = 1000, r = 10% and t = ?
substitute the values into the formula
1000 = 50 ( 1 + (10/100)) ^ t
divide both side by 50
1000/ 50 = 1000/50 ( 1.1) ^t
20 = (1.1) ^t
take log of both side
log 20 = t log 1.1 ( remember log a^b = b log a)
divide both side by log 1.1
log 20 / log 1.1 = t
t = 31.43 years
Answer:
Market Research.
Explanation:
The collection and analysis of information aimed at understanding the behavior of consumers is called market research.
Market research can be defined as a management strategy that focuses on systematically acquiring informations about occasions, trends, events or patterns through surveys and analysis of information pertaining to the customers of a business firm or organisation. The informations acquired through market research is then used by the executive management and sales department in strategically planning the organisation's future and exploitation of available opportunities for the success of the organization.
Answer:
c)opportunity cost
Explanation:
As Bobby is missing the job, it has to add up to the ticket cost the amount of labor wages lost during the concert and going bach and forth from his workplace.
That's because if Bobby didn't attend the concert it may have worked therefore, it will end with more han 60 dollars in his pocket.
The difinition for opportunity cost is the best alternative rejected. In this case is the wages against going to the musical
While a Scrum master makes sure their team follows Scrum principles, project managers oversee the entirety of a project, including logistics like budget and risk. Scrum Masters can be project managers, and project managers can be Scrum masters, but they're not the same thing.
