Answer:
I agree
Explanation:
The demand for butter is increasing as price increases. This means the higher the price, the higher the quantity demanded. This is against the law of demand.
I hope my answer helps you
Answer:
Option "D" is most suitable answer for the question.
Explanation:
Ceteris paribus involves keeping all other variables stable. So in our situation, because we recognize that a rise in tuition fees could result in fewer people deciding to join college, we believe that other causes that we don't realize might affect fewer people choosing to join university will stay.
Therefore Option "D" is the most suitable option for the above type of problem.
Answer: April 2024
Explanation:
Based on the information given in the question, at a minimum, the appraiser must retain his workfile till April 2024.
It should be noted that appraisal records should be kept for at least a period of 5 years. In a situation whereby there is a report which is involved in the litigation, then such file must be maintained for a further two years. This is according to the Uniform Standards for Professional Appraisal Practice Record Keeping Rule.
Answer:
c. 5
Explanation:
L Q MPL (ΔinQ/ΔinL) VMPL
4 52
5 60 8 80
6 66 6 60
7 70 4 40
8 72 2 20
Note: Labour hired per day = L, Total product = Q, Marginal Product of labor=MPL, VMPL =Price*MPL
A firm will maximize the profit by increasing the number of labor as long as VMPL is higher than or equal to the wage rate. In this case, we observe that VMPL ($80)>wage rate ($75) for L=5 but VMPL ($60)<wage rate ($75) for L=6. So, the optimal number of labor to be hired is 5.
