Answer:
c. inferior good.
Explanation:
Inferior goods are items purchased buy a consumer as a result of his limited income such that when that consumer's purchasing power increases, he purchases other commodities in place of the one initially purchased.
Hence the purchase more T-bone steak and less hamburger is an indication that hamburger is an inferior good to the consumer.
Answer:
8.0 %
Explanation:
inflation gap = 3 - 2 = 1
=3 + 2 + (.5 x 1) + (.5 x 5)
= 8.0
Answer:
a) he equilibrum quantity is 95 million pounds of butter and the equilbrum price is $1.20 per pound. At this level, both demand and supply is 95 million.
b) 0 or no surplus.
Explanation:
The question is in three parts
a) a. In the butter market, the monthly equilibrium quantity is million pounds and the equilibrium price is $ per pound
The equilibrum price and quantity refers to that point in sales where the quantity demanded = the quantity supplied.
Looking at the schedule, the equilibrum quantity is 95 million pounds of butter and the equilbrum price is $1.20 per pound. At this level, both demand and supply is 95 million.
b) What is the monthly surplus created in the wholesale butter market due to the price support (price floor) program?
First, what is the price floor fixed by the government = $1.00 per pound and at this rate, the demanded quantity is 101 million and the quantity supplied is 79 million pounds.
Hence, the monthly surplus = 79 million pounds - 101 million pounds = -22 million pounds
At this price, there is no surplus
Answer:
a. Demand will increase.
b. Demand will increase.
c. Demand will increase.
d. Demand will decline.
e. Demand will increase.
Explanation:
a. If small automobiles become more fashionable, people will prefer them more. This will lead to an increase in demand for autos.
b. If there is an increase in the price of large automobiles and the price of the small automobiles remain the same, people will prefer the cheaper substitutes. This will cause the demand for small automobiles to increase.
c. Inferior goods have a negative income effect. SO, when income declines the demand for small autos will increase and vice versa.
d. If consumers expect the price of small autos to fall in the near future, they will hold their money to buy autos when their price fall. This will cause the current demand to fall.
e. When the price of gasoline drops it will become cheaper to use autos. This will lead to an increase in demand for autos.
The correct answer to this open question is the following.
Although there are no options attached, we can say the following,
The human resource functions that are likely to be affected by this change are Resource Management, Personal Data Management, Training, and Performance Management.
Human Resource Management helps the organization carry out this change successfully, explaining how these modifications can benefit the employees and the entire organization. HR has to use the proper means of internal communication to explain in advance the kinds of oof changes that are coming. This will prevent fear and anxiety, and eliminate rumors about the situation of the employees in the organization.
HR has to be careful in confirming that nobody is going to be fired by the arrival of new technologies. Then, HR has to explain in detail the many benefits in planning, scheduling, organizing, inventory, and many other benefits for each department. If employees do not feel threatened by this new technology they would welcome changes that allow them to do their work more productively.