<h3>The unemployment created by introduction of automatic elevators would be considered as structural
</h3>
Explanation:
Structural unemployment is a longer-lasting type of unemployment that is induced by structural economic changes and aggravated by external influences like technology, rivalry, and government policy.
Structural unemployment will last for decades and typically needs to reverse a dramatic shift. Technology continues to intensify systemic unemployment, marginalize certain workers and make certain occupations redundant, such as manufacturing. Structural unemployment can be long-term and difficult to address as it needs either displacement or retraining.
In competitive market equilibrium, the allocation of the social surplus is such that no individual can be made better off without making someone else worse off.
The phrase "competition equilibrium" refers to an equilibrium condition when the firm's goal of maximising profits and the customers' goal of maximising utility both aspire to reach an equilibrium price as a result of freely determined prices.
According to the theory of competitive equilibrium, the firm's supply of the product is equal to the market's demand for that same amount of the product. It is a circumstance in which neither the buyer nor the seller can strengthen their bargaining position with regard to the goods being sold.
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Answer:
39 months
Explanation:
loan balance $5,000
APR = 17.3% compounded monthly / 12 = 1.44167% monthly interest rate
monthly payment = $170
if we use the present value of annuity formula:
PV = payment x ({1 - [1/(1 + r)ⁿ]} / r)
5,000 = 170 x ({1 - [1/(1 + 0.0144167)ⁿ]} / 0.0144167)
29.4118 = {1 - [1/(1.0144167)ⁿ]} / 0.0144167
0.42402 = 1 - [1/(1.0144167)ⁿ
1/(1.0144167)ⁿ = 0.57598
1.0144167ⁿ = 1 / 0.57598 = 1.73617
n log1.0144167 = log1.73617
n 0.00621639 = 0.2395926
n = 0.2395926 / 0.00621639 = 38.54 ≈ since the payments must be made in full months, we have to round up to 39 months
to check our answer:
PV = payment x ({1 - [1/(1 + r)ⁿ]} / r)
PV = 170 x ({1 - [1/(1 + 0.0144167)³⁹]} / 0.0144167)
PV = $5,044.36
Answer: Yes it does
Explanation:
The investment advisors say that the market rarely declines three years in a row.
Since 1872, it has declined two years in a row 8 times and three years in a row, only twice.
This means out of 8 times, it declined twice. Percentage of times it declined was:
= 2 / 8 * 100%
= 25%
25% while not rare, is a good enough percentage to trust the advice of the investment advisors.
