Answer:
<em>1. When the price of fresh fish increases 5%, quantity demanded decreases 10%. The price elasticity of demand for fresh fish is elastic.</em>
<em>2. The determinants of elasticity include d) all of the above.</em>
<em>3. Cross-price elasticity of demand measures the response in the d) quantity of one good demanded to a change in the price of another good.</em>
<em>4. A value of price elasticity of demand equal to 2 means that b) quantity demanded falls by two times the amount of an increase in price.</em>
Explanation:
<em>Price elasticity of demand = % change in quantity demanded of a good / % change in price of the good</em>. Value greater than 1 implies quantity demanded is price elastic, equal to 1 implies quantity demanded is price unitary elastic and smaller than 1 implies quantity demanded is price inelastic.
<em>Cross Price Elasticity of demand = % change in quantity demanded of a good / % change in price of another good</em>.
For rest, refer to the answer.
A self-liquidating premium is one in which the extra goods is supplied at a discount from the retail price but at a level sufficient to pay the item's cost.
When a consumer is expected to pay a specific monetary value for a gift or item, this is referred to as a self-liquidating premium. Premium Offer refers to value-added items, travel, or services offered to consumers in exchange for purchasing an alcoholic beverage product, also known as "product gift" or "gift with sales promotion.". Small gifts are supplied with the box as an in-or out-of-package premium. A nice example of this is the All Black collectors' cards included in Sanitarium Weet Bix boxes.
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<span>James Bonsack invented a cigarette making machine in 1881, this so called machine could make up to 120,000 cigarettes a day.</span>
Answer:
1.) Which location would be the most advantageous for my business.
2.) What business structure would best suit my business?
3.) What is the total cost of ownership of my capital purchases
Explanation:
Location: Siting a business location is widely regarded as one of the most critical decision one has to make when starting a business. A locaction which is accessible and also harbors the business choice of consumer.
2.) Business Structure : Careful planning, perusal and adoption of a model for one's business is a very essential decision to be at the beginning of a startup. Entrepreneurs may need to decide if embarking on a business alone or partnering with an already existing company or partner will reap the most benefit.
3.) Cost of ownership of capital purchase:
Capital purchases are very essential in starting a business. It incorporates building, facilities and essential equipment needed to run the business. Estimating the cost is very important while preparing for begin a start-up.