Answer:
Yes. It is true. the shifting from manufacture to services is the idea implicit in the term "service economy"
Explanation:
The constant grow of services in the industrialization process lead to the creation of this economy.
Answer:
manufacturer --> explicit cost
wages and utilities --> explicit cost
implicit cost --> rent of the showroom
implicit cost --> accountant salary
Explanation:
Implicit cost:
A cost already occurred but not necessarily shown or reported as a separate expense. It represents the opportunity cost of internal resources used without explicit compensation. The loss of potential income. but not of profits.
Resuming Implicit cost comes from the use of an asset, rather than renting or buying it.
Explicit cost:
Is a cost that occurs, identificable and accounted. It occurs during business operations and has a clearly defined dollar amount.
Explicit and implicit costs are utilized in the calculation of economic profit. They are used to determinate profitable of a business
Answer:
Inelastic
Explanation:
Price elasticity of demand (PED) is the proportional change in quantity demanded of a good or service if the price changes by 1%. The PED is calculated by dividing the percentage change in quantity demanded by the negative percentage change in price.
PED = 37% / -25% = -1.48 inelastic
If PED > 1, elastic demand
If PED < 1, inelastic demand
If PED = 1, unitary demand
Answer:
Heterogeneous-shopping products(Shopping product)
Explanation:
Products can simply be said to be services, events, places, ideas, person e.t.c.
There are four types of consumer product classes namely:convenience, shopping, speciality and unsought.
Shopping products are homogeneous and heterogeneous in nature.
Homogeneous shopping products usually need enough exposure to facilitate price comparison; they differs in style, comparison, quality and price sensitivity is high e.g housing.
