The reduction in Max's demand for hot dogs as his income rises shows that Max's hot dogs are an inferior good.
<h3>What is an inferior good?</h3>
An inferior good is a concept used in economics to describe a product whose demand falls as people's earnings increase. As salaries and the economy improve, people begin to replace these things with more expensive alternatives.
- The demand for an inferior good usually falls as consumer income grows, as opposed to normal goods, which experience the reverse.
Therefore, we can conclude that the reduction in Max's demand for hot dogs as his income rises shows that Max's hot dogs are an inferior good.
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Answer:
c. fiscal and monetary policies that impact aggregate demand do not impact the natural rate of unemployment.
Explanation:
Short run Philips Curve is downward sloping, due to inverse relationship between unemployment rate & inflation rate. High economic activity implies more inflation rate, less unemployment. Low economic activity implies less inflation rate, more unemployment.
However, the inverse relationship between inflation & unemployment is only in short run & not in long run. In long run, this inflation - unemployment trade off doesn't exist. So, any fiscal or monetary policy affecting aggregate demand & consecutively inflation rate, do not affect the natural rate of unemployment (combination of frictional & structural unemployment rate) in long run.
Answer: A. limited liability company.
Explanation:
A Limited Liability Company (LLC) is a type of company that is operated and taxed like a partnership for instance, profits that flow to the partners are taxed on the partner's income but not on the firm to prevent double taxation. This is called Flow-Through Taxation.
They operate with limited Liability for the owners because the owners are only personally liable for the debts and liabilities the company has up until the capital they invested. Anything past this and they cannot be held liable.
Answer:
Decrease by $1
Explanation:
Given:
Old data:
Q0 = 2,000 units
P0 = $20
Total revenue before change = 2,000 x $20 = $40,000
After change in Price.
Q1 = 2,100 units
P1 = $19
Total revenue After change = 2,100 x $19 = $39,900
Computation of Marginal Revenue:
Marginal Revenue = (P1 - P0) / (Q1 - Q0)
= ($39,900 - $40,000) / (2,100 - 2,000)
= -100 / 100
= $(-1)
Marginal revenue will decrease by $1
Answer:
transferred-out 135,000
Explanation:
We solve using the following identity:
beginning WIP + cost added during the period:
total cost to be accounted for.
Then this value can be either ransferred-out r remain at the ending WIP
so we construct as follows:
beginning 0
added 180,000
Total cost 180,000
ending <u> (45,000) </u>
transferred-out 135,000
