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myrzilka [38]
3 years ago
11

The situation in which a person places greater value on a good as fewer and fewer people possess it is called the

Business
1 answer:
Phantasy [73]3 years ago
6 0

Answer:

The correct answer is: Snob effect.

Explanation:

The Snob effect is a phenomenon that tries to explain why the demand for a good or service increases in the high-income sector while it decreases substantially in the low-income sector. This scenario is created when people need access to rare or exclusive goods or services.

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Suppose a tax of $3 is imposed on each new garden hose that is sold, resulting in a deadweight loss of $22,500. The supply curve
liq [111]

Answer: Equilibrium quantity of garden hoses after the tax is imposed is 85000.

Explanation:

Given that,

Dead weight Loss = $22500

Tax amount per unit (t) = $3

Equilibrium quantity before tax, Q_{b} = 1,00,000 units

Equilibrium quantity after tax, Q_{a} = ?

Dead weight Loss = \frac{1}{2} \times t \times (Q_{b} - Q_{a})

22500 = 0.5 × 3 × (100000 - Q_{a})

Q_{a} = 85000 units

∴ Equilibrium quantity of garden hoses after the tax is imposed is 85000.

4 0
3 years ago
A lender estimates that the closing costs on a $165,000 home loan will be $6,187.50. The actual closing costs were 3.5% of the l
Ivanshal [37]
Home loan amount = $165,000

Estimated closing costs = $6,187.50 

% of estimated closing cost = ?

$165,000 * x% = $6,187.50
x% = $6,187.50 ÷ $165,000
x% = 0.0375
x = 0.0375 x 100 = 3.75

Therefore, estimated closing costs = 3.75% of loan amount = 3.75% of $165,000

Actual closing costs = 3.5% of loan amount = 3.5% of $165,000 = $5775

Difference in estimated and actual closing cost percent = 3.75% - 3.5% = 0.25%

The closing costs were lower than the estimate by 0.25%
5 0
3 years ago
Read 2 more answers
Macy is a very creative person. Often, when trying to generate a novel or useful idea, she spends several days "mulling over" th
meriva

Answer:

Correct answer is (E) incubation

Explanation:

Incubation stage of the process of gathering information about a creative work or an idea. It is a second stage in creative process where one reflect upon the preparation stage and allow the creative process to continued. It involves using high mental ability to combine thought elements that are stimulated at one point in time.

5 0
3 years ago
Big Equipment Company sold a tractor-scraper to Ace Paving for $125,000. Ace made a down payment of $25,000 and agreed to pay th
miv72 [106K]

Answer:

a. Reformation

Explanation:

In the given instance, it is clearly observed that the Vehicle Identification Number is not correctly written in the contract, and that happened due to typing errors, and was not intentional.

In these cases the courts order to reform the contract, and then the reformed contract shall reflect the intentions of both the parties as what they intend.

In the given case also, reformation will take place as the error is not due to intentionally, fraud with the other party. Thus correct option is:

a. Reformation

7 0
3 years ago
Why does manufacturing's multiplier effect matter to an economy?
irga5000 [103]

Answer:

It has a greater impact than service industries.

Explanation:

6 0
2 years ago
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