Answer:
a. If two similar properties are for sale, a buyer will purchase the cheaper of the two.
Explanation:
The principle of substitution justifies the idea that the maximum value of a property will be set by the selling price of an equally valuable and desirable substitute property. In this case of property sale, if an area has two similar houses and one is being sold for $912,000 and the other is priced at $105,000, buyers will most likely go for the cheaper one. There is no reason to pay more money if they will be getting a similar property at low cost.
Answer:
Explanation:
Labor Input Physical output
10 500
11 600
12 690
13 760
14 800
marginal output of 11 th labor = 600 - 500 = 100
price of each product = 7
marginal revenue product of 11 th labor 7 x 100 = 700
B )
price of each of the goods sold = 10
marginal factor cost of labour = 700
minimum no of goods to be sold to cover the labour cost
= 700 / 10 = 70
no of goods added due to addition of 11 the labour = 100
no of goods added due to addition of 12 the labour = 90
no of goods added due to addition of 13 the labour = 70
so no of units of labor upto which the firm will continue to hire
= 13 .
Answer:
Supply and demand
Explanation:
First is important to remember the supply and demand principle. We can analyze this by the law of supply and demand.
The law of supply states that "the quantity of a good supplied rises as the market price rises, and falls as the price falls".
Conversely, the law of demand says that "the quantity of a good demanded falls as the price rises, and the quantity of a good increase as the price decrease".
For this case if the manufacturing plant close 20% of the people in the area will not have a job and the prices of the real state values will tend to decrease and if the prices decrease the quantity falls from the supply law.
Answer:
benefit those in the worst position.
Explanation:
Rawls theory is based on the concept that no inequalities shall prevail in the country. Although some inequalities are unavoidable.
In those circumstances, when Rawls shall agree to such inequalities, and in-fact, further states that it shall benefit all the people. But for this he states that those in the worst position shall be benefited first and with maximum.
This shall create an equality as these people facing inequality will not be criticised further for any purpose, if they are paid off well in the first instance only.
Answer and Explanation:
Rented-Goods Services are represented by retailom where consumers can own a good, or use a service for a specified time. As an example of this, we can mention hotel rooms, ski clothes, cars, houses, among others.
Nongoods Services are also represented by retail, but it presents personal services, where consumers can try them, judge them and then decide if they want to own them.
