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Temka [501]
3 years ago
7

The chapter says that for consumers as a​ group, Quiznos sandwiches are normal goods and Subway sandwiches are inferior goods. B

ut I like the taste of Subway sandwiches better than I like the taste of Quiznos​ sandwiches, so for me Quiznos sandwiches are inferior goods and Subway sandwiches are normal​ goods." This​ student's reasoning is
Business
1 answer:
svetlana [45]3 years ago
8 0

Answer:

confused

Explanation:

The goods whose demand decreases in the market when the consumer income rises are known as inferior goods.

The goods whose demand increases in the market when the consumer income rises are known as normal goods.

Thus, the reasoning of the student is confused as the classification of the goods on the basics of normal or inferior depends on response of the demand when there is a change in consumer's income. Thus, the student's own perception about such classification is confused.

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Compute and interpret the fixed overhead budget and volume variances.
romanna [79]

It can be calculated using the following formula: Fixed Overhead <u>Volume </u>Variance = Applied Fixed Overheads – Budgeted Fixed Overhead. Here, Applied Fixed Overheads = Standard Fixed Overheads × Actual Production.

Volume is a measure of the occupied three-dimensional space. [1] Often quantified numerically using SI units (such as cubic meters and liters) or various imperial units (such as gallons, quarts, and cubic inches). Container volume is generally understood to mean the capacity of the container. That is, the amount of fluid (gas or liquid) the container can hold, rather than the amount of space the container itself moves through.

For simple 3D shapes, you can easily calculate the Volume is a measure of the occupied three-dimensional space. [1] Often quantified numerically using SI units (such as cubic meters and liters) or various imperial units (such as gallons, quarts, and cubic inches). Container volume is generally understood to mean the capacity of the container. That is, the amount of fluid (gas or liquid) the container can hold, rather than the amount of space the container itself moves through.

learn more about Volume here.  brainly.com/question/1972490

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8 0
1 year ago
Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the sa
Taya2010 [7]

Answer:

1. PES for pancakes is 2.45

2. Supply in the market for motorcycles is  less elastic than supply in the market for pancakes.

Explanation:

Hi :)

I feel like part of the question is missing but i was able to find it elsewhere and show you:

1. How to calculate PES using mid-point formula

2. PES for both motorcycles and pancakes

3. Which is more elastic

...

Price elasticity of supply is the responsiveness of quantity supplied to a change in price. it is calculated by dividing the % change in quantity supplied by the % change in price. Generally, it can be of two types:

Price Elastic: Change in quantity supplied is higher than change in price. PES > 1

Price Inelastic: Change in quantity supplied is lower than change in price. PES < 1

When calculated using the mid-point formula, this is the formula used:

<u>(Q2 - Q1) / [(Q2 + Q1)/2]  </u>

(P2 - P1) / [(P2 + P1)/2]

1. We will now substitute the actual values of pancakes in place after identifying them from the question:

Equilibrium Quantity - 27 (Q1)

New Quantity - 109 (Q2)

Equilibrium Price - $6.50 (P1)

New Price - $10.75 (P2)

<u>(109 - 27) / [(109 + 27)/2] </u>

(10.75 - 6.50) / [(10.75 + 6.50)/2]

<u>1.21 </u>

0.493

Therefore, PES for pancakes is 2.45 (approx. two decimal places) suggesting it is price elastic.

2. In order to check whether motorcycles or pancakes are more elastic, we calculate the PES of motorcycles using the same method:

Equilibrium Quantity - 27 (Q1)

New Quantity - 61 (Q2)

Equilibrium Price - $6.50 (P1)

New Price - $10.75 (P2)

<u>(61 - 27) / [(61 + 27)/2] </u>

(10.75 - 6.50) / [(10.75 + 6.50)/2]

<u>0.77 </u>

0.493

Therefore, PES for motorcycles is 1.56 (approx. two decimal places) suggesting it is price elastic. However, it is less price elastic than PES for pancakes.

One reason for this could be production time. Pancakes can be produced much faster than motorcycles. Therefore, it is more flexible to price changes.

5 0
3 years ago
A sale consists of the passing of the _______ from the seller to the buyer for a price.
Brrunno [24]

A sale consists of the passing of the<u> title of goods</u> from the seller to the buyer for a price.

A price is the amount of payment or compensation (usually non-negative) that one party gives to another party in exchange for goods or services. In some cases, the production price is given another name.

If the product is a commercial "commodity", the payment for that product may be referred to as the "price". However, if the product is a "service", the product may have other names.

For example, the following graph shows several situations The price of a commodity is affected by the cost of production, the supply of the desired item, and the demand for the product. Prices are either set by the monopoly or imposed on the company by market conditions.

learn more about Prices here. brainly.com/question/2021001

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8 0
1 year ago
If all other factors are equal, what will happen to the demand if the price of a product goes down? (Select the best answer.)
SpyIntel [72]
The demand will go up
7 0
3 years ago
Read 2 more answers
Which of the following is notan example of the potential dark side of big data?
lutik1710 [3]

Answer:

C) Use of a predictive modeling system that predicts life expectancy by using data about individual consumers' buying habits as well as personal and family medical histories.

Explanation:

Big data are a set of data that when analysed and studied show trends and patterns of individuals and firms.

5 0
3 years ago
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