Answer:Consumer Price Index (CPI) 2016 = 111.54
Explanation:
consumer price index is a measure of price change over a period of time in other words consumer price index is a measure of inflation. A number of good are selected and their prices are monitored each year in order to measured against the base year prices in order to determine changes in the general price level.
The goods selected represent the spending patterns of the an average consumer in that economy or country. When the price of these goods rise over time when compared to the Basket Cost of the base year we can assume that there is a rise in the general price level
Base year = 2014
Basket's cost 2014= $52
Base cost 2016 = $58
Consumer Price index (CPI) 2016 = Basket costs 2016/base year Basket cost 2014.
Consumer Price index (CPI) 2016 = 58/52 = 1.115384615 x 100
Consumer Price Index (CPI) 2016 = 111.5384615
Consumer Price Index (CPI) 2016 = 111.54
condition where different economic firms seek to obtain a share of a limited good by varying the elements of the marketing mix: price, product, promotion and place.
Answer:
Resources are not effectively utilised
Explanation:
Production possibility frontier (PPF) represents the resources a society can use. If the resources are utilised effectively the economy will operate outside the frontiers. Similarly, if the economy is not utilising the resources efficiently the economy will operate under frontier. This generally happens in recession and depression. In the state of recession and depression, society is unable to use all the resources which lead to low production and output.
Answer:
The greater the discrepancy between a consumer's needy state and the desired state, the greater <u>the consumer's need recognition will be.</u>
Explanation:
As there is a greater discrepancy between the two states, there would be stronger drive to satisfy the need
