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4 years ago

Use the following classification to determine which category each of the following goods falls into.

Business

1 answer:

valkas [14]4 years ago

5 0

Answer:

When a good is said to be Excludable, it means that it's access can be restricted to being used by only a certain number of people.

Similarly Non-Excludable is the opposite.

And when a good is said to be Rival in Consumption, it means that when it is used, it reduces the chances of other being able to use the good because it is being depleted.

Non - Rival means the opposite.

Public Goods

These goods are said to be Non-Rival and Non - Excludable. Their use by one person does not deplete it for another and it's access cannot be restricted to certain people.

Private Goods

These Goods are both Rival and Excludable.

Club Goods

These goods are Non-Rival in nature, but they are Excludable.

Common Resource

These are Rival goods but they are Not - Excludable.

Public swimming pools with free admission during summer. - Common Resource

Public Pools are rival goods because when they are used by people, the quality reduces and more treatment or water will have to be added to maintain it. It is Non-Excludable however because it is open to all with free entrance.

Flood control - Public Good

Flood control is a state sponsored program aimed at helping everyone in the country or rather the affected area. It is non-excludable and non-rival in nature.

Private security patrol with idle officers - Club Resource

This is a club resource because the security provided is non - rival in that it does not get depleted. However because they are private, they only protect certain people which makes it Excludable in nature.

Public basketball courts - Common Resource

Anyone can use Public Courts thereby making them Non-Excludable. However, the more people that use the courts, the more damaged it gets making it Rival in nature.

Flu vaccine - Private Good

Flu vaccines are Rival in Consumption in that every flu vaccine given to one person reduces the amount of flu vaccine available for others. It is also Excludable because not all people get it as it is free up to a certain age and then has to be paid for.

You might be interested in

________ is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering an

inessss [21]

Answer:

D. Customer-perceived value

Explanation:

Customer-perceived value -

It refers to the method of marketing , where the needs and wishes of the consumers are considered to be very important for the good and services to be successful , is referred to as customer - perceived value .

As when the company creates any product , the likes and dislike of the consumers are always given the priority , in order to get the best results .

Hence , from the given information of the question ,

The correct option is D. Customer-perceived value .

8 0

4 years ago

After graduating from college, you are hired by the Ford automobile company as an economic analyst. For your first project, you

Olenka [21]

Answer:

1. if the price of Chevrolet Camaro increases, the demand for Ford Mustangs increases. Conversely, if the price of Chevrolet Camaro falls, the demand for Ford Mustangs falls.

2.If the price of gasoline increases, the demand for Ford Mustangs would fall and if the price of gasoline falls, the demand for Ford Mustangs would increase.

3. if income increases, demand for Ford Mustangs increases and if demand falls, demand for Ford Mustangs falls

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.

Income elasticity of demand measures the responsiveness of quantity demanded to changes in income.

If the absolute value of income elasticity of demand is greater than one, it means demand is elastic.

The income elasticity is given as 3 , it means that demand is elastic. So if income increases, demand for Ford Mustangs increases and if demand falls, demand for Ford Mustangs falls.

Cross price elasticity of demand measures the responsiveness of quantity demanded of good A to changes in price of good B.

If cross price elasticity of demand is positive, it means that the goods are substitutes goods.

Substitute goods are goods that can be used in place of another good.

If the cross price elasticitiy is negative, it means that the goods are complementary goods.

Complementary goods are goods that are consumed together

Because the cross price elasticity between Chevrolet Camaro and Ford Mustangs is positive, it means they are subsituite goods. So, if the price of Chevrolet Camaro increases, the demand for Ford Mustangs increases. Conversely, if the price of Chevrolet Camaro falls, the demand for Ford Mustangs falls.

Because the cross price elasticity of demand between gasoline and Ford Mustangs are negative, they are complementary goods.

If the price of gasoline increases, the demand for Ford Mustangs would fall and if the price of gasoline falls, the demand for Ford Mustangs would increase.

8 0

3 years ago

Shelton inc. has sales of $23.8 million; total equity of $31.3 million; and total debt of $16.7 million. if shelton's profit mar

tiny-mole [99]

Sales = $23.8 million

Total equity = $31.3 million

Total debt = $16.7 million

Profit margin = 8% = 0.08

Return of assets = ?

First we calculate the total assets:

Total assets = Total debt + Total equity

= $16.7 million + $31.3 million = $48 million

Now find net income by using this formula:

Profit margin = Net income / Sales

Net income = Profit Margin × Sales = 0.08 x 23,800,000 = $1,904,000 Now calculate Return of assets: Return on assets = Net income / Total assets =$1,904,000 / 48,000,000

Return on assets = 3.967%

6 0

3 years ago

Erik has a $5 dollar bill. He uses it to pay for soda and a hamburger. What form of financial exchange is this?

Daniel [21]

The form of financial exchange Erik uses is B. currency.

8 0

3 years ago

Read 2 more answers

Stockholders invested $10,000 cash in the business in exchange for common stock. 5 Purchased equipment for $12,000 paying $4,000

nasty-shy [4]

Answer:

1. Dr Cash 10000

Cr Common stock 10000

2. Dr equipment 12000

Cr Cash 4000

Cr Accounts payable 8000

3. Dr Accounts payable 2400

Cr Cash 2400

4.a) Dr Retained Earning 500

Cr Dividend payable 500

b) Dividend payable 500

Cash 500

Explanation:

Cash Common Stock

_Dr_______ Cr_____ Dr______________Cr_____

10000 --- 4000 --- 10000

--- 2400

--- 500

Equipment Accounts payable

Dr____________Cr____ _Dr_______________Cr______

12000 --- 2400 ---- 8000

Retained Earning Dividend Payable

Dr______________Cr_______ Dr__________________Cr___

500 ---- 500 -- 500

Trial Balance

Cash 3100 - 10000 Common Stock

Equipment 12000 - Dividend payable

- 5600 Account payable

Retained earning 500 -

Total 15600 = 15600 Total

3 0

4 years ago