Money is any item that serves as a medium of exchange for goods and services.
Answer:
(B) U(c,f)=min{2c,f}
Explanation:
This is an example of Leontif utility function which states that the preferences of a consumer is to a constant ratio of quantities of two or more goods in his demand bundles and having an extra unit of a single good will not increase the utility of the consumer and will make the extra unit to waste. But having more units of all the goods in the demand bundle which maintain the constant ratio will increase the utility of the consumer.
A good example usually used in economics is that of a pair of shoe. Having one right and one left of a type of shoe gives a consumer utility at a constant ratio of 1:1, and increasing each leg by multiple of one at every point in time will increase the utility of the consumer, while increasing just only one makes the utility not to change. For instance, having only two left shoe will not give the consumer any utility and make both the left shoe useless.
In the question, the ratio of cups of corn meal, denoted by c, and cups of flour, denoted by f, is 2:1. This implies that to increase the utility of the consumer, c has to increase by a multiple of 2 at every point in time while f has to increase by one at the same point in time to maintain the constant ratio of 2:1. Increasing only c by 2 or only f by 1 will maintain the constant ratio and it will lead to a waste of the increased unit of the affected commodity.
Therefore, option (B) U(c,f)=min{2c,f} is the correct answer that gives a constant ratio of 2:1 = 2c:f.
I wish you the best.
Answer: The current price of the bond is $258.74
Explanation:
The present value of the bond is its Current Price
We would use the following formua to calculate the Current Price of the bond,
PV =
+ A ![[\frac{1-\frac{1}{(1+r)^{N} } }{r} ]](https://tex.z-dn.net/?f=%5B%5Cfrac%7B1-%5Cfrac%7B1%7D%7B%281%2Br%29%5E%7BN%7D%20%7D%20%7D%7Br%7D%20%5D)
Where,
FV = Face value = $1,000
A = Coupon payment paid semi annually = (8% x 1000) / 2 = $40
r = Yield to Maturity = 16%
N = Number of periods = 15 years x 2 = 30 semi-annual periods
PV =
+ 40 ![[\frac{1-\frac{1}{(1+0.16)^{30} } }{0.16} ]](https://tex.z-dn.net/?f=%5B%5Cfrac%7B1-%5Cfrac%7B1%7D%7B%281%2B0.16%29%5E%7B30%7D%20%7D%20%7D%7B0.16%7D%20%5D)
PV = 258.73618
Answer: Invention
Explanation: An invention is the creative ability of an individual to make something that has not been made before.
It is also a process of creating an item, service or something that has not been seen or used before.
The Engineer at 3M made a new product concept called Post-It notes by applying adhesive glue to small pieces of paper is a new invention.
Answer:
D. both a and b
Explanation:
There are 3 stages to technological change:
1. Invention - this is when new technology is created or invented.
2. Innovation - this is application of new invention
3. Diffusion - diffusion is when knowledge and use of new technology spreads. Training is one of the ways through diffusion can occur. Therefore , training is an example of technological change.
I hope my answer helps you