Answer:
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Hope this is helpful to you
A good or service is said to be highly elastic if there is a a slight change in price this will cause a sharp change in the quantity. Usually these kinds of products are readily available in the market - example is jewelry. lottery ticket.
Answer:
Premium, value
Explanation:
Premium Pricing Strategy: this a strategy used by companies to drive up the prices for their products. This strategy is used when customers can be convinced that a company will offer a higher value than its competitors.
For example, looking at the prices of a Rolls Royce Phantom and a Toyota, one costs $450,000 and the other costs $25,000, both will take you from your office to your house, but some customers will prefer to buy the Rolls Royce, this is because of the value the Rolls Royce offers.
Value: this is the worth or usefulness of something. Therefore, if a company can offer value for money, customers will be willing to pay.
Answer:
Becky
Explanation:
A person has absolute advantage in the production of a good if she produces more quantities of the good compared to the other person.
Susan produces 4 pizzas in an hour while Becky produces 5 pizzas in an hour. So, Becky has an absolute advantage in the production of pizzas.
I hope my answer helps you
Answer: $11,620
Explanation:
A=P(1+r/n)^nt
A=$10,000(1+0.03/12)^12×5
A=$10,000(1+0.0025)^60
A=$10,000(1.0025)^60
A=$10,000(1.162)
A=$11,620
Note: A= Future value
P= principal
r=Interest rate
n= no.of time Interest is compounded
t= time money is invested.
