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inessss [21]
2 years ago
6

The change in consumption of a good that results from the implicit change in income, which has been caused by a price change, is

called __________.
Business
1 answer:
lapo4ka [179]2 years ago
4 0

Answer:

It's called a Normal Good

Explanation:

Normal Goods are a type of goods whose demand shows direct relations with a consumer's income. The consumption of a normal good increases with the increase of a consumer's income, if the income decreases the consumption decreases.

Normal goods have a positive income elasticity of demand.  Income elasticity of demand measures the magnitude with which the quantity demanded for a good changes in reaction to a change in income. A normal good has an income elasticity positive, but minor to one.

In this case, if the price of a good increases, the income of the consumer decreases, therefore it consumes fewer quantities of the product. An example of a normal good is Organic food.

An inferior good has an income elasticity of demand negative, meaning that if the income increases, the consumption decreases. An example of an inferior good is margarine if the income increases, consumers will start buying a superior product like butter.

A Luxury good presents an income elasticity of demand superior to one. The consumption of a luxury product increases more than proportional to the increase in income. An example of a luxury good is luxury cars.

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3 years ago
Guiness Inc. has a budgeted production of 8,000 units. Each unit requires 40 minutes of direct labor work to complete. The direc
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<u>Solution and Explanation:</u>

The budgeted cost of the direct labor for the month is calcuated as follows:

the given data:

Budgeted production is = 8000 units, time required of direct labor work in order to complete the production is = 40 minutes, the direct labor rate as given in the question is = $100 per hour.

Budgeted cost = time multply with rate of labor multiply with budgeted production

(40/60 multiply with 100) multiply with 8000 = 533,333.33

therefore, the budgeted cost = $533333.33 ( rounded of to 2 places).

6 0
3 years ago
A business that does not need a full-time accountant, would most likely use a ______ accountant in which services are exchanged
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A business that does not need a full-time accountant, would most likely use a public accountant in which services are exchanged for a fee.

<h3>Who is an accountant?</h3>

An accountant is a professional who is responsible for analyzing and interpreting financial records of an organization. He also keeps the financial records of business or firm that employs him.

The role of an accountant include performing accounting functions such as:

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Learn more about accountants here: brainly.com/question/13433103

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4 0
1 year ago
to derive a competitive advantage, firms can properly configure hr practices to drive ________ which leads to ________.
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When firms configure it HR practices to drive <u>employees</u><u> </u>which leads to improved <u>Firm performance</u>, then the firm will derive competitive advantage.

In a firm, the Human personnel is saddled with the responsibility of effectively managing and motivating the employee for purpose of achieving productivity.

Competitive advantage of a firm entails an attribute which enables a company to outperform its competitors such as Increasing customer-base over other firms.

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Learn more about this here

<em>brainly.com/question/17869281</em>

8 0
2 years ago
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