People will buy at places that are cheap and sell at more expensive prices because:
- The transactions costs would be too high.
- There's little resale market for used Big Macs.
- They would be expensive to transport.
- They're perishable.
<h3>What is transactions cost?</h3>
Transactions cost simply mean the expenses that are incurred when one buys or sells a particular product.
In this case, the above options are the reasons why people are unlikely to buy Big Macs in the places where they are relatively cheap according to purchasing power parity.
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Answer:
A. data mining
Explanation:
Data mining is a process which is used to understand a large sum of data and to extract critical and analytical information. It is a way to read the data in the best way possible to understand the pattern and information. It is used by organizations and firms to develop insight about customers, target market and marketing process.
Answer:
(a) $ 1200
(b) $ 702.5
Explanation:
In the demand and supply curve, the price of goods and services changes with respect to market conditions such as scarcity and consumers' needs. In the problem, if the producers charge about $497.50, the scalper will definitely charge a price higher than that of the producers, in this case, $1200. Thus, this is $702.5 (i.e. $1200 - $497.50) more than the producers' charge.
Answer:
1
Db Salaries expenses__4000
Cr Accrued salaries__________4000
Accrued on December 31
Explanation:
Accrued salaries refers to the amount of liability remaining at the end of a reporting period for salaries that have been earned by employees but not yet paid to them.
Weekly payroll 5000
Day payroll 1000
Monday-Thursday 4000
1
Db Salaries expenses__4000
Cr Accrued salaries__________4000
Accrued on December 31
Answer:
is the addition to total output due to the addition of the last unit of an input, holding all other inputs constant.
Explanation:
The marginal product of an input is the change in total output as a result of the change in output by 1 unit
For example, the table below is the total product of labour
amount of labour output
1 10
2 20
3 40
the marginal product of the 3rd worker = (40 - 20) / (3 - 2) = 20
marginal product of the second worker = (20 - 10) / (2 -1 ) = 10
Average output = total output / labour
