Answer:
B) The entity CUSTOMER with the attribute PURCHASE
Explanation:
The entity is an existing real world object or person, while an attribute is a feature or characteristic of the entity.
In a relational data model (RDBMS), entities are represented as data in an entity set (customer) while the field represents the different attributes or properties of the entity.
Answer:
The transaction will generate a buyer surplus of $2,000 and a sellers surplus of $3,000
Explanation:
A consumer values a car at $20,000
It costs a producer $15,000 to generate that same car
The transaction is complete at $18,000
The first step is to calculate the buyer's surplus
= $20,000-$18,000
= $3,000
The seller's surplus can be calculated as follows
= $18,000-$15,000
= $3,000
Hence the transaction will generate a buyer surplus of $2,000 and a sellers surplus of $3,000
