The substitution effect is defined as the outcome of consuming various goods and services on those who do not use them.
<h3>What do you understand about the Substitution effect?</h3>
The substitution effect is the decline in product sales that results from customers switching to less expensive substitutes when the product price increases. Alternately, the term "substitution effect" describes the shift in demand for a commodity brought on by a change in the price of the well relative to other substitutes. For instance, when beef costs increase people tend to buy more chicken or turkey. Customers purchase store-brand coffee in response to an increase in the price of premium coffee at a coffee shop. Consumers choose generic substitutes as designer prescription drug prices rise.
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The answer is<u> "The plastic worm".</u>
A plastic worm (or trout worm) is a plastic fishing lure, for the most part made to recreate a night crawler. Plastic worms can convey an assortment of shapes, hues and sizes, and are produced using an assortment of engineered polymers.
The Plastic Worm is the Best Single Bait for Catching the Most Fish, for the Most People, Most Consistently, as per proficient anglers. Experts have said that no other bait gives the fisher a superior opportunity to get angle. This end is bolstered by reports that the Plastic Worm has assumed a part in more competition wins than some other trap or bait.
1) The percentage of the labor force that belongs to a union is known as the UNIONIZED PERCENTAGE RATIO.
2) The equilibrium wage rate is determined by the point of intersection of labor market supply and labor market demand. Equilibrium wage is the wage where the company agrees to pay and the worker agrees as the value of his work.
3) The effect of union exclusion of nonunion workers is to lower the wages of nonunion workers.
4) A market with one buyer and one seller is a bilateral monopoly. Monopoly is a market with only one seller. Monopsony is a market with only one buyer.
Answer:
$54,639
Explanation:
the approximate amount of principal reduction when the second lease payment is made in Year 2 can be calculated by making the Lease amortization table as follows
DATA
Annual payments = 68,830
Implicit rate = 8%
Annuty factor for 4 years at 8% = 3.55710
Present value of lease payment =$246,212 (68830*3.57710
)
Year 1 Year 2
Opening balance - $177,382(w)
interest - $14,191(w)
payments $68,830 $68,830
principal payments $68,830 $54,639
closing balance $177,382(w) $122,743
Working
Closing balance = Present value of lease payment - Annual payment
Closing balance = $256,212 - $68,830
Closing balance = $177,382
Interest = closing balance x implicit rate
Interest = $177,382 x 8%
Interest = $14,190.56
Answer:
Part of the model: thinking can be taught, thinking is an active transaction between the individual and the data, the process of thought evolves by a sequence that is lawful.
