Answer:
In his landmark essay on the nature of economics, Lionel Robbins defined economics as. “the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”
Explanation:
Answer and Explanation:
The computation of the equivalent units of production for both material and the conversion cost is shown below:
Particulars Materials Conversion costs
Unit transferred out 9,700 9,700
Add:
Ending work in process 8,300 3,818
(8300 × 100%) (8,300 × 46%)
Total equivalent unit 18,000 13,518
Answer:
C. Intention to buy
Explanation:
Attitude simply represents behaviour which is learned that makes an individual respond either in a favourable or unfavourable way to a particular object. It could be a good, service, product among others. Attitude is important in determining consumer behaviour and it greatly affects marketing
The Tricomponent Attitude Model is one of four categories of attitude models usually considered in marketing. The model consists of 3 parts or components as follows
a. The cognitive component- deals with the perceptions and knowledge of consumers about services, products or brands
b. Affective component- this general measures or assesses the disposition of a consumer to a product and it measures as favourable or unfavourable
c. Conative component- This component of the tricomponent attitude mode is basically concerned with the consumer's intention to buy a particular product, patronise a brand or request a service.
Answer / Explanation:
Before answering this question, let us understand some terms used in the narrative:
Marginal Utility: Utility in itself can be refereed to as the satisfaction derived from the consumption of a particular good or service. However, when we now becomes a marginal utility, it mean we are now paying attention to the level of change in the extra level of satisfaction derived from the particular good and service.
Optimal Consumption: This can be referred to as one of the guiding principle of consumption in an economy, it stipulates that when a consumer maximizes utility or attain maximum satisfaction, the marginal utility per amount spent must be the equal all goods and services in the same class of goods..
In summary it is a state of mind or feeling that people get a certain level of joy utility from consuming goods and service while Marginal utility is the benefit of consuming an extra unit of that product.
Now referring back to the question and answering it,
If Connie is making optimal consumer choices, the ratio of marginal utility to the price should be the same for both goods. Hence, the price of coffee is 3/2 as much and these ratios are equal and the marginal utility of coffee must be = 3/2 as high as that of tea at the quantities she is purchasing them at.
Answer: If interest rate was 4%= $180.09. If interest rate was 8%= $317.22
Explanation:
Assuming that the aboriginal trackers were promised the $100 at the beginning of the year 1880 and the claim was also made at the beginning of the year 1995.
Number of years from 1880-1995 = 15 years
If the interest rate was 4%
= 100*(1+4%)^15
= $180.09
If the interest rate was 8%
= 100*(1+8%)^15
= $317.22
