Answer:
income elasticity is less than one - water
income elasticity is greater than one - designer handbag
Explanation:
Normal goods are goods whose demand increases when income increases and falls when income falls.
When income elasticity is less than one it is known as inelastic demand and when income elasticity is greater than one, it is known as elastic demand,
necessity goods are examples of goods with inelastic demand. for example, water. one cant do without water as it is needed for survival. if income increases, there would be little or no change in quantity demanded
luxury goods typically have an elastic demand. as income increases, more of the good would be demanded. an example of a luxury good is a designer handbag
A caller's experience can affect the way they view the organisation as if on the phone we come across rude or disrespectful it will reflect badly onto the company, this is because when we are on the phone to a customer while at work we represent the company, therefor if we speak to the customer
Answer:
The answer is: A) $15
Explanation:
Consumer surplus is the difference between the maximum price a consumer is willing to pay for a product and the price of the product.
Andrew was willing to pay up to $45 for the potato cannon and its price was only $30, so the consumer surplus is $15.
Answer: Cultural forces
Explanation:
This is an influencing system which exist within certain population that steer business practices and/or purchasing behavior.