Answer: Coefficient of elasticity of supply is 0.75.
Explanation:
Price elasticity of supply measures the responsiveness of quantity supplied to a change in the price of the good. It can be measured using the percentage point method,
Therefore, coefficient of elasticity of supply is 0.75. Since it is less than 1 we can infer that supply for this good is relatively inelastic.
Answer:
111 pounds
Explanation:
The number of pounds Cynthia should order each day can be calculated as follows
Calculation
Standard deviation = 20
Mean = 100
Cost of actual utilization = 8-3 = 5
Cost of Under utilization = 4-2 = 2
Probability of sale = Co/(Cu+Co)
Probability of sale = 5/(5+2)
Probability of sale =0.714
Z score at above probability = z = 0.57
hence cynthia should order= mean+z*standard deviation
Order = 100+0.57*20
Order = 111.4 or 111 pounds
Answer:
$8,000
Explanation:
The entrepreneur needs $20,000. She can raise 60% from savings. It means she needs to generate 40% from other sources.
40% of $20,000 is
=40/100 x $20,000
=0.4 x $20,000
=$8,000
Answer:
TRUE
Explanation:
Marginal Benefit is addition to total benefit due to a business decision.
Marginal Cost is addition to total cost due to a business decision.
Marginal Benefit & Marginal Costs are determinants while considering a business decision. A decision will be taken if : Marginal Benefit ≥ Marginal Cost, as entrepreneurial decision maker would be better off or at least neutral while taking decision. If MB < MC , it is loss making for the entrepreneur to take that decision & hence is discouraged to take that.
Answer:
India is one of the youngest Nation in the world
Explanation:
The countries that fall under the BRICs (Brazil, Russia, India and China), will have large tendency to shape the future of world because these countries are growing with greater GDP growth rates.
India is the one of the youngest nation with having its 27% population living below 27 years. The generation has opted to technological advances which suits most of the companies to move here. The human resource here is available at low cost and the free trade agreement of India with a lot of countries has helped it to equip its resources to maximum which is the reason it has 7.6 GDP growth rate.
There is increased demand for infrastructure development, basic needs provision and many other commodities. So this makes India an attractive market with a well diversified people taste because a lot of civilizations are living and burried here.
