Answer:
Sunk cost will be = $70
Explanation:
Sunk Cost refers to the cost for which the amount has been already spent, and cannot be recovered. These are generally incurred and then not regarded for decision making as irrespective of decision being viable or not this cost cannot be avoided.
In the given instance, Damon Rutton Purchased the ticket of $70
This is the only cost which has already been incurred, else other costs of parking and food will only be incurred if he visits the game of Sarasota Shippers.
When he spend some time with his wife sunk cost will be = $70
Answer:
Are Luke some good friends
Explanation:
In my heart
First option.
Indeed, some people may benefit by paying the artificial price, but not all as other people may not be able to satisffy all their demand as a price ceiling will also effectively create a shortage due to the low prices disincentivizing producers.
Answer:
Liquidity of an asset refers to how easily convertible the asset is to cash or so called liquid money.
Most Liquid - A $5 bill
This is already cash so it is the most liquid there is.
Second-Most Liquid - The funds in a money market account
Funds in a money market account are the second most liquid because most often they can simply be withdrawn from the fund. There might be limits on the number of withdrawals allowed though within a period.
Third-Most Liquid - A share in a publicly traded company
A share in a publicly trade company ranks here because to realize the cash, one would need to sell the share first.
Least Liquid - Your house
Your house will be the most difficult of these to liquidate as it will involve a much longer process to eventually get it sold and realize cash. The process will include but will not be limited to, advertising, hiring realtors, inspection etc.
The income effect, the substitution effect, and diminishing marginal utility together explain the Downsloping Demand Curve.
The Downsloping Demand Curve is explained by each of them. Because marginal utility decreases as more of a thing are consumed, a consumer's demand curve for that product slopes downward.
Income Effect: The change in demand for a good or service brought on by a shift in a consumer's purchasing power as a result of a change in real income is known as the income effect.
Substitution Effect: The substitution impact is the decline in sales of a product brought on by customers switching to less expensive substitutes when the price of the product increases.
Diminishing Marginal Utility: The phenomenon known as diminishing marginal utility describes how each extra unit of gain results in an ever-smaller rise in subjective value.
The income effect, the substitution effect, and diminishing marginal utility together explain the Downsloping Demand Curve.
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