Answer:
Option B:
inferior good; elasticity is negative
Explanation:
The income elasticity of demand is a measure of the rate at which a particular commodity is demanded, even after there is a change in the real income of the consumers.
It is a known fact that for inferior goods, once the real income of the consumers increases there is a higher tendency for them to switch to other premium commodities. Such goods are said to have a negative elasticity.
The income elasticity of demand can be calculated with this formula
percentage change in quantity demanded / percentage change in income.
If this gives a value that is less than 1, it means that the percentage change in the quantity of goods demanded is actually less than the percentage change in the income level of the consumers. Hence, the good is an inferior good. This is because when the consumers are earning more, they buy less of the product.
The answer is<u> "proof-of-concept prototype".</u>
A proof of concept is a framework structured simply to exhibit the usefulness of a solitary or little arrangement of standards to be coordinated into different frameworks. True ease of use isn't viewed as while making a proof of idea since incorporation with other faulty advancements isn't just tedious, however may weaken the capacity to decide whether the standard idea is practical.
A prototype is a first endeavor at making something that may be true usable. It is assumed that you may misunderstand things all the while, yet finding that out is the standard motivation behind a model. A model will have all (or almost all) of the usefulness of the completed item, however will for the most part not be as proficient, tastefully satisfying, or strong.
Answer:
b. $60
Explanation:
Produced surplus = Price producer is able to sell - Price producer would be willing to sell
Price the producer is able to sell = Producer surplus + Price producer would be willing to sell
= $100 + ($15 + $25 + $40)
= $180 for 3 lawn
Therefore, if Ronnie charges are customers the same price for lawn mowing, that price is
= $180 / 3
= $60
Answer:
C. It eliminates jobs that tend to be repetitious.
Explanation:
Outsourcing is usually engaged in business to beat down the cost of production, it is the act in which a particular company invite another company from outside to carry out some service for them on agreement however, this service is been carried out at home.
It should be noted that one of the benefit of outsourcing is that It eliminates jobs that tend to be repetitious.
Answer:
(C) Unaffected.
Explanation:
This is a change in estimate. No prior period adjustment is needed.
