Answer:
B. Cross-sectional data provides information about economic behavior at an instant in time, while time-series data provides information about how an economic variable behaves over time.
Explanation:
There are two types of data, transverse data and time series data. Cross-sectional data is data that exists at a single point in time. For example, data from an observational survey or sales from a firm. Time series data are data that require intertemporal analysis, such as a country's inflation and GDP data, which should be analyzed for evolution. In other words, time series data are analyzed in a manner dependent on the previous period. Current month's inflation depends on the previous month's inflation analysis.
Solution:
Let's start by assuming that the taxi ride demand is extremely elastic, to the extent that it is vertically sluggish! If the cabbies raise the fair price by 10% from 10.00 per mile to 11.00 per kilometre, the number of riders remains 20.
Total income before fair growth= 20* 10= 200.
Total income following fair growth = 11* 20= 220.
A 10% increase in the fare therefore leads to a 10% increase in the driver's revenue.
Therefore, the assumption in this situation is that the cab drivers think the taxi driving requirement is highly inelastic.
The demand curve facing the drivers of the cab is still inelastic, but not vertically bent.
When the rate increased from 10% to 11, riders declined from 20% to 19%
Total revenue before fair growth is 20* 10= 200
The gap between revenue and fair growth is 19* 11= 209
This means that a realistic 10% raise doesn't result in a 10% boost on income Because the market curve for taxi rides is not 100% inelastic, but rather low inelastic, so that a fair increase (control) allows consumers to lose their incomes.
Answer:
a. Maturing of a product
When the product reaches its maturity stage, its sales volume reduces considerably. This would require different marketing strategies like product enhancement, price changing or developing new designs, etc.
b. Technology innovation in the manufacturing process
This will cause many changes in the strategy as technological innovation would reduce manual labor cost. Also, the organization would need skilled employees to deal with the new technology.
- Cost cutting is instituted.
- Product changes decrease.
- Design compromises are instituted.
- Labor Skills decrease
- Optimum capacity may be achieved
- Manufacturing process stabilizes
Answer: increase
Explanation:
The supply curves slope upward due to the fact that there's a direct relationship between the price of the good and the quantity that's supplied.
This means that when price increase let's say the price of a good moves from $5 to $7, the suppliers will supply more due to the price increase.
$25968406.94.
a. Computation of Effective Interest Rate
Future Value = Present Value * (1 + r)^n
Future Value = $1460000
Present Value = $105
n = Number of Years = 116 Years
Future Value = Present Value * (1 + r)^n
1460000 = 105 * (1 + r)^116
13904.76 = (1 + r)^116
1.0857 = 1 + r
Effective Interest Rate = 8.57%
b.Future Value in the year 2050
Future Value = Present Value * (1 + r)^n
Present Value = $1460000
n = Number of Years = 35 Years
Future Value = Present Value * (1 + r)^n
Future Value = 1460000 * (1 + 0.0857)^35
Future Value = 1460000 * 17.7866
Future Value in the year 2050= $25968406.94.
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