Answer:
The price mechanism is the central coordinating mechanism in a market economy. Prices tell people what to use their resources.
Explanation:
Answer: Option (B) is correct.
Explanation:
Inferior good is a good whose demand is inversely related with the consumers income. This means that if there is an increase in the income of the consumer then as a result demand for normal good increases but demand for inferior goods decreases.
On the other hand, if there is a decrease in the income of the consumer then as a result demand for normal good decreases but demand for inferior goods increases.
Hence, decrease in consumer incomes will increase the demand of product Y and the demand curve for product Y to the right.
Answer:
extortion
Explanation:
extortion is the practice of obtaining something, especially money, through force or threats.
Answer:
$287,696.63
Explanation:
The computation of the value of the payments today is shown below:
Present value = Annuity × Present value of an annuity of 1
= $30,500 × 12.56362
= $3,83,190.36
Now
Present value = Value determined above ×Present value of 1
= $383,190.36 × 0.750793
= $287,696.63
Answer:
4 apples
Explanation:
Given that
Point A = 50 apples and 40 pears
Point B = 46 apples and 41 pears
These points are located on the PPF at which various combinations of products are displayed by available resources and technologies.
So, the opportunity cost of moving from Point A to Point B would be 4 apples which is shown below:
= Point A apples - Point B apples
= 50 apples - 46 apples
= 4 apples
