Answer:
Apple's price/marginal cost ratio, Lerner index, and the elasticity of demand is 3.76, 2.76 and - 0.36 respectively.
Explanation:
a. The computation of apple's price/ marginal cost ratio is shown below:
Price/ marginal cost ratio = Price ÷ cost
= $331 ÷ $88 = 3.76
b. The computation of Lerner index formula is shown below:
Lerner index = (Price - marginal cost) ÷ price
= ($331 - $88) ÷ $88
= $243 ÷ $88
= 2.76
c. The computation of elasticity of demand is shown below
Elasticity of demand = - 1 ÷ Lerner index
= - 1 ÷ 2.76
= - 0.36
Hence, apple's price/marginal cost ratio, Lerner index, and the elasticity of demand is 3.76, 2.76 and - 0.36 respectively.
Production an increase in the price of inputs used to produce good
Answer:
The quantity of high-quality coffee been is 100 and cheaper coffee bean is 70.
Explanation:
Let the quantity of high-quality coffee bean = x
The price of high-quality bean = $5 per pound.
Let the cheaper coffee bean = y
The price of cheaper coffee bean = $2 per pound.
So, from the equation there are two equation can be formed.
x + y = 170
5x + 2y = 170×3.76
Now, solve both the equation for the value of x and y.
x + y = 170
x = 170-y
now insert, x = 170 – y in the below equation.
5x + 2y = 170×3.76
5 (170 – y) + 2y = 639.2
850 – 5y + 2y = 639.2
-3y = 639.2 – 850
- 3y = -210.8
y = 70.26 or the 70
now insert 70 in x = 170-y.
x = 170 – 70
x = 100
Thus, the quantity of high-quality coffee been is 100 and cheaper coffee bean is 70.
Answer: C. Employee appraisals are primarily to generate data for management decisions.
Explanation:
Employee appraisals are done to see just how well the employee is doing in the company. It evaluates their skills in relation to what the job requires and their achievements for the period.
Looking at these appraisals helps management make key decisions such as whether to promote, fire or reassign employees so that the company can run more efficiently.