Assuming the costs are normally distributed, then Z = (X-mu)/sigma
For piano Z= (3000-4000)/2500 = -0.4
For guitar Z= (550-500)/200 = 0.25
For drums set Z= (600-700)/100 = -1
Drums set < Piano < Guitar
Drums cost is lowest when compared to the instruments of same type
.
Guitar cost is highest when compared to the instruments of same type.
Answer: Decrease, Increase, Price flexibility.
Explanation: According to classical economics, a decrease in aggregate demand causes the price level to DECREASE in the long run. On the other hand, an increase in aggregate demand causes the price level to INCREASE in the long run. These changes occur because of PRICE FLEXIBILITY.
In a flexible market the forces of demand and supply determines the prices of commodities in the market.
As the demand Falls the prices also fall as the demand rises the prices of commodities also rises.
Answer:
<u>A Star.</u>
Explanation:
The Boston Consulting Group (BCG) matrix depicts a product's market share against the market growth rate. The matrix is also known for it's cow- dog metaphor.
The matrix represents 4 situations namely:
1. Stars : Products with high market share in high growth markets i.e high- high situation.
2. Cash Cows: Products with high market share in low growth markets.
3. Question Mark: Products with low market share in a high growth markets.
4. Dogs: Products with low market share in low growth markets.
In the given case, the product dominates the market i.e high market share. Secondly, it operates in a high growth market. Which means, the product belongs to the situation of a Star.
Adepression is aperiod of slow economic activity n busineses decrease production
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