Answer: Her income elasticity of demand for cottage cheese is <em><u>0.3333</u></em> making it a <em><u>normal and necessary</u></em> good.
The income elasticity of demand is given by :
The percentage change in income is given as 60%. We calculate the percentage change in quantity demanded as follows:
Substituting the value above in the income elasticity demand formula we get,
<u>YED = 0.33333</u>
Since the income elasticity is positive, and since Shawna buys more cottage cheese after an increase in income, we can classify this good as a normal good.
Since the income elasticity is between 0 and 1 we can also conclude that cottage cheese is also a essential good or a necessity.
Answer:
b) $665,000.
Explanation:
Primer income: $625,000
SealCoat income: $50,000
Primer interest in SealCoat is 80% therefore primer is a parent company to SealCoat and is entitled to $40,000 (80%*$50,000) on SealCoat income.
Therefore, consolidated net income for 2013 is: $665,000 (625,000+40000)
If a local government has plans to build a new transit station on a site where several homes are currently located and the residents would not want to move, then the fifth amendment can be used where it says that the government could take the land but the government should pay a fair enough price to the owners of the land. This part of the Fifth Amendment is called the Taking Clause where it stresses out the a private property should be not be taken for public without a just compensation. The people who made this clause are land property owners who has a certain degree of mistrust of the government power.
Answer:
The correct answer is letter "C": entry of large discount superstores.
Explanation:
A channel length is composed of the number of middlemen in the distribution channel of a product. The more intermediaries between buyers and sellers the larger the channel length. Under that scenario, if there are more discount superstores in a market such as Walmart or Costco manufacturers can directly offer their goods to them so consumers can find them available in their stores. The channel length would be small, then.
Answer:
B. Creating value for customers.
Explanation:
Marketing is all about building values for customers. Its about creating customer relationships which are profit generating. Any company or brand has a value proposition. It is the set of benefits the company promises to deliver to the consumer to satisfy his/her needs. Thus marketing is the bridge which connects the brand with the customers perceived value of the brand. It makes sure the customer pledges loyalty to the brand, by delivering on its promises on the value proposition. Thus, the most important role that marketing plays in the economy is Creating Value for Customers.
