Assume the market basket for the consumer price index has two products meat and potatoes, the Consumer Price Index for 2016 equals option c. 129.
<h3>What is meant by the term of consumer Price Index?</h3>
The consumer price index (CPI) is known to be a term that connote the instrument that is often used in the measurement of inflation.
It is said to be one that is often used so that one can be able to estimate the average variation that tend to exist between two given periods in the prices of products which are known to be consumed by households.
Therefore, based on the image attached, Assume the market basket for the consumer price index has two products meat and potatoes, the Consumer Price Index for 2016 equals option c. 129.
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Answer;
bring profit the lender
Explanation;
-Interest is the charge for the privilege of borrowing money, typically expressed as annual percentage rate. To the borrower it is the cost of renting money, to the lender the income from lending it.
-The rate of interest is usually expressed as an annual percentage of the principal, and is influenced by the money supply, fiscal policy, amount being borrowed, creditworthiness of the borrower, and rate of inflation.
-Interests influence the cost of borrowing, the return on savings, and are an important component of the total return of many investments.
Answer:
Total number of units produced for the period = 662 units
Explanation:
Total manufacturing cost = (Fixed overhead cost) + (Total direct labour cost) + (Total materials cost) + (Total Variable overhead cost)
Let the number of units produced be Q
Total manufacturing cost = $160705
Fixed overhead cost = $58000
Total direct labour cost = cost of direct labour per hour × number of direct labour hours = 2.7 × 13100 = $35370
Total direct materials cost = Direct material cost per unit × number of units produced = 75 × Q
Total variable overhead cost = 50% of total labour cost = 50% of 35370 = $17685
160705 = 58000 + 35370 + 75Q + 17685
75Q = 160705 - 58000 - 35370 - 17685
75Q = 49650
Q = 662 units
The cross elasticity of demand for senior workers is 1.5. Senior workers and entry-level workers are gross complements.
The scale effect dominates in this example.
If the wage of the entry level workers increase, the demand curve would shift to the right.
<h3>What is the crosss price elasticity?</h3>
Cross price elasticity of demand measures the responsiveness of quantity demanded of good A to changes in price of good B.
Cross price elasticity = 15% / 10 = 1.5
Complement goods are goods or resources that are used together. As a result of the decline in wages, senior workers would be laid off. This means that senior workers and entry level workers work together.
<h3>What is the effect on the demand curve if the wages of entry level workers increase?</h3>
If the wage of the entry level workers increase, the demand for senior workers wouuld increase. This would lead to a shift to the right of the demand curve for senior workers.
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