Answer:
Scarcity and Utility
I will explain the concepts of scarcity, value, and utility using my laptop and some writing pens. I have only one laptop available in my family. I use it 24-hours daily. I attach so much value (utility) to the laptop because it is only one. It is very scare in my household. On the other hand, I have a packet of writing pens. Pens are relatively not scare in my household. If my laptop is missing, I will raise uproar in the house. Everybody present will answer a tedious query. But, if one of the pens gets missing, I may not even be aware that it is missing. At the moment, I do not attach much value (utility) to the writing pens because I have many of them presently . Writing pens are not scare in my household, as I said earlier.
Using these examples, I have demonstrated the concepts of scarcity, utility, and value.
Explanation:
Therefore, scarcity is defined by the value and the relative availability of a good. Scarcity is a basic economic problem that shows the gap existing between limited resources and unlimited needs. Based on the lack experienced with satisfying a need, one has to always choose between alternatives in order to maximize resource allocation and utility.
Utility in Economics refers to the value or satisfaction derivable from the meeting of a human or economic need. It is initially connected to the concept of scarcity. But after attaining some level of utility, scarcity temporarily evaporates. And this is the dividing thin line. This is why they are mostly used together. "Something that is valuable is scarce and give utility." Something that is not highly valuable is not usual scarce and does not give much utility, at least, to an extent.
Answer: Continuous innovation
Explanation: Continuous innovation as the name suggest, means the ongoing process of innovation on a particular product or industry with slight changes in each and every stage.
The minor innovations in the latest technology overtime is called continuous innovation. Automobile and mobile phones sector are industries depicting continuous innovation.
A sickle because it was used during the Industrial Revolution
Answer:
7.28%
Explanation:
For this question we use the RATE formula that is shown in the attachment below:
Provided that
Present value = $1,075
Assuming figure - Future value or Face value = $1,000
PMT = 1,000 × 8% ÷ 2 = $40
NPER = 20 years × 2 = 40 years
The formula is shown below:
= Rate(NPER;PMT;-PV;FV;type)
The present value come in negative
So, after solving this, the coupon rate is
= 3.64% × 2
= 7.28%
