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1 year ago

What happens when products and resources become less available

1 answer:

6 0

When a product is scarce, consumers are faced with conducting their own cost-benefit analysis; a product in high demand but low supply will likely be expensive. ... This means that a consumer should only purchase the product if they see a greater benefit from having the product than the cost associated with obtaining it.

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Which of the following describes a circumstance in which a large, multinational indirect exporter would be better than a smaller

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A. A large, well-established company wants to get its products into several markets at once.

Explanation:

A multinational indirect exporter is ideal to reach foreign markets with a low level of risk as they already have contacts that might help with the distribution and logistics.

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3 years ago

What is a disadvantage about buying a home?

lisabon 2012 [21]

Answer:

c. you need a lot of money to buy a home

Explanation:

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2 years ago

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olga2289 [7]

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2 years ago

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Within the growth-share matrix, "cash cows" are __________.

Flura [38]

Within the growth-share matrix, "cash cows" are low-growth, high-share businesses or products.

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2 years ago

Shawna wins the lottery and her income increases by 60 percent. she used to buy 10 pints of cottage cheese per month and now she

Dmitriy789 [7]

Answer: Her income elasticity of demand for cottage cheese is 0.3333 making it a normal and necessary good.

The income elasticity of demand is given by :

$\mathbf{YED = \frac{percentage change in demand}{percentage change in income}}$

The percentage change in income is given as 60%. We calculate the percentage change in quantity demanded as follows:

$\mathbf{percentage change in quantity demanded = \frac{Q_{1}-Q_{0}}{Q_{0}}}$

$\mathbf{percentage change in quantity demanded = \frac{12-10}{10}}$

$\mathbf{percentage change in quantity demanded = 0.2}\\$

Substituting the value above in the income elasticity demand formula we get,

$\mathbf{YED = \frac{0.20}{0.60}}$

YED = 0.33333

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.

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2 years ago