Answer:
The price elasticity of product x is -2 which suggests a negative co relation between price and demand. Also it suggests that with a one percent change in price the demand will change 2 percent in the opposite direction. So if the price of x is increased by one percent its demand will fall by 2 percent, which means a net decrease of 1(2-1) percent in revenue. 40,000*0.01=400
A negative cross elasticity suggests that the two goods are complementary and increasing the price of one good will lower the demand of the other one. SO in this case a one percent increase in the price of Good x will decrease the demand of good y by 1.7 percent therefore decreasing its revenue by 0.017*80000= 1360
Total Revenue will decrease by 1760 (1360+400)
Explanation:
Answer:
B. conformity
Explanation:
Conformity is a term in psychology that describes the tendency of a person(s) to adopt the behaviour of the people around them or of the people in a group they belong to.
Monica adopted the behaviour of her group of friends.
Labelling theory postulates that individuals may adopt the characteristics of the labels people use to describe them and this may shape their identity.
Differential association theory states that people learn how to become criminals by interacting with people.
Answer:
Janine is an accountant who makes $30,000 a year. Robert is a college student who makes$8,000 a year. All other things equal, who is more likely to stand in a long line to get a cheap concert ticket?
Robert; his opportunity cost is lower
Explanation:
Robert has loss of potential gain from the alternative available, his low income will made him to queue in order to get the concert ticket
Answer: Opportunity cost
Explanation:
A. Opportunity cost can be defined as the next best alternative foregone , it is the cost of profit the business looses while choosing one alternative over other.
B. Fixed cost are those cost that do not change with the level of output produced in the firm.
C. In simple words the direct costs a business pay to the outsiders for running its operations is called explicit cost.
D. Total revenue is the amount of income a company has before deducting its expenses occurred to earn that income.
So from the above explanations we can conclude that value of a business owner's time is an example of opportunity cost.
Answer:
KSAOs play a significant role in interviews and selection decisions
Explanation:
According to the given situation, Chris has been hired as an HR team at C Corp. and he took the responsibility of developing job descriptions and specialization for the vacancy of engineers.
Here Chris collects relevant data about the KSAO's so that he can choose a specialized engineer for an organization.
So, in the above case, the relevant answer is KSAOs play a significant role in interviews and selection decisions.
