Answer:income elasticity of demand for Americano coffees = 0.55
Explanation:
Income Elasticitity of demand = percentage change in quantity demanded / Percentage change in income
which can easily be calculated using
Income Elasticitity of demand =(New quantity demanded - old quantity demanded/ old quantity)/(New Income - Old income /old income.
new income = $28
old income=$22
new quantity= 3450
old quantity=3000
Bringing down our formulae
Income Elasticitity of demand =(New quantitry demanded - old quantity demanded/ old quantity)/(New Income - Old income /old income.
= {(3450-3000) /3000} /{(28-22)/22} =(450/3000) /(6/22) = 0.15/0.2727=0.55
income elasticity of demand for Americano coffees = 0.55
Here , we can see that we have a positive income elasticity of demand therefore Americano coffees is a normal good as an increase in income will lead to a rise in demand. Also, the income elasticity of demand for this commodity is less than 1, therefore it is also a necessity good.
Answer:
A.the marketing environment
Explanation:
The Marketing Environment includes the Internal factors (employees, customers, shareholders, retailers & distributors, etc.) and the External factors( political, legal, social, technological, economic) that surround the business and influence its marketing operations.
Some of these factors are controllable while some are uncontrollable and require business operations to change accordingly. Firms must be well aware of its marketing environment in which it is operating to overcome the negative impact the environment factors are imposing on firm’s marketing activities.
You can offer these time management tips:
1. Decide on the most important tasks and complete those ones first.
2. Sleep for at least seven hours and begin your day very early and create task list for the day.
3. When handling a task, give your whole attention and focus to that task until you are through with it.
4. Learn to say 'no' when necessary.
5. Minimize distractions as much as possible.
6. Do not procrastinate.
7. Take break when necessary.
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Answer:
A) ability of Big Lots to imitate Wal-Mart's tightly integrated activity map.
Explanation:
Competitive advantage of a company is it's ability to leverage on unique capabilities and resources to gain more market share than others.
In this instance Big Lots is competing favourably by imitating unique capability of Walmart which is highly disciplined merchandise cost and inventory management system.
A business can imitate another's strategy in order to better compete with them.
For example acquiring a company to increase scale of operations to match a competitor.
