Suppose that in 1994 the total output in a single-good economy was 10,000 buckets of chicken. Also suppose that in 1994 each buc
ket of chicken was priced at $10. Finally, assume that in 2015 the price per bucket of chicken was $20 and that 25,000 buckets were produced. Instructions: In parts a-b, enter your answer rounded to 1 decimal place. In part c, enter your answers as a whole number. a. What is the GDP price index for 1994, using 2015 as the base year? b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? percent c. What were the amounts of real GDP in 1994 and 2015? In 1994, real GDP = $ In 2015, real GDP = $
1. Determine the market price for the year of interest (1994) by multiplying the total output for that year (10,000) by $10 (the unit price per bucket of chicken for that year)= 10000*10= 100,000
2. Determine the market price for the base year–2015 (using similar steps above).
25000*$20= 500,000.
3. Take the price of the market value of the year of interest and divide by the price of the market value of the base year, then multiply by 100.
The current global outlook and focus on robotic sciences indicates that robots have entered into our daily lives. With the emergence of artificial intelligence and IoT internet of things it is evident that fourth industrial revolution would result in replacing humans altogether in almost every profession and aspect of life.
From the information given in the question, we can assume that macaroni and cheese are considered as an inferior good for this consumer because there is an inverse relationship between the income level of this consumer and the quantity demanded for macaroni and cheese.
If there is 10% increase in the income of an individual then as a result quantity demanded of macaroni and cheese decreases by 15% and the price of this good remains constant. This shows that macaroni and cheese is an inferior good.
Option D. Provide incentives to employees, and reduce consultation charges.
Explanation:
The reason is that the company's survival is based on the cash generation mechanism which is because of increased sales. If the sale of the company are higher then it is more likely that the company is able to breakeven which means it will reach no profit and no loss position very easily. To increase the chances of survival of the business, the employees must be motivated by paying them higher pays for better service delivery and higher commissions for grabbing higher sales. Furthermore, the company must also reduce the initial consultation charges to encourage to purchase of their services and acquire greater share of the market which will grow the business.
