Answer:
By the midpoint formula, his income elasticity of demand for pro football game tickets is equal to <u>+3</u>, and football game tickets are <u>normal</u> goods.
Explanation:
The formula for calculating income elasticity of demand using the midpoint method is:
income elasticity of demand = {change in quantity demanded / [(old quantity + new quantity) / 2]} / {change in income / [(old income + new income) / 2]}
= {2 / [(2 + 4) / 2]} / {10,000 / [(40,000 + 50,000) / 2]} = (2 / 3) / (10,000 / 45,000) = 0.67 / 0.222 = 3
when the income elasticity of demand is higher than 1, the goods are normal goods.
Answer: B) Franchising
Explanation:
The franchising is the term which is used for providing the license to the other business organization so that they can access the other brand name and promoting the products and the services in the market.
The franchising is the term that helps in providing the other brand name in the form of trade-mark name.
According to the question, the Pine-tops resort is one of the america organization tat basically sell the various types of products to the other firms globally. Therefore, pine-tops is basically engaging in the franchising process.
Steps to figure out the right price of coffee would be :-
Explanation
1.Expenditure - Analyse the amount that has been uncured in the process of making the coffee. It should include all the raw material and other expenses such as services taken of people as well as assets purchased as well.
2. Profit Margin - A standard percentage of profit margin should be set which would be added in the expenditure of the coffee. This would give us the right price of the coffee per cup.
Answer:
Valley Markets uses its assets less efficiently than the average firm in its industry.
Explanation:
Valley Markets inventory takes longer to sell and requires more total assets per dollar of sales than does its industry.
