Answer:
$40,000 and $8,000
Explanation:
Relative price of good X is 5 units of good Y. The absolute value of good X is $40,000. Absolute value is the original value of a good while relative value is based on price of some identical or similar good. The absolute value of good Y is $8,000.
Complete/Correct Question:
A local community college charges lower tuition fees to local town residents than to nonresidents. This pricing strategy increases the profits of the community college. Using this information, we can conclude that nonresidents must have a ________ for attending the community college than residents.
a. lower demand
b. less price-elastic demand
c. greater demand
d. more price-elastic demand
Answer:
B, less price-elastic demand.
Explanation:
Price elasticity of demand is the degree to which the quantity demanded of a product is affected by its change in price. It can be simply said to be the change in demand as against the price changes.
When the price of a product increases, the demand for such goods reduces. On the other hand, when the price of a product reduces, demand for such good increases.
For the above question, the residents of the community have lower tuition compared to the non-residents. This means that for non-residents to attend this community college, the non-residents must have a less price-elastic demand. It means that non-residents are less likely to attend the community college because of the increase in price.
Cheers.
Answer:
20%
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has
Real GDP in 2015 = ( $2 x 250) + ($3 x 300) + ($4 x 400) = $3000
Real GDP in 2016 = ( $2 x 200) + ($3 x 400) + ($4 x 500) = $3600
Growth rate in real GDP = $3600 / $3000 - 1 = 0.2 = 20%
Answer:
Method 1 should be chose, since it is still the cheapest if labor cost rises to $200/unit.
Explanation:
Total Cost = ( units * labor costs) + (capital cost * units of labor)
Total Cost for Method 1 : (50 * 100) + (10*400)
= $9,000
Total Cost for Method 2 : (20 * 100) + (40*400)
= $18,000
Total Cost for Method 3 : (10 * 100) + (70*400)
= $29,000
If the price of labor rises to $200 then:
Total Cost for Method 1 : (50 * 200) + (10*400)
= $14,000
Total Cost for Method 2 : (20 * 200) + (40*400)
= $20,000
Total Cost for Method 3 : (10 * 200) + (70*400)
= $30,000
Since the questions are different, the answers are separated for question 1 and 2
ANSWER:
1) The best question to ask is: "What are the top three sights I should see".
2) Avoid assuming unethical behavior until you clarify what he is asking for in relation to the agreed-upon contract.
Inform the executive that this extra $10,000 wasn't in the original contract.
EXPLANATION:
1) It I very important to know the things expected to happen in the meeting, so that you can prepare ahead for it. Knowing the top three sights will help you prepare ahead for them. This question tends to extract the frequent and most occuring actions the supervisor always encounter during her meetings at Thailand.
2) It is not always right for us to condemn people's actions without the details of such action. Try to understand the details of why the executive wants you to add $10,000 to the cost of the project, so that you won't assume wrongly. And it is always right to specify the $10,000 demanded by the executive as a separate cost from the initial cost of the project, if the money does not directly linked the the initial cost of the project.
