By being friendly and decent
Answer:
&10
Explanation:
This is a case of simple interest.
It gotten as Interest= Prt
Where:
P=principal
r=rate
t=time
Therefore
$500×2%×1= 10
Solution:
Let's start by assuming that the taxi ride demand is extremely elastic, to the extent that it is vertically sluggish! If the cabbies raise the fair price by 10% from 10.00 per mile to 11.00 per kilometre, the number of riders remains 20.
Total income before fair growth= 20* 10= 200.
Total income following fair growth = 11* 20= 220.
A 10% increase in the fare therefore leads to a 10% increase in the driver's revenue.
Therefore, the assumption in this situation is that the cab drivers think the taxi driving requirement is highly inelastic.
The demand curve facing the drivers of the cab is still inelastic, but not vertically bent.
When the rate increased from 10% to 11, riders declined from 20% to 19%
Total revenue before fair growth is 20* 10= 200
The gap between revenue and fair growth is 19* 11= 209
This means that a realistic 10% raise doesn't result in a 10% boost on income Because the market curve for taxi rides is not 100% inelastic, but rather low inelastic, so that a fair increase (control) allows consumers to lose their incomes.
<u>Answer: </u>Natural unemployment
<u>Explanation:</u>
Natural unemployment always exists even in a healthy economy this is because the people keep changing their jobs and they even leave the current job in search of the new ones. Natural unemployment also includes other types of unemployment such as seasonal, structural and frictional unemployment types.
Also some people might possess skills that are not necessary in the labor market. The natural unemployment is still in the economy even when there is technological advancement, industry expansion. New labor forces enter into market every year and people search jobs for better opportunities.
Answer:
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people
hope this helps
Explanation: