Answer:
This implies that bus is an inferior good and car is a normal good.
Explanation:
Initially, Jim's income was $5000 a year.
As his income increases to $60,000 a year, he decides to buy a car instead of using the bus.
In other words, with the increase in income, the demand for traveling by bus is declining.
This implies that it is an inferior good.
The demand for the car is increasing with an increase in income.
So, the car is a normal good.
An inferior good can be defined as a product that shows negative elasticity. This means with an increase in income its demand declines an vice versa.
A normal good can be defined as a product that shows positive income elasticity. That is, its demand increases with rise in income and vice versa.
Answer:
a. The price that the company should sell the new toy at if it prices at cost plus profit at 100% profit markup is:
= $20.
b. The price that the company should sell the new toy at if it prices using competitive pricing is:
= $22.50 (average of competitors' prices)
c. The price that the company should sell the new toy at if it prices using penetration pricing is:
= $20 (lowest market price)
d. The price that the company should sell the new toy at if it prices using price skimming is:
= $25.
Explanation:
a) Data and Calculations:
Cost of producing a new toy = $10
Competitors' prices are:
Product A – $25
Product B – $20
Product C – $23
Product D– $22
Total = $90
Average price = $22.50 ($90/4)
Cost = $10
Markup 10 ($10 * 100%)
Price = $20
b) An important consideration in the pricing of products is customers' and competitors' reactions to the firm's selling price. The purpose of considering customers is to ensure that enough demand is generated to cover production cost and make profits. Competitors can wage price wars to discourage new entrants into their markets. Many pricing methods are in use, depending on the prevailing market realities.
No, it is not possible to measure simultaneously.we have to measure the left end first.
The meter scale is the apparatus for dimension of the period of any item. instance: The duration of the square is 5 meters. right here, 5 is the magnitude of the period and meter is the unit of length. 1 meter of the meter scale is split into a hundred centimeters. Meter scale is used to degree length.
The metre scale alongside the object in order that the 'zero' mark on the metre scale coincides with one give up of the item and studying at the other cease of the size suggests the duration of the item.
Measurement is the procedure of comparison of the given physical amount with the regarded fashionable quantity of the same nature. as an example, dimension of duration the usage of Vernier Callipers and measurement of diameter of wire using screw gauge.
Learn more about measurements here:- brainly.com/question/26668346
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Explanation:
1. percentage of a consumer's budget