incomes by 10 per cent. (2 marks) (b) How might you determine whether the pre-recorded music compact discs and MP3 music players are in competition with each other? (2 marks) (c) Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; (3 marks total‚ 1.5 marks per part) YED= +0.7 YED= -3.4 (d) Interpret the following Cross-Price Elasticities of Demand (XED) and explain the relationship between these goods
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Opportunity Cost Scarcity of resources is one of the more basic concepts of economics. Scarcity necessitates trade-offs‚ and trade-offs result in an opportunity cost. While the cost of a good or service often is thought of in monetary terms‚ the opportunity cost of a decision is based on what must be given up (the next best alternative) as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost contrasts to accounting cost in
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Cost of debt When individuals use the cost of debt‚ they should know the measurement of the interest rate‚ or the yield paid to the bondholders. When analyzing the cost of debt‚ people should know that it ’s an effective rate that businesses are willing to pay on the current debt that they have accrued. The cost of debt is a measurement of the before or after tax returns. Considering the case that individuals can deduct the interest‚ makes the tax after cost more popular than the before tax. A business
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The Hazard of Elderly Drivers “The Congress shall have Power…to pay the Debts and provide for the common Defence and general Welfare of the United States…” (Section 8 [1] United States Constitution). Under the Constitution of the United States of America‚ government has the ability to implement laws that provide for the general well being of its citizens. Regardless of the circumstance‚ the government must act in the best interest of the civilians living within the United States. One of the most
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Vincent’s Cappuccino Express Case Study. a) What factors can be expected to have major impact on the future success of the Cappuccino Express? Classify these factors in the categories of quality‚ cost‚ and time. Quality factors Thinking about quality factors‚ I’d like to break them down into several categories. I don’t know if there are generally accepted definitions for them‚ so I will call them: appearance factors‚ product factors and customer experience factors. Let’s talk about them in details
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Cameron Dubuc Honors English 12 Mrs. Gail Meeks 15 January 2016 Murder on the Orient Express By: Agatha Christie Murder on the Orient Express‚ written by Agatha Christie‚ is a murder mystery and a crime fiction novel. The themes to this book are: justice‚ judgement and crime. The most important character in Murder on the Orient Express is Mr. Hercule Poirot. He is a very smart and well respected detective from Belgium. Mr. Bouc‚ owner of the train company in which they were all traveling. Pierre
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economics and business decision-making‚ sunk costs are retrospective (past) costs that have already been incurred and cannot be recovered. Sunk costs are sometimes contrasted with prospective costs‚ which are future costs that may be incurred or changed if an action is taken. Both retrospective and prospective costs may be either fixed (continuous for as long as the business is in operation and unaffected by output volume) or variable (dependent on volume) costs. Note‚ however‚ that many economists consider
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Lesson-13 Elements of Cost and Cost Sheet Learning Objectives • • • To understand the elements of cost To classify overheads on different bases To prepare a cost sheet Elements of Cost Raw materials are converted into finished products by a manufacturing concern with the help of labor‚ plants etc. The elements that constitute the cost of manufacturing are known as elements of cost. The elements of cost include the following: • • • Material Labor Expenses Each of these elements is again subdivided
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Amini is about a getaway driver. Played by Ryan Gosling‚ he portrays a nonattached male known as Driver that works as a stunt driver during the day and a getaway driver at night. Also‚ referred to as “a loner by nature” (DRIVE 2011) in rotten tomatoes description of the Driver’s character. We see Driver go from a board person that has nothing to look forward to‚ to someone that has a family and a different perspective of life‚ and back to being alone. We learn what Driver is willing to do for their
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Are Race Car Drivers Athletes? When people hear the word athlete‚ the first people they probably think of are athletes like Reggie Bush‚ Kevin Garnett‚ or Sidney Crosby. The last kind of person that is probably thought of is a race car driver. Which raises the question‚ is a race car driver a true athlete? Much of this depends on how you would define the word athlete. According to The Merriam Webster Dictionary‚ athlete is defined as “a person who is trained to compete in athletics” (Merriam-Webster)
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