Some common activities of an HRPP or IRB office are:
They address any preliminary concerns They provide all necessary documentation and information prior to the initial review.This is because the major goal of the Institutional Review Board (IRB) is to protect the rights and welfare of human research subjects that are engaged to be a part of research.
What is Research?This refers to the investigative study that is done to find answers about a particular phenomena
Hence, we can see that Some common activities of an HRPP or IRB office are:
They address any preliminary concerns They provide all necessary documentation and information prior to the initial review.This is because the major goal of the Institutional Review Board (IRB) is to protect the rights and welfare of human research subjects that are engaged to be a part of research.
Read more about research here:
https://brainly.com/question/25257437
#SPJ1
Value chain support activities create value for which customers are willing to pay. true or false
A value chain is a series of processes for converting inputs into outputs that customers value. Support activities in the value chain include those related to the actual production of the product, its marketing and distribution to customers, and its after-sales support.
A value chain is what?
A value chain is made up of all the internal business operations and procedures that provide value to the finished product. Companies in all industries are now more competitive than ever in the current business environment.
Chain Value Analysis
Value chain analysis is a method that Michael Porter created in the 1980s and has since grown to be a significant tool for businesses looking to achieve a competitive edge. Value chain analysis focuses on a company's internal operations to understand its expenses and how various operations might enhance the value of its product. The examination focuses on a company's core operations, including:
Receiving, storing, and distributing inputs or raw materials is known as inbound logistics. Your interaction with suppliers is crucial in this case.
Operations: All the processes involved in converting inputs into outputs that are then offered for sale to customers. This process may be changed to improve the end outcome.
Outbound logistics: The delivery and distribution phase, which involves getting your goods to the consumer.
Sales and marketing initiatives are steps performed by a company to promote its goods to customers.
After a product or service is purchased by a consumer, service activities are those that keep its value high.
Learn more about Value chain https://brainly.com/question/13439824
#SPJ4
The product/market expansion grid is a tool that allows marketers to identify growth opportunities. Of the following, which represent the four components of the product/market expansion grid?.
Market penetration, market development, product development as well as diversification are the ones that represent the four components of the product/market expansion grid.
A market product grid is a technique used in commercial enterprises for the development of a growth strategy. It is also known as an Ansoff matrix or a product-market type expansion grid. A market product grid is created for new products to be analyzed in each potential relationship for markets that are thought of as existent but untapped.
Product Development, Diversification, Market Penetration, and Market Development are the four key strategies included in the Product Market Expansion Grid. In order to build a business, a market expansion plan is a type of strategic approach that involves expanding a company as much as feasible through existing channels. Making ensuring that all of the current markets are satisfied with the items is the strategy's main goal.
To know more about Product Market Expansion Grid refer to:
https://brainly.com/question/28537126
#SPJ4
The question was incomplete. Check below the full question
The product/market expansion grid is a tool that allows marketers to identify growth opportunities. Of the following, which represent the four components of the product/market expansion grid?.
a. Market penetration, market development, product development,diversification
b. Global expansion, domestic expansion, customer expansion, product expansion
c. Domestic expansion, global expansion, diversification, product development
d. Product penetration, product expansion,diversification and global expansion.
e. Product growth, market growth, customer growth, profitable growth
6. microeconomics and macroeconomicsdetermine whether each of the following topics would more likely be studied in microeconomics or macroeconomics.microeconomicsmacroeconomicsthe effect of government regulation on a monopolist's production decisionsthe effects of the internet on the pricing of used carsthe effects of government tax policy on long-term economic growth
The first scenario regarding the production decision is related to microeconomics, the second scenario regarding the pricing of used cars is related to microeconomics and the third scenario regarding long-term economic growth is macroeconomics.
What is the difference between microeconomics and macroeconomics?Economics at the level of an individual, a group, or a business is the subject of microeconomics. While macroeconomics is the study of a country's economy in its entirety. The focus of microeconomics is on problems that have an impact on both people and businesses. Issues that have an impact on countries and the global economy are the main topic of macroeconomics.
To know more about microeconomics and macroeconomics visit:
https://brainly.com/question/28489802
#SPJ4
The statement, "of course people will buy our product—each of its features offers better value than the competition," most closely reflects which consumer behavior concept?.
The statement, "of course people will buy our product—each of its features offers better value than the competition," most c reflects the economic -buyer theory consumer behavior concept.
The Economic Buyer is one who got the overall authority in the buying decision. he or she can be opposed to the opinion of other people, if the people say yes to it, he or she can say no and vice versa.Here the economic-buyer theory defines that a consumer decision is based on economic needs, which involved the best use of the consumer's money and time. They are the ones who are aware of all the facts and compare the choices logically with the intention of having the most amazing satisfaction from spending their money and time.
To know more about the Economic decisions refer to the link https://brainly.com/question/14969907?referrer=searchResults.
#SPJ4
Did the capture and enslavement of west africans end when the atlantic slave trade was outlawed?
While the Atlantic slave trade was outlawed in 1807, West Africans were still being captured and enslaved. This practice continued until 1902, when it was finally ended in January 1808 by British military activity in what is now Zimbabwe.
What occurred after the abolition of the slave trade?Slave trade was outlawed by Britain and other nations starting in 1807, although illegal trade persisted for a further 60 years. After 1807, around a fourth of all Africans who were sold into slavery between 1500 and 1870 were shipped across the Atlantic. A large portion of this illicit commerce went to and from the sugar cane fields in Brazil and Cuba.
The British Royal Navy conducted antislavery operations off the coast of West Africa from 1815 to 1865, confiscating hundreds of ships. Britain was compelled to pay compensation for ships that were captured and to lobby for the abolition of slavery in nations like Spain and Portugal.
Humanitarian concerns were significant, but there were also economic interests at stake. British West Indian sugar production was competitive with Cuba and Brazil.
To learn more about slave trade, visit:
https://brainly.com/question/8667023
#SPJ4
Resources are identified and selected in the? performing phase. closing phase. initiating phase. planning phase.
Resources are identified and selected in the closing phase.
The project lifestyles cycle consists of the stairs required for task managers to effectively manipulate an undertaking from start to completion. There are five stages to the venture lifestyles cycle (also known as the five system businesses)—beginning, making plans, executing, monitoring/controlling, and ultimate.
This challenge control technique normally consists of four phases: starting up, planning, executing, and final. Resources may also consist of a 5th “tracking and controlling” segment among the executing and last stages. by way of following each step, a project crew will increase the chance of accomplishing its dreams.
No matter what method control technique your employer uses to create applications, there are 4 principal ranges of software evolution – development, trying out, deployment and monitoring.
Learn more about Resources here: https://brainly.com/question/24514288
#SPJ4
Buying an existing business _____. a. is beneficial because an established business always has a good reputation b. is not recommended because there are too many disadvantages c. allows the owner to build upon the goodwill of previous customers d. is a high risk because successful businesses are usually not sold please select the best answer from the choices provided a b c d
Buying an existing business allows the owner to build upon the goodwill of previous customers. A customer (also known as a client, buyer, or purchaser) is the recipient of an item, service, product, or idea gained from a seller, vendor, or supplier through a financial transaction or exchange for money or another valuable consideration.
Customers who return to a seller on a regular basis develop customs that enable the seller to develop statistical models to optimize production processes that change the nature or form of goods or services and supply chains that change the location or formalize the changes of ownership or entitlement transactions.
To learn more about Customers, click here.
https://brainly.com/question/13472502
#SPJ4
If producers form expectations that copper prices will be higher in the future, then this will shift the:_________
As a matter of fact, if producers are expecting that copper prices will be higher in the future, then this will shift the demand curve for copper to the left.
Various arguments justify this through laws of demand and supply, Out of which one primary exogenous factor is inflationary pressure (the rate at which different consumers, producers, and investors are of the view that the price of a certain commodity is going to increase in the future) on the masses.
When people think that in the future the price of something is going to increase, so they take precautionary measures by either buying it in the present or hoarding it to sell it more expensive in the time of an inflationary crisis.
For more questions like Copper Prices Hike visit the link below:
https://brainly.com/question/28422822
#SPJ4
similarities and differences between the symbolic-interpretive paradigm and the strategic management paradigm that james grunig
The interpretative and postmodern organizational theories are the foundation of the symbolic-interpretive paradigm of public relations, but the strategic behavioral paradigm draws from all three perspectives.
Theorists and practitioners who subscribe to the symbolic-interpretive paradigm implicitly imply that the goal of public relations is to maintain the authority of the decision-makers and that it seeks to affect how the public perceives the actions of organizations over actuality.
The strategic behavioral paradigm places a strong emphasis on the involvement of public relations professionals in strategic decision-making so they may assist control organizational behavior rather than just explain it to the public. The paradigm stresses two-way and sym-metrical communication with publics before and after choices are made, rather than just managing meaning.
To learn more about strategic management from given link
https://brainly.com/question/24845876
#SPJ4
The economic crisis in 2008 had a huge impact on eaton’s business to business customers. In response to the crisis, eatons customers tried to cut cost and lower their production. This in turn affected eatons sales negatively, which is an example for _______.
The economic crisis in 2008 had a huge impact on eaton’s business to business customers. In response to the crisis, Eaton's customers tried to cut costs and lower their production. This in turn affected eatons sales negatively, which is an example for solutions selling.
From peak to trough, US gross domestic product fell by 4.3 percent, making this the deepest economic crisis recession since warfare II. It absolutely was also the longest, lasting eighteen months.
The per centum quite doubled, from 5 percent to 10 percent. The collapse of the housing market — fueled by low interest rates, easy credit, insufficient regulation, and toxic economic crisis subprime mortgages — led to the slump. The good Recession's legacy includes new financial regulations and an activist Fed.
Of 198 Countries, compared to the proportion change in GDP between 2007 and 2009, the foremost impacted countries are predominantly Eastern European and trade-dependent economic crisis advanced economies. One of the foremost visible aspects of the recession, job losses and unemployment are known to be related to increased stress, poorer health outcomes.
learn more about economic crisis: brainly.com/question/307213
#SPJ4
catherine jones has determined the following information about her own financial situation. her checking account is worth $850 and her savings account is worth $1,200. she owns her own home that has a market value of $98,000. she has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. she has a car worth $12,500. she has recently purchased a mutual fund worth $4,500 and she has a retirement account worth $62,300. what is the value of her investment assets? a. $98,000 b. $2,050 c. $66,800 d. $27,800 e. $171,900
The value of her investments assets $171,900
What is investment asset?
Securities created to produce profits are known as investment assets in the financial markets. They are organized into groups known as asset classes, which can be further broken down into stocks, bonds, commodities, and currencies.
By mixing various investment assets in one portfolio, or a combination of investments held, an investor is reducing risk exposure because each asset class has a tendency to respond differently to the same piece of economic news.
Investment assets can be divided into groups based on specific features in addition to being grouped by general financial components. Examples of this would include equities that trade in related industries, such the energy sector.
Learn more about investment assets
https://brainly.com/question/14404094
#SPJ4
Maria is 32 years old and has wages of $15,000. in 2021, what is the maximum amount of 401(k) contribution, maria is allowed?
If Maria is 32 years old and has wages of $15,000. in 2021, the maximum amount of 401(k) contribution, maria is allowed is: $15,000.
What is 401(k) contribution?401(k) contribution can be defined as a contribution made by both an employer and employee into an employee retirement account.
The employer is expected to pay in a certain percentage of money into the employee account in which equally an amount will be deducted from am employee wages or salary which will be deposited into the employee account.
Therefore since maria is 32 years and earn wages of $15,000. In 2021 the maximum amount of 401(k) contribution, maria is allowed is:$15,000.
Learn more about 401(k) contribution here:https://brainly.com/question/27159207
#SPJ1
Economies of countries with dictatorships do not have healthy financial systems mainly because they lack what?
Economies of nations with dictatorships do no longer have healthy financial systems especially due to the fact they lack: transparency.
The economic system is defined because of the management of monetary topics for a community, business, or own family. An instance of the economic system is the inventory marketplace gadget within the u.s.a. reasonably priced to run; makes use of minimal assets; represents proper value for cash. "He offered an economy automobile." monetary issues affect our day-by-day lives. This includes issues which include tax and inflation, hobby quotes and wealth, inequality and rising markets, and power and the environment.
An Economy is a means by using which societies or governments organize and distribute to be had assets, offerings, and goods across a geographic area or us a. monetary structures modify the factors of production, together with land, capital, labor, and bodily sources. The unique kinds of financial structures are marketplace economy, deliberate economy, Centrally planned economic system, Socialist, and Communist Economies.
Learn more about Economy here:
brainly.com/question/1106682
#SPJ9
Establishing strategies for achieving organizational goals is a part of the ________ function
Establishing strategies for achieving organizational goals is a part of the Planning function.
In management, planning entails determining what steps must be taken to achieve a goal, anticipating changes and obstacles, and determining how to best utilize human resources and opportunities to achieve the desired outcome.The process of considering the activities required to accomplish a particular objective is known as planning. The evolution of foresight, or the ability to plan ahead, is supposed to have been a driving force in human evolution.Planning can be considered as a problem-solving strategy. It offers a methodical approach to analyzing problems and finding short- and long-term solutions. It can also be considered as a decision-making process used to help guide future needs decisions.Thus this is the meaning of Planning.
Refer here to learn more about Planning: https://brainly.com/question/25453419
#SPJ4
If you think viewers are skipping over the commercials during TV shows, what strategy could you use to make it more difficult for them to ignore your product?(Select the best answer.)
•Create an infomercial.
•Use product placement.
•Run your commercial more than •once in a row.
•Increase the volume of your commercial.
The strategy which can be used to prevent ignorance of product is Use Product Placement.
The incorporation of a branded product in media, usually without explicit reference to the product, is known as product placement. Branded products are frequently featured in films, television shows, and video games. The strategy is classified as a sort of pull marketing, with the goal of increasing consumer knowledge of the brand and product while also strengthening demand. There have traditionally been three sorts of product placement: screen placement, script placement, and plot placement.
There's also the reality that product placements are really effective. According to studies, they raise product awareness and positive views among viewers. They can also increase the likelihood of consumers talking about the products and searching for them online. However, not all product placements are equally effective. Those that seem to have the most influence on viewers is those who achieve a fine balance between being noticeable and not being too overt.
To learn more about Product Placement, refer:
brainly.com/question/14943926
#SPJ1
a consequence of an incentive contract for employees is that a. employees must incur additional risk b. there are no risk related consequences c. employee level risk is redu
A consequence of an incentive contract for employees is that employees must incur additional risk.
What is Incentive contract?
An incentive contract is a contract between two parties in which one agrees to give the other party additional compensation in exchange for exceptional performance. Based on the contractor's execution, performance, delivery on time or earlier, maintenance of quality, and safety in accordance with the contract terms and conditions, the owner is required to pay the contractor additional remuneration.
These benefits are in addition to the agreed amount that the executing party has offered. Such contracts are typically utilized in building projects when there are two parties—the contractor (performing party) and the client or buyer—and generally work in the contractor's favor.
To know more about contracts refer:
https://brainly.com/question/1619171
#SPJ4
Sarah is 27 years old and is retiring at the age of 65. when she retires, she estimates that she will need a semiannual income for 20 years. if sarah contributes 9% of her semiannual income of $18,567.11 to a 401(k) paying 6.1% compounded semiannually, approximately what semiannual income will she be able to draw? (hint: find the future value of her investment prior to retirement and use that amount as her investment amount upon retirement) a. $21,050.02 b. $21,692.05 c. $20,407.99 d. $14,629.72 please select the best answer from the choices provided a b c d
You must first determine what the question is asking in order to be able to solve it. In this instance, it wants to know a rough estimate of Sarah's expected semiannual income. To solve this, all you need to do is calculate her investment's future value before retirement and apply that value as her retirement investment amount. The approximate semiannual income she will be able to draw is $21,050.02.
What is Future Value?
The value of a current asset at some point in the future based on an estimated rate of growth is known as future value (FV). For investors and financial planners, the future value is essential because they use it to predict how much an investment made today will be worth in the future.
Investors can make wise investment choices based on their anticipated needs by knowing the future value. However, external economic forces that depreciate an asset's value, such inflation, might have a negative impact on the asset's future worth. The FV of an asset can be determined in one of two ways: either using simple interest or using compound interest.
To know more about future value refer:
https://brainly.com/question/19261146
#SPJ4
Answer: a
Explanation:
you believe you will need to have saved $590,000 by the time you retire in 30 years in order to live comfortably. if the interest rate is 6% per year, how much must you save each year to meet your retirement goal?
Compound interest is when you receive interest on both your interest income and your savings. Let's imagine you invest $1,000 (your principal) and it earns 5% once a year in interest or profits (the compounding frequency)
Compound Interest: What Is It?The interest on a loan or deposit that is calculated based on both the initial principle and the cumulative interest from prior periods is known as compound interest (also known as compounding interest). Compound interest, sometimes known as "interest on interest," is said to have originally arisen in Italy in the 17th century. In comparison to simple interest, which is computed solely on the principal amount, it will hasten the growth of a fund more quickly.
To know more about Compound interest , visit :https://brainly.com/question/28020457
#SPJ4
Identifying customers is a business process handled by the marketing function.
a. true
b. false
It is a true statement that the Identifying of customers is a business process handled by the marketing function.
What is marketing?It generally refers those activities a company undertakes to promote the buying or selling of a product or service. It includes the use of advertising, selling, and delivering products to consumers or other businesses. but some marketing are done by affiliates on behalf of a company.
The process of marketing helps to identified the target customers, therefore, It is a true statement that the Identifying of customers is a business process handled by the marketing function.
Read more about marketing
brainly.com/question/25754149
#SPJ1
In a monopsonistic market, firms will hire where ________ equals marginal revenue product and pay a wage rate down to the ________.
In a monopsonistic market, firms will hire where the marginal resource cost equal the marginal revenue product and pay a product price down to the supply curve.
Supply curve, in economics, picture illustration of the connection between product rate and amount of product that a seller is inclined and capable of deliver. Product fee is measured at the vertical axis of the graph and quantity of product supplied at the horizontal axis.
Why supply curve is upward sloping?
The supply curve is upward sloping because, over the years, suppliers can pick out how tons in their goods to supply and later carry to market.
What causes a supply curve?
Supply curve shift: adjustments in manufacturing fee and associated factors can cause an entire supply curve to shift right or left. This causes a higher or lower amount to be provided at a given rate. The ceteris paribus assumption: deliver curves relate expenses and portions supplied assuming no different elements exchange.
Learn more about supply curve here:- https://brainly.com/question/23364227
#SPJ4
What is a robot capable of making its own decisions and performing an action accordingly?
An autonomous machine that can sense its surroundings, conduct calculations to reach choices, and take actual physical action is referred to as a robot.
The robot population is diverse. Some people have two, four, six, or more legs, while others have the ability to fly. Some robots assist doctors as they perform surgery inside your body, while others toil in filthy industries. Robots as little as coins and as large as cars both exist. Pancake-making robots exist. Mars is accessible to others.
In reality, different people's interpretations of the word "robot" vary. Even roboticists disagree on what constitutes a robot and what does not. And for the majority of us, science fiction has had a big impact on what we think a robot will look like and be able to perform.
Learn more about robot here
https://brainly.com/question/15561225
#SPJ4
if both the supply of and the demand for a good increase simultaneously, and if demand grows relatively less than supply, then price will
if both the supply of and the demand for a good increase simultaneously, and if demand grows relatively less than supply, then price will decrease
Define supply and demand?
In order to explain how changes in the price of a resource, commodity, or product affect its supply and demand, the law of supply and demand combines two basic economic principles.
While demand declines as the price rises, supply grows. In contrast, when the price falls, supply becomes more limited and demand rises.
On a graph, curves representing the levels of supply and demand for different prices can be drawn. The point where these curves intersect denotes the equilibrium, or market-clearing price, at which supply and demand are equal. This point also symbolizes how prices are determined in the marketplace.
Learn more about supply and demand
https://brainly.com/question/1222851
#SPJ4
The process and activities that people engage in to satisfy their needs and desires when searching for, purchasing, and using products and services are referred to as?
Market research is the process and activities that people engage in to satisfy their needs and desires when searching for, purchasing, and using products .
It is a necessary step that a consumer uses before making up their mind to purchase the particular product. They will do the research at every aspect ,compare and contrast the quantity that is coming in hand and the price they are paying for it.
The process and the activities combine and then according to the choice final product best suited is purchased. The desire to buy a product can also change the mind.
To learn more about market research here,
https://brainly.com/question/18723483
#SPJ4
How much did russell company have in dividends for the year? assets, january 1 $ liabilities, january 1 assets, december 31 liabilities, december 31 issuance of stock revenues expenses dividends
Russell's business enterprise has dividends for the 12 months. $ 16,900
belongings, January 1 $ liabilities, January 1 belongings, December 31 liabilities, December 31 issuance of stock sales prices dividends
solution: $ sixteen,900
Accounting Equation :
belongings = Liabilities + owners' equity
owners' equity, Jan 1 = $ forty two,000 - $ 24,000 = $ 18,000
Retained profits , Dec 31 = $ 30,seven hundred - $ sixteen,seven-hundred - $ 8,900 = $ five,a hundred.
proprietor's equity, Dec 31 = $ 90,000 - $ 50,000 = $ 40,000.
Issuance of inventory = $ forty,000 - $ 18,000 - $ five,a hundred = $ 16,900.
A dividend is a distribution of income by means of a company to its shareholders. when a company earns an income or surplus, it could pay a proportion of the income as a dividend to shareholders. Any quantity not allotted is taken to be re-invested within the enterprise.
A dividend refers to praise, cash, or in any other case, that a company offers to its shareholders. Dividends can be issued in various forms, including coin fees, shares, or every other form.
An example of a dividend is cash paid out to shareholders out of income. they're usually paid quarterly. as an example, AT&T has been making such distributions for numerous years, with its 2021 third-area issue set at $2.08 consistent with share.
Learn more about dividends here: https://brainly.com/question/25845157
#SPJ4
When the 50-day moving average crosses the 200-day moving average from ____ on ____ volume, this would be a ____ signal.
When the 50-day moving average line crosses the 200-day moving average line from below on good volume, this would be a Bullish signal.
What is a Bullish Signal?When the price breaks out through the top of a trading range represented by horizontal boundary lines across the highs and lows, this is referred to as an Upside Breakout or Bullish Signal.
This bullish pattern suggests that prices will rise explosively during the next few days or weeks as a powerful upswing emerges.
Being bullish is purchasing an underlying market (also known as going long) in order to benefit later by selling the market at a higher price.
Bullish divergences are essentially the inverse of bearish signals. Trading oscillators, despite their ease of use and general informative strength, are sometimes misunderstood in the trading sector, despite their tight association with momentum.
To learn more about Bullish Signal, visit:
https://brainly.com/question/23823173
#SPJ4
name the accounting document or report that is completed just prior to preparing financial statements and assists in preparing the financial statements.
The trial balance is an accounting document that is finished right before preparing financial statements and aids in preparing the financial statement.
What is a trial balance?A worksheet with two columns—one for debits and one for credits—called a trial balance is used to check the accuracy of a company's bookkeeping.
All business transactions for a corporation over a specific time period are included in the debits and credits, including the total of accounts for assets, expenses, liabilities, and revenues.
Although a trial balance's equal debits and credits guarantee there are no mathematical errors, the accounting systems themselves may still contain inaccuracies.
To know more about trial balance visit:
https://brainly.com/question/13927466
#SPJ4
Automakers can disassemble a product to assess its components and provide clues about the manufacturing process. this main benefit of this process of reverse engineering is to _______.
The main benefit of this process of reverse engineering is to bring about product innovations.
What is a reverse engineering?Basically, this refers to the act of dismantling an object to see how it works. The reverse engineering is done primarily to analyze and gain knowledge about the way something works but often is used to duplicate or enhance the object.
In essence, the engineering involves the process of discovering the technological principles of a device, object or system through analysis of its structure, function and operation.
In conclusion, the main benefit of this process of reverse engineering is to bring about product innovations.
Read more about reverse engineering
brainly.com/question/28152298
#SPJ1
Dave's opportunity cost of producing 1 pound of corn is ______ pound(s) of green beans. Simon's opportunity cost of producing 1 pound of corn is ______ pound(s) of green beans
The answer is 2 and 1.
In microeconomic theory, the opportunity cost of a particular activity is the value or benefit provided by engaging in that activity compared to engaging in an alternative activity. More simply, it means that if you choose one activity (for example, investing), you are giving up the opportunity to do a different option. Optimal activity is one that, net of its opportunity costs, provides returns greater than any other activity, net of its opportunity costs.
For example, if you buy a car and use it only to transport yourself, you cannot lease it, whereas if you rent it, you cannot use it to transport yourself. If the cost of transporting yourself without a car is more than what you get for renting a car, the best choice is to use a car yourself. In fundamental equation structure, opportunity cost can be described as: "Opportunity cost = (Earnings from the finest-forgone option) - (Earnings from the preferred option)." The opportunity cost of cutting their own lawn for a doctor or lawyer (who might otherwise earn $100 an hour if they choose to work overtime during that time) would be higher than a minimum wage worker (who might be in the United States earns $7.25 an hour), making the former more likely to hire someone else to mow their lawn.
Learn more about the opportunity cost:
https://brainly.com/question/3611557
#SPJ4
if the quantity demanded of sunglasses decreases by 2% when average incomes fall by 10%, then we know that sunglasses are
if the quantity demanded of sunglasses decreases by 2% when average incomes fall by 10%, then we know that sunglasses are a normal good.
What is a normal good?This is a good that we can say that the demand for its use would rise based on the fact that there is a rise in the income of the person that is consuming the good. That is the person would be able to get more of that good.
The decrease in income that is experienced by the people has caused them to buy less of sunglasses, in reverse when income increases, they would start to buy more again.
Read more on normal good here: https://brainly.com/question/15069740
#SPJ1
the demand for beats brand headphones is more price elastic than the demand for headphones overall. this can be best explained by the fact that
The elasticity is the change of an economic variable proportionately in response to a change in another variable. Price elasticity measures how individuals react to change in the prices of products and services.
Economic examine the distribution of resources between production, distribution, and consumption under the premise that people have limitless demands in a world with finite resources. Microeconomics studies the decisions made by people and firms, while macro economic studies the overall, aggregate behavior of the economy. Greek farmer and poet Hesiod, who lived in the eighth century B.C., is considered one of the earliest economists ever. Hesiod believed that in order to overcome scarcity, it was necessary to manage work, resources, and time effectively. The present Western contemporary economic ideas were born with the publication of Adam Smith's 1776 book, An Inquiry Into the Nature and Causes of the Wealth of Nations.
learn more about economic:
https://brainly.com/question/14787713
#SPJ4