Answer:
C. Custom research is the correct answer.
Explanation:
Custom Research is a type of research that is particularly produced and financed by a particular client and the outcomes are restrictive to that particular client. Custom research gives the knowledge required to make significant decisions in different kinds of market challenges. Custom market research benefits to business because custom research investigation offers immensely deeper and more precise insight.The state of Idaho has a two-year statute of limitations for personal injury actions. Graham was injured by Alice in a car accident on January 1, 2013. If Graham wants to bring a lawsuit against Alice on January 15, 2015, which of the following is most likely to be the outcome?A) Graham is allowed to sue Alice after appealing for an extension of the statute of limitations.
B) Graham is not allowed to sue Alice,having lost his right to sue her.
C) Graham can sue Alice but will not receive damages.
D) Graham can sue Alice but is not entitled to a jury trial.
Answer:
B) Graham is not allowed to sue Alice,having lost his right to sue her.
Explanation:
Time limits matter, and the law is very strict on enforcing time limits. If the statute of limitations for personal injures is X amount of years, and the injured person doesn't file a claim within that period, then it is not a valid claim.
I guess that there are some exceptions, like if the injury was so severe that Graham was in coma for more than 2 years, then he wasn't capable of filing a claim before, but those are exceptions, not the rule.
Since the accident happened two years and 14 days before Graham's claim, and the statute was only 2 years, then the claim is not valid.
In order for a country to be economically efficient and operate at a point beyond the production possibilities frontier curve, the country would have to do which of the following? A improve technology in the future B Reallocate its workers C Experience increasing marginal costs D Become technically efficient
Answer:
The country would have to;
A improve technology in the future
Explanation:
A production possibilities frontier is a curve the shows the relationship between the varying amounts of two products that can be produced if the products depend on the same limited resources for their production. It is also used in economics to illustrates the point where the economy's production reaches the most efficient level in terms of the choice of goods it decides to produce and the ones it decide to trade from other countries to satisfy it's needs.
To understand the production possibilities frontier, one needs to know that it is the point where the production of goods and services are efficient due to an effective allocation of resources. When the country is operating below the production possibilities frontier, it means that they are not yet efficient in terms of production and resource allocation therefor they can still improve on resource allocation and production methods. A country that is operating on the production possibilities frontier is operating at it's peak efficiency in terms of production and allocation of resources. For an economy to move beyond it's production possibilities frontier, the technology has to be improved in the future.
If a $100 drop in the price of a $10,000 car resulted in an increase in the quantity of cars purchased from 100 to 110 and a $100 drop in the price of a $1000 vacation rental resulted in an increase in the quantity of weekly vacation homes rented from 100 to 110, the price elasticity of demand is:
Answer:
Price elasticity of demand is greater for the Car
Explanation:
Price elasticity of Demand = (Q2 - Q1/Q1) ÷ (P2 - P1/P1)
For the car,
PED = (110 - 100/100) ÷ (10000-9900/10000)
= 0.1 ÷ 0.01
= 10
PED = (110 - 100/100) ÷ (1000-900/1000)
= 0.1 ÷ 0.1
= 1
Since 10 > 1, hence the PED of the Car is greater than that of vacation homes.
The price elasticity of demand for both the car and vacation rental is 1, indicating unitary elasticity.
Explanation:The price elasticity of demand measures how responsive the quantity demanded of a good is to changes in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. In this case, the $100 drop in price resulted in a 10% increase in quantity for both the car and vacation rental. Therefore, the price elasticity of demand for both goods is 1, indicating unitary elasticity.
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Explain how the competitive labor market functioned before the buyout of the independent farms. How was the wage rate and quantity of workers employed in the market determined?
Answer: The wage rate and quantity of workers employed in the market is determined by the forces of demand and supply
Explanation:
The competitive labour market is a market where we have so many employers alongside many employees in which one employer can not influence the wage rate unilaterally. In a competitive labour market, the wage rate is determined by the forces of demand and supply. In a competitive labour market ,if demand for labour is more than the supply for it ,the wage rate will rise,on the other hand, if the supply is more than the demand for labour the wage rate will fall. If both demand and supply is at equilibrium in the market, the wage rate will be to the benefit of both the employers and the employees.
Alexandra has determined that studying an hour for her economics quiz will improve her grade on the quiz from 75 to 100. She also determines that this improvement is worth $20. To study for an hour for her economics quiz, however, she will have to work one fewer hour at her part-time job. Alexandra should:_________
Answer:
study when the hourly rate is below or equal to $20
Explanation:
Cosidering the economic principles of opportnity cost Alexandra will only study that extra time if the loss wages are less or equal to $20 dollars
as a higher hourly rate will make the $20 dollar she consider the change in grade worth it to leave a net loss after considering the implicit cost of the test
Which of the following accounts invests your money in the stock market?
Savings account
Interest-bearing checking account
Money market deposit account
Basic checking account
Answer:
The answer is Money market deposit account.
Explanation:
Money market deposit account's money is mainly invested in the short term money market instruments such as government treasury bills, short term company bonds and even futures.
First Simple Bank pays 6.4 percent simple interest on its investment accounts. If First Complex Bank pays interest on its accounts compounded annually, what rate should the bank set if it wants to match First Simple Bank over an investment horizon of 10 years?
Answer:
rate set by first complex bank is = 5.07 %
Explanation:
given data
simple interest = 6.4 %
investment time = 10 year
solution
we consider here first total interest on the amount $100 paid as simple interest is for 10 year will be
interest = $100 × 6.4% × 10
interest = $64
so future value will be = $100 + $64 = $164
so now we consider rate of interest = r
so that now we apply here future value formula
future value = investment × [tex](1+r)^{t}[/tex] ...............1
$164 = $100 × [tex](1+r)^{10}[/tex]
1.64 = [tex](1+r)^{10}[/tex]
solve it we get
r = 0.05071
so rate set by first complex bank is = 5.07 %
First Complex Bank should set an annual compound interest rate of 0% to match the 6.4% simple interest rate offered by First Simple Bank over a 10-year investment horizon.
To match the simple interest rate of 6.4% offered by First Simple Bank over an investment horizon of 10 years, First Complex Bank needs to calculate the equivalent annual compound interest rate.
Using the formula for compound interest:
[tex]\[ A = P \times \left(1 + \frac{r}{n}\right)^{nt} \][/tex]
Where:
- A is the future value of the investment,
- P is the principal investment amount (which we can set as 1 for simplicity),
- r is the annual interest rate (what we're solving for),
- n is the number of times interest is compounded per year (for annual compounding, ( n = 1 ),
- t is the time the money is invested for in years (in this case, t = 10).
Given that A = 1 (as we're considering a principal investment amount of 1), n = 1 , and t = 10, we can rearrange the formula to solve for r :
[tex]\[ 1 = 1 \times \left(1 + \frac{r}{1}\right)^{1 \times 10} \]\[ 1 = (1 + r)^{10} \][/tex]
Now, we solve for r :
[tex]\[ (1 + r)^{10} = 1 \]\[ 1 + r = \sqrt[10]{1} \]\[ 1 + r = 1 \]\[ r = 1 - 1 \]\[ r = 0 \][/tex]
Therefore, the annual compound interest rate that First Complex Bank should set to match the 6.4% simple interest rate of First Simple Bank over a 10-year investment horizon is 0%.
The value of a car produced and sold in 2000 and sold again to a second owner in 2008 would be included in GDP for: a. either 2000 or 2008, but not both. b. 2008 only. c. both 2000 and 2008. d. 2000 only.
Answer:
D: 2000 only.
Explanation:
Gross Domestic Product (GDP) includes all final goods and services produced within a country, in a specific period and doesn't necessarily include all the transactions that are going in the economy.
For example: Used domestic car buying or selling won't be counted for the GDP of current year, as it was manufactured and sold in 2000.
Many influential economists, politicians, and business leaders think that a shift toward a more integrated and interdependent global economy is a good thing. there is evidence to support the theory that falling barriers to international trade and investment drive the global economy toward greater prosperity. there are, however, critics who argue against globalization. anecdotes, evidence, and arguments can be collected to support each side of the debate.
Answer:
Many influential economists, politicians, and business leaders think that a shift toward a more integrated and interdependent global economy is a good thing. there is evidence to support the theory that falling barriers to international trade and investment drive the global economy toward greater prosperity. there are, however, critics who argue against globalization. anecdotes, evidence, and arguments can be collected to support each side of the debate.
Without mincing words, in the real world everyone knows that politics controls economics, businesses among others. The global economy as at today is general controlled by politics as the most powerful country of the controls the economy. e.g the issue that generated lots of discussion around the globe in the last few months between iran and USA which makes the oil price to be skyrocket as a result of imminent war between both countries.
Explanation:
In late April, the Acme Construction Co. submitted a $1,200,000 progress billing on a construction contract.On May 2, the bill was approved for payment, subject to a ten percent retention, as provided by the contract. Construction expenditures should be debited when ______
A. The bill is paid (except for the ten percent retention).
B. The final ten percent of the bill is paid.
C. The contract is signed.
D. The bill is approved for payment.
Construction expenditures should be debited when D. The bill is approved for payment.
Explanation:
In the above scenario, Acme Construction Co. submitted bill amount of $1,200,000 on a construction contract. The payment of the bill was approved on May 2. According to the contract, 10% was subject to retention.
This construction expenditure is debited when the bill is approved for payment. Contract includes all the details regarding payment and terms and conditions between the companies or parties.
Once the bill submitted by company is approved, then the retention amount will be automatically debited.
In 1969, frustrated by the lack of progress in LAFTA, Bolivia, Chile, Colombia, Ecuador, and Peru joined in creating the Andean Group, which aimed to create economic integration through reduced taxes, a common external tariff, and investment in the poorer industrial areas of their respective countries.
a. True
b. False
Answer:
TRUE
Explanation:
Later, Venezuela joined the group in 1973 and quit in 2006 under Chavez's administration. As Colombia and Peru signed treaty's with the US
Chile also quit under Pinochet administration in 1976
The free trade enter zone entered into full operation in 1993 and a year later 1994 the commopn external tariff
John is the sole proprietor of a furniture manufacturing business. His 18 year-old daughter Jane is an employee of the business and works alongside John in making the furniture. Jane earns $40.00 per hour. She works 40 hours per pay period. How much in FICA tax (7.65%) is withheld from Jane's paycheck per pay period?A. $61.20.
B. None of the other choices are correct.
C. $0.00
D. $24.80
E. $30.60
Answer:
Correct option is (B)
Explanation:
As per IRS, if a child works in his/ her parent's company, be it sole proprietorship or partnership firm (if all partners are the child's parents), he/ she is not liable to pay FUTA for employing child below 21 years old. FICA taxes need to be paid if the child is above 18 years of age or above.
In this case, Jane is 18 years old and is working in her father's firm. She is not required to pay FUTA taxes, but 7.65% of her wages are withheld from her wages for FICA taxes as she is 18 years old.
Jane's income per period = $40 × 40 hours = $1,600
Amount withheld for FICA taxes = 0.0765 × 1,600
= $122.40
Two airlines serve the route between Tampa and Houston. What will happen to one airline if the other one raises its prices? A. There will be a movement downward, to the right, along its initial demand curve. B. There will be a movement upward, to the left, along its initial demand curve. C. Its demand curve will shift to the left. D. Its demand curve will shift to the right
Answer:
D. Its demand curve will shift to the right
Explanation:
If two airlines are competing for the same market, and airline A raises its price, the airline B will benefit because now it will be cheaper compared to the other one.
This means that more people will be willing to purchase tickets from airline B at any given price (in this case, the same price as before), shifting the demand curve of airline B to the right.
When one airline raises its prices, the demand curve for the other airline will shift to the left, causing a decrease in the quantity demanded of air travel.
Explanation:When one airline raises its prices on the route between Tampa and Houston, it will affect the other airline in the following way:
Answer choice C is correct. The demand curve for the other airline will shift to the left. This means that the quantity demanded of air travel on that airline will decrease at each price level.
In other words, fewer people will choose to fly with that airline because of the higher prices.
Al agrees to sell goods to Betty for a contract price of $3,000 due on delivery. Betty wrongfully rejects the goods and refuses to pay anything. Al resells the goods in strict compliance with the Code for $2,000. He incurs incidental damages for sales commissions of $200 but saves $150 in expenses because of the resale. Al is entitled to recover $1,050 from Betty.
Answer:
True
Explanation:
Since there is an agreement between AI and Betty and Betty did not honour the agreement which is even wrong, AI is entitled to recover $1,050 from Betty.
The $1,050 is derived by: the difference between the agreed price and the resale price, plus the incidental damages incurred during resale minus the amount saved in expenses.
That gives us: ($3,000 - $2,000) + $200 - $150
= $1,000 + $200 - $150
= $1,050.
Cheers.
Marketers often scan social media to learn more about what customers think. __________ is a technique in which data from a variety of online sources is used to collect consumer comments about companies and their products.
Answer:
Sentiment analysis
Explanation:
Sentiment analysis -
It is the method of analysis , where the data and information is collected from various sources , is referred to as sentiment analysis .
This method is commonly used for the analysis done on some product or services , where the reviews , comments and the thoughts of the consumers can be collected from the online resources .
Hence , from the given information of the question ,
The correct term is sentiment analysis.
Renewable Resources, Inc., files a suit against Sunrich Utility Company and seeks to examine certain documents in Sunrich’s possession. A legitimate reason for this examination is that the documents contain ______.a. information that is relevant to the case.
b. private information about Sunrich's operations.
c. public information about energy generation.
d. irrelevant data that can be eliminated from consideration.
Answer: a) Information that is relevant to the case.
Explanation:
A legitimate reason for this examination of document is because it's the document that's involved or relevant to the case.
"The correct option is (a). The legitimate reason for examining certain documents in Sunrich’s possession would be that the documents contain information that is relevant to the case.
a. information that is relevant to the case.
This process is governed by rules of civil procedure, which generally require that the information sought must be relevant to the claims or defenses of the party seeking the information. Relevance is the key criterion; the information must have the potential to prove or disprove a fact that is important to the case.
Option b, private information about Sunrich's operations, may not necessarily be subject to discovery if it is not relevant to the claims or defenses in the case. Privacy concerns are balanced with the need for relevant evidence, and courts often use protective orders to limit the disclosure of sensitive information.
Option c, public information about energy generation, would not typically be a reason to seek documents in a legal proceeding, as such information is already publicly available and does not need to be obtained through the discovery process.
Option d, irrelevant data that can be eliminated from consideration, is incorrect because the purpose of discovery is to obtain relevant information, not irrelevant data. Irrelevant data is not helpful to the case and would not be a legitimate reason for document examination.
Indexing Social Security payments:
a. no longer requires a concerted effort on the part of Congress to maintain their real value.
a. still requires a concerted effort on the part of Congress to vote the amount of increase.
c. no longer requires a concerted effort on the part of Congress to maintain their nominal value.
d. still requires a concerted effort on the part of Congress to convert them to their nominal amounts.
Answer:A. No longer requires a concerted effort on the part of Congress to maintain their real value.
Explanation:Social security payments are payments made to retirees or the disabled or aged members of the society in the United States of America. It is manages by the SSA(SOCIAL SECURITY ADMINISTRATION) of the Federal Government.
Social Security indexing is the process of computing a person's benefit, it is done using the national average wage indexing series to index a person's earnings. Such computation ensures that a worker's future benefits shows the rise in the standard of living that took place during his or her working age.
Issued by money-centered financial firms, these short- or medium-term insured debt instruments pay higher interest than a regular savings account. They are low-risk instruments and have low returns.
Answer:
Certificates of deposit.
Explanation:
Certificates of deposit are also called time deposits, they have a fixed tenure and pay interest above the normal saving a account rate.
The rates can be fixed or negotiable. Larger deposits attracts higher interest rates, also longer term deposits have higher returns.
If Quincy can invest at an opportunity cost rate equal to 12 percent compounded monthly, what lump-sum amount should he invest today so that he has $22,000 to buy a new car in three years?
To calculate the lump-sum amount Quincy should invest today, we can use the formula for the future value of a lump-sum investment. We can plug in the values into the formula and solve for present value.
Explanation:To calculate the lump-sum amount Quincy should invest today, we can use the formula for the future value of a lump-sum investment:
FV = PV × (1 + r/n)^(nt)
In this formula, FV represents the future value, PV represents the present value (which is what we're trying to solve for), r is the interest rate, n is the number of times interest is compounded per year, and t is the number of years. Given that Quincy wants to have $22,000 in 3 years, an investment opportunity cost rate of 12% compounded monthly, we can plug in these values into the formula and solve for PV:
FV = $22,000r = 12% = 0.12n = 12 (compounded monthly)t = 3 yearsPlugging in these values into the formula:
$22,000 = PV × (1 + 0.12/12)^(12 × 3)
Simplifying the exponent:
$22,000 = PV × (1.01)^36
And now we can isolate PV:
PV = $22,000 / (1.01)^36
Calculating this expression gives the lump-sum amount that Quincy should invest today to have $22,000 in 3 years.
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Taylor organizes and manages all his files and folders logically. How does this activity help Taylor in his daily work environment?
Answer: improves efficiency for Taylor at work
Explanation:
Taylor's ability to manage all his files and folders logically helps him to be efficient in his work place. He is able to track every event, plan his day and knows what to do when either things are going well or not, and how to follow every detail of his business.
Eve, an experienced automotive engineer, signs a ____________ agreement with her employer, Environmental Auto Co., that she will never work in the auto industry after she leaves employment with Environmental. A court considering this agreement will ____________.
Answer: The answers are noncompete; declare it void as geographical area is not specified.
Explanation: A noncompete agreement is an agreement between an employer and an employee restricting an employee from working in same industry after resignation.
However, for a noncompete agreement to be enforceable by law it has to specify a geographical area.
Answer:
The question is not complete.
Here is the complete question:
Eve, an experienced automotive engineer, signs a ____________ agreement with her employer, Environmental Auto Co., that she will never work in the auto industry after she leaves employment with Environmental. A court considering this agreement will ____________.
a)non-compete; only enforce the agreement if it resulted from a bargained-for exchange
b)non-compete; enforce the agreement only if such agreements are customary in the auto industry
c) non-compete; declare it void as geographical area is not specified
d) restrictive employment:; enforce the agreement in any event
Here is the answer:
c) non-compete; declare it void as geographical area is not specified
Explanation:
Employers normally demand employees to sign non-compete agreement when taking up employment with the employer. The major reason for this demand is for employer to protect his business idea and interest and prevent employee stealing and using his business idea while in employment with him and after leaving the employment.
However, non-compete is hard to enforce in the court of law. And there are many conditions to be met before it can be enforced. One of such conditions is definition of scope of location in which the employee will not compete with the employer. Any non-compete agreement without this specified geographical area will be void, not enforceable.
So in this case, Eve signs a non-compete agreement with Environmental Auto and a court considering this agreement will declare void,as geographical area is not specified .
Management believes that supply cost is a mixed cost that depends on client-visits. Use the high-low method to estimate the variable and fixed components of this cost, Compute the variable component first, rounding off to the nearest whole cent. Then compute the fixed component, rounding off to the nearest whole dollar. Those estimates would be closest to: (Round your Variable cost per unit to 2 decimal places.)
$2.00 per client-visit; $28,637 per month
$.89 per client-visit; $17,708 per month
$0.35 per client-visit; $24,261 per month
$0.31 per client-visit; $24,766 per month
Answer:
$0.31 per client-visit ; $24,766 per month
Explanation:
month clients supply cost
March 11,661 $28,575
April 11,457 $28,409
May 11,989 $28,833
June 13,400 $28,920
July 11,721 $28,636
August 11,207 $28,235
Sept. 12,001 $28,834
October 11,692 $28,592
Nov. 11,840 $28,717
variable cost per unit = change in cost / change in activity = ($28,920 - $28,235) / (13,400 - 11,207) = $685 / 2,193 = $0.31 per client visit
fixed cost = total cost - variable cost = $28,920 - (13,400 x $0.31) = $28,920 - $4,154 = $24,766
William heads the marketing department of an apparel company. He is an enthusiastic leader who puts in extra work hours to increase the productivity of his team. He is so engaged and passionate about his work that he willingly contributes to his team even during his vacation. Which of the following could possibly be a consequence of William’s behavior?
Answer;
Work addiction.
Distrust among team members.
High attrition rates.
Explanation:
Work addiction is good but working every time is overburdening yourself, that's what William is doing. If he continues the same routine there are indications that he will not put the right amount of energy in the right path.
Team would be disappointed with him, they won't support much at the later stage and may think of not to join William's team, as he is not considering his team while making his decisions.
There will be surely some harmful effects on his physical and as well as mental health, as he would be rejected by his peers.
Most economists assume that the goal or objective of business firms is to ________. a. maximize sales. b. socially responsible. c. satisfice. d. maximize size. e. maximize profits.
Answer:
maximize profits.
Explanation:
Th economist assume that the goal of objective of the business is to maximize the profit and add value to their business and shareholders as well. The businesses use marginal benefit and marginal cost to measure the value of benefit. Business also has other objectives which support the profit maximization like cost minimization, customer satisfaction etc
The principle prescribing that financial statements reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue is the: A. Going-concern principle B. Business entity principle C. Objectivity principle D. Cost Principle E. Monetary unit principle
Answer:
A. Going-concern principle
Explanation:
The correct Choice is A.
This concept assumes that the business unit will continue operating under the same economic conditions and in the same general environment. But it does not assume that the business unit will be profitable as long as it exists.
Accounting is based on the assumption that business unit will be operating for long. When a business is started , it is assumed that the business will not be dissolved in the near future. The accounting system provides a continuous record of the performance of the business throughout its existence.
Charlotte runs her mother's nursery. She has a group of gardeners working for her. While she makes sure that they put undivided effort into their work, she occasionally allows them to bring their children to work. The gardeners perform their tasks effectively and also feel motivated at work. In the context of the Blake/Mouton leadership grid, which of the following leadership styles is Charlotte using in this scenario?
A) The middle-of-the-road style
B) The country club style
C) The authority-compliance style
D) The impoverished style
Answer:
A) The middle-of-the-road Style.
Explanation:
This leadership style is sustained in the center of the grid and shows balanced and equal concern for every employee and production process. Hence the case study indicates Charlotte displaying the same leadership qualities.
For reference, please see the attachment which contain the Blake Mounton Managerial Grid.
Middle of the road style is the optimal one and shows balance and equal in every aspect according to the given scenario.
A price floor that is set above the normal equilibrium price will lead to: A. An decrease in consumer surplus, a decrease in producer surplus and dead weight loss. B. A decrease in consumer surplus, a increase in producer surplus and dead weight loss. C. An increase in consumer surplus, a decrease in producer surplus and dead weight loss. D. An increase in consumer surplus, a increase in producer surplus and dead weight l
Answer:
B. A decrease in consumer surplus, a increase in producer surplus and dead weight loss
Explanation:
Price floor is the minimum price for which a good or service can be sold. When price floor is above equilibrium price, quantity demanded falls while quantity supplied increases.
Consumer surplus is the difference between the willingness to pay of a consumer and the price the consumer pays for the product.
Consumer surplus would reduce because price has increased.
Producer surplus is the difference between the least price a producer is willing to sell his product and the price of the product.
Producer surplus would increase as a result of the rise in price.
Deadweight loss is reduction in social surplus as a result of the price floor.
I hope my answer helps you
Allen Company bought a new copy machine to be depreciated straight line for three years for use by sales personnel. Where would this purchase be reflected on the Statement of Cash Flows?
Answer:
Investing activity
Explanation:
Investing activities: It reports activities that involves buying and selling long-term assets. The buying or acquiring or purchasing is a cash outflow whereas the sale is a cash inflow
Since in the given situation, the purchase of a new copy machine would be reflected under the investing activity as it is to be shown with the negative sign due to outflow of the cash
A popular train station has free parking for commuters who take the train. This often results in many people being unable to find a parking spot and missing their train. To solve this problem, all commuters should be:a. given a parking pass along with their ticket. b. exempt from parking lot fees. c. barred from parking at the station.d. required to pay for parking.
Answer:
A popular train station has free parking for commuters who take the train. This often results in many people being unable to find a parking spot and missing their train. To solve this problem, all commuters should be:
To solve the problem, all commuters should be required to pay for parking.
Explanation:
When commuters pay for such service rendered it would reduce the traffic generated by commuters as a result of a fee attached to it.
Final answer:
Requiring commuters at a busy train station to pay for parking could help to manage the demand for parking spaces, discourage overuse, and encourage the use of alternative transport options. This concept is similar to public parks charging for certain amenities.
Explanation:
The situation described involves the management of a public good, in this case, commuter parking at a train station. Given that the parking is free and leads to a scarcity of spots, a policy change could mitigate this issue. Option (d), requiring commuters to pay for parking, may reduce demand and ensure that only those who truly need parking pay for it.
This system is comparable to public city parks, which are free to use, but can charge fees for parking and other amenities. Paying for parking could also encourage commuters to seek alternative transportation, thereby reducing congestion and further aligning with public transportation goals as highlighted in the given examples.
Given below is the price-demand equation for the production of tennis shoes where x is the number of pairs of tennis shoes that can be sold at a price of $p dollars. p = 35 − x (a) Determine the revenue function and the marginal revenue function.
Answer:
R(x) = 35x - x^{2}
MR(x) = 35 - 2x
Explanation:
Given that,
price-demand equation: p = 35 − x
x is the number of pairs of tennis shoes
Selling price of a pair of shoes = $p
Revenue is calculated by multiplying selling price with the number of units sold.
Revenue function: R(x) = Selling price × Number of units sold
= px
= (35 - x) x
= [tex]35x-x^{2}[/tex]
Marginal revenue function is calculated by differentiating the revenue function.
Now, differentiating R(x) with respect to x,
Marginal revenue function: MR(x) = 35 - 2x