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According to Vaidya's Ill-Founded Criticisms of Business Ethics the most common complaints about business is useless, unfeasible, indeterminate.
He believed that the most common complaints about business is not important and they cannot be feasible.
He stated that if one want to look into it, one cannot known or determine and we as people should be focused on more vital areas such as behavior.
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Answer:
Explanation:
According to Anand Vaidya, in "Ill-Founded Criticisms of Business Ethics, the three most common complaints about business ethics are that it is;
1. Useless
2. Indeterminate
3. Besides the point
Ill-founded criticism of business ethics was the chapter 2 of unit 1 in the book titled "businesses in ethical focus" Anand Vaidya mentioned three most common complaints about business ethics which are listed above.
The estimated price elasticity of demand (PED) for coffee is -0.1647, which means that a 1% increase in the relative price of coffee leads to a 0.1647% decrease in the quantity demanded of coffee. .
The estimated income elasticity of demand (YED) for coffee is 0.5115, which means that a 1% increase in per capita personal disposable income leads to a 0.5115% increase in the quantity demanded of coffee.
The estimated cross-price elasticity of demand (CED) between tea and coffee is -0.0089, which means that a 1% increase in the relative price of tea leads to a 0.0089% decrease in the quantity demanded of coffee. The coefficient is small and statistically insignificant, suggesting that the price of tea does not have a significant effect on the consumption of coffee.
It is possible that advertising expenditure is omitted from the equation because it may be difficult to measure accurately or may not have a significant effect on coffee consumption. Alternatively, advertising may be captured in the error term of the equation.
The trend factor is included in the equation to capture the effect of time on coffee consumption that is not captured by the other variables in the equation. The coefficient on the trend factor is positive, indicating that coffee consumption has been increasing over time during the sample period.
The seasonal pattern in coffee consumption in the USA is captured by the dummy variables D1, D2, and D3, which take the value of 1 in the first, second, and third quarters, respectively, and 0 otherwise. The estimated coefficients on these variables suggest that coffee consumption is highest in the first quarter, lower in the second quarter, and lowest in the third quarter.
The R-squared value of 0.80 suggests that the model explains 80% of the variation in coffee consumption during the sample period. This is a relatively high R-squared value, indicating that the model fits the data well.
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