Answer:
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The person or business named on the check to receive the money is called the payee. The payee is an individual or a company to whom the check is payable. The payee is the party who will receive payment thru check.
Answer:
a.
Explanation:
Based on the scenario being described within the question it can be said that the statement that is most likely true is that the product cost of product B will be higher under ABC than under traditional costing. This is because Activity-based costing (ABC) bases their overhead costs on the actual consumption by each while traditional costs overhead is applied based on the amount of machine hours consumed. Therefore since product B is characterized as having lots of consumption then it's product cost will be higher under ABC costing.
Answer:
Price Quantity demanded Quantity demanded
business travelers vacationers
$150 2,100 1,000
$200 2,000 800
$250 1,900 600
$300 1,800 400
using the midpoint method:
Therefore, the demand for airline tickets in this price range is elastic for vacationers because business travelers are sensitive to changes in price? FALSE, the demand for airline tickets for vacationers is elastic because vacationers are very sensitive to the changes in price, while business travelers aren't.
The price elasticity of demand measures responsiveness to price changes. Vacationers have elastic demand for airline tickets, while the elasticity of demand for business travelers is not mentioned. Business travelers are sensitive to changes in price.
The price elasticity of demand measures how responsive the quantity demanded is to changes in price. If the price elasticity of demand is greater than 1, it indicates that the demand is elastic and consumers are sensitive to price changes. If the price elasticity of demand is less than 1, it indicates that the demand is inelastic and consumers are less sensitive to price changes.
In this case, since the demand for airline tickets is elastic for vacationers, a price increase from $250 to $300 would result in a larger percentage decrease in the quantity demanded. On the other hand, the demand for airline tickets is not mentioned for business travelers, so we cannot determine its elasticity. However, the statement suggests that business travelers are sensitive to changes in price.
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b. Independence Day.
c. Thanksgiving.
d. Valentine's Day.
d. valentine's day, the most romantic day of the year!
A. utility cannot be measured objectively.
B. utility can be measured objectively because people can use prices of different goods to measure utility.
C. all of the important conclusions of the economic model of consumer behavior depend on utility being measured objectively.
D. the util truly is an objective, rather than a subjective, measure of utility.
Economists currently believe that utility, historically represented by 'util', is subjective and cannot be measured objectively. It varies based on individual preferences and circumstances. Prices can suggest perceived utility, but they cannot accurately measure it.
The term "util" was indeed used in historical context to represent a unit of utility. However, today, most economists agree with option A, that utility cannot be measured objectively. Utility is considered subjective as it varies from individual to individual based on their personal preferences, needs, and circumstances. It's challenging to quantitatively asses and compare utility across different individuals or even for the same individual across different circumstances. Prices of goods can be suggestive of their perceived utility but cannot accurately measure it as utility depends on personal subjective valuation.
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