1 1 2. Consider the following utility function: u(x, y) = xż + yż. = (a) Derive the optimal utility maximizing demands for x as a function of prices and income. (b) Find the formula for price elasticity of demand for x. (c) Find the formula for the income elasticity of demand for x.
Answers
(a) optimal utility maximizing demands for x as a function of prices and income: \(x* = (px^z + py^z)^{(-1/(z-1))} (I / py)^{((z-1)/z)\) (b) Price Elasticity of Demand = Percentage Change in Quantity Demanded / Percentage Change in Price (c) \(d ln(x*) / d ln(I) = ((z-1)/z) * (py / (px^z + py^z))\)
(a) To find the optimal utility-maximizing demands for x, we need to solve the consumer's optimization problem:
max u(x, y) = \(x^z + y^z\)
\(s.t. px x + py y = I,\)
where p_x and p_y are the prices of goods x and y respectively, I is the consumer's income, and z is a constant parameter that governs the shape of the utility function. We can solve this problem using the Lagrange multiplier method:
\(L = x^z + y^z + λ(I - px x - py y)\)
Taking the first-order conditions with respect to x, y, and λ and setting them equal to zero, we get:
\(z x^{z-1} - λ p_x = 0\)
\(z y^{z-1} - λ p_y = 0\)
\(px x + py y = I\)
Solving for x and y, we get:
\(x = (λ p_x / z)^{(-1/(z-1))}(I / py)^{(z-1)/z)\)
\(y = (λ p_y / z)^{(-1/(z-1))} (I / px)^{((z-1)/z)\)
Substituting these expressions for x and y back into the budget constraint, we can solve for the Lagrange multiplier λ:
\(λ = (px^z + py^z)^{(-1/z) I\)
Substituting this value of λ back into the expressions for x and y, we get the optimal demands for x and y:
\(x* = (px^z + py^z)^{(-1/(z-1))} (I / py)^{((z-1)/z)\)
\(y* = (px^z + py^z)^{(-1/(z-1))} (I / px)^{((z-1)/z)\)
(b) The formula for price elasticity of demand is:
Price Elasticity of Demand = Percentage Change in Quantity Demanded / Percentage Change in Price
Where:
Percentage Change in Quantity Demanded = ((New Quantity Demanded - Old Quantity Demanded) / Old Quantity Demanded) x 100%
Percentage Change in Price = ((New Price - Old Price) / Old Price) x 100%
(c) To find the income elasticity of demand for x, we need to calculate the percentage change in the quantity demanded of x in response to a small percentage change in the consumer's income.
Taking the logarithmic derivative of the demand function for x, we get:
\(ln(x*) = (-1/(z-1)) ln(px^z + py^z) + ((z-1)/z) ln(I/py)\)
Differentiating this expression with respect to ln(I), we get:
\(d ln(x*) / d ln(I) = ((z-1)/z) * (py / (px^z + py^z))\)
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Related Questions
one of the factors that determine the present value (pv) of financial distress costs is . group of answer choices costs of unpaid interest arrears loss of dividend payments probability of financial distress employee compensation
Answers
Probability of financial distress determine the present value of financial distress.
Hence, Option C is correct.
What do you mean by Financial Distress?
Financial distress is a process in which a company or individual cannot generate sufficient revenues or income.The company then is unable to pay its financial obligations. Factors include potential job loss, a money misstep, a lack of personal finance.The distress can appear to be tangible or Intangible including having to pay higher interest rates or more money.It ultimately becomes a source of stress until all debts are paid.Hence by going through above case we can conclude that Option C is correct.
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The garment industry is an example of which type of production?
Answers
Answer:
What are the different production systems used in the garment industry?
Mostly used production systems in the garment industry are as follows.
Make Through System. ...
Progressive Bundle System. ...
Section Production System. ...
Modular Production System. ...
One Piece Flow System. ...
Overhead Production System (UPS -Unit Production system)
Explanation:
i think might help
What term best describes the borrower who is personally liable for a debt obligation related to the purchase of a home?.
Answers
It can be deduced that a situation where the borrower is personally liable for a debt obligation when buying a home is known as a recourse loan.
What is a recourse loan?It should be noted that a recourse loan simply means a situation when the borrower is personally liable for payment of all amounts that are due under the terms of the note.
In this situation, when a property that is encumbered by a mortgage is sold for an amount that is more than the value of the mortgage, then the mortgagor will not be obligated to pay the mortgagee the balance that's remaining.
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In the United States, African Americans, Native Americans, and Asian Pacific Americans are considered the largest ______ minority groups.
Answers
In the United States, African Americans, Native Americans, and Asian Pacific Americans are considered the largest racial minority groups.
A minority group is a group of people who are less numerous than the major groups within those groupings in terms of their practices, color, religion, ethnicity, or other traits.
Racial minority groups are a group of people of a particular race who are underrepresented in comparison to a bigger group, the general public, etc.
However, the term "minority" in the 1990s typically refers to four significant racial and ethnic groups: African Americans, American Indians and Alaska Natives, Asians and Pacific Islanders, and Hispanics. In some states and regions, this change in America's racial and ethnic makeup is most obvious.
Because everyone has a unique perspective on everything, it is crucial to respect the opinions of all people, including those who do not belong to the majority, minority, or even just one single guy. Some people are upbeat, therefore depending on the situation, they may be in the majority or minority.
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What is the seasonality factor for sales in Month 2 ? (Keep 3 decimals in your answer)
Answers
In a business cycle, seasonality refers to periodic and predictable changes that occur during each calendar year's same period. Seasonality is a significant feature of a company's operations, and managers must account for it while making decisions. The seasonality factor is the percentage change in sales as a result of seasonality, calculated as Seasonality factor = (Actual sales / Average sales) * 100 Based on the given table, the average sales for the year are given by:
Average sales = (300 + 350 + 400 + 500 + 550 + 600 + 650 + 700 + 750 + 800 + 900 + 1000) / 12= 625/2 = 520.8333 (rounded to 520.833)The actual sales in Month 2 are 350. Thus, the seasonality factor for Month 2 is:Seasonality factor = (350 / 520.833) * 100= 67.214% (rounded to 3 decimals)Hence, the seasonality factor for sales in Month 2 is 67.214%.
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Question 2 (1 point)
Huda wants to buy soda. A 12-pack costs $9.50. She knows that with the local sales
tax of $2.00, the total should be $11.50. However, when she gets to the checkout,
the total is now $13.00. Which type of tax is Huda MOST likely paying that would
explain the extra $1.50?
estate
excise
inheritance
O income
Question 3 (1 point)
Answers
Answer:
$2:00,o income $ 1:50 huda soda most type that tax 3)1 point )
Which of the following examples demonstrate education and qualifications that are most helpful for Energy
Generation careers? Check all that apply.
Lorena can work for long hours in challenging conditions.
Vaughn is creative in thinking of new ways to harvest materials from the ground.
Richelle is a Hydroelectric Production Manager with a bachelor's degree.
Georgiana is a Loading Machine Operator with a master's degree.
Nolan is good at persuading customers to purchase products.
Randy knows how to operate a cash register to process customer payments.
Answers
Answer:
Lorena can work for long hours in challenging conditions.
Vaughn is creative in thinking of new ways to harvest materials from the ground.
Richelle is a Hydroelectric Production Manager with a bachelor’s degree.
Energy is referred to as the capability or the capacity to work that is acquired only when the individual has some knowledge about the task that has to be performed.
The correct options are:
Lorena can work for long hours in challenging conditions. Vaughn is creative in thinking of new ways to harvest materials from the ground. Richelle is a Hydroelectric Production Manager with a bachelor’s degree.These options best illustrate the education and qualification that is very and utmost useful for energy. The energy here means the growth and development of the individual. This is only possible when the person carries some of the education and the qualification in his hands to stand in the crowd with confidence and clarity in the performance.
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Type the correct answer in the box. Spell all words correctly.
Which federal agency is authorized to oversee all commercial advertisements?
has been
Amid concerns over deceptive practices in some commercials featuring prominent celebrities,
authorized to oversee all commercial advertisements.
Answers
Answer: Federal Trade Commission
Explanation:
The Federal Trade Commission (FTC) is charged with maintaining a healthy competitive environment in the economy for the benefit of the consumer.
As part of this mandate, they are to monitor advertisements to ensure that consumers are not being deceived in order for the company engaged in the deception to gain an unfair advantage.
The FTC monitors advertisements through its Division of Advertising Practices which falls under its Bureau of Consumer Protection.
two document uesd in home trade
Answers
Documents used in Home Trade
Enquiry Letter Making an enquiry.
Reply Letter.
Order Letter Ordering goods.
Acknowledgement Letter.
Invoice Invoice.
Receipt of goods.
hope this helps!! <3
Who do you think mergers help the most, consumers or the businesses that merge?
Answers
Mergers may improve product quality, which benefits consumers. For example, the merger of two start-up software companies could result in better quality products and faster time-to-market as the merged entity takes advantage of the research capabilities and facilities of their legacy companies.
PLEASE PLEASE HELP ME!!
Entrepreneurs
An Wang
George Washington Carver
Samuel F. B. Morse
Margaret Hutchison Rousseau
Choose one entrepreneur from this list. Write about an innovative idea this entrepreneur had. Include details about the person who brought it into being and the contributions he or she made to our society. How did this entrepreneur embody one or more characteristics from the HUNT? Present your response in a clear, organized manner and cite specific examples. (4 points)
Answers
Explanation:
hinese-American computer scientist who came to the United States in 1945 to attend Harvard University. He held more than 35 patents. His developments were critical to advancing digital information technology that we depend on today. Wang Laboratories created one of the first desktop computers.
Madame C.J. Walker
was the first member of her formerly enslaved family to be born a free person. She was one of the first self-made African-American millionaires. She employed over 3,000 people at the height of her hair care products business. Madame C.J. Walker was an early entrepreneur in the beauty industry that today garners billions of dollars in annual sales.
Howard Schultz
grew up in a Brooklyn, New York housing project. It is because of him that Starbucks® has over 6,000 stores worldwide today. His drive and marketing skills have made the café latte a daily habit for many Americans.
James Cash Penney
began as a store clerk after graduating high school. A contemporary of Madame Walker, Penney launched the first chain of department stores in the United States, commonly known as "Penney's." Today Americans visit over 1,000 "Penney's" or peruse the mail order and online catalogs to purchase various household goods and clothing.
Samuel F.B. Morse
grew up in Massachusetts studying religion and art. Morse patented the telegraph in 1849. His invention paved the way for long-distance communication, reshaping America literally in terms of westward expansion, railroad safety, and business efficiency.
George Washington Carver
reshaped the American South from a society heavily focused on cotton agriculture to one that grew diverse crops and utilized crop rotation. He taught these techniques for 47 years at the Tuskegee Institute. In addition, he discovered a plethora of uses for peanuts that are in many products we use to this day.
Joseph A. Unaue
grew up in Bronx, New York, born to a Spanish father and Puerto Rican mother. His father founded Goya Foods®, distributor of Hispanic foods. Joseph and his brothers joined the family business and under Joseph's direction Goya Foods® became the largest U.S. Hispanic-owned food distribution company in the United States
Answer:
George Washington Carver
reshaped the American South from a society heavily focused on cotton agriculture to one that grew diverse crops and utilized crop rotation. He taught these techniques for 47 years at the Tuskegee Institute. In addition, he discovered a plethora of uses for peanuts that are in many products we use to this day.
Explanation:
George Washington Carver
(1864–January 5, 1943) was an American agricultural scientist and inventor who advocated for non-cotton crops and soil conservation practices. In the early twentieth century, he was the most prominent black scientist.Carver devised strategies to repair soils depleted by repeated cotton crops as a professor at Tuskegee Institute. He wanted poor farmers to produce additional crops like peanuts and sweet potatoes to supplement their income and improve their living conditions.105 food recipes using peanuts were included in the most popular of his 44 practical bulletins for farmers. Despite spending years creating and marketing a variety of peanut-based goods, none of them were economically successful.#SPJ2
The loan amount (principal) is $50,000 and the annual interest paid is $5,500. What is the annual interest rate
Answers
Answer:
The interest rate is 11%
Explanation:
The loan amount = $50000
Interest amount = $5500
Since the annual interest amount and the principal amount is given so we have to find the interest rate by using the given information. Below is the formula to find the interest rate.
Let the interest rate = x
Principal × interest rate = Interest amount
$50000 × r = $5500
r = $5500 / $50000
r = 0.11 or 11%
The interest rate is 11%
The debate over whether development occurs gradually, without discernible shifts, or through a series of distinct stages is termed.
Answers
Heyo!
The answer is..
Continuity vs. Discontinuity
hopefully, this helps u~
Most economists assume that expansion and contraction in industry lends itself to a "natural" unemployment rate of
a. two percent or four percent
b.three percent to five percent
c.four percent to seize percent
d.seven percent to six percent
Answers
Answer: A
Explanation:
Most economists assume that expansion and contraction in industry lend themselves to a "natural" unemployment rate of two percent or four percent. Thus, option A is correct.
Who are economists?An economist can be defined as a person who works with social resources as well as input and output. They are the ones who is in the field of economy. They prepare report tables and charts regarding the production as well as the distribution of a product or service.
Economists have of perspective regarding industrial development. As they believe that the unemployment rate in this sector will be 2 to 4%. As the economy and the market are continuously changing. This will result in making the recession and depression of fluctuating.
Therefore, option A is correct.
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The question is incomplete, Complete question probably will be
Most economists assume that expansion and contraction in industry lends itself to a "natural" unemployment rate of
a. two percent or four percent
b.three percent to five percent
c.four percent to seize percent
d.seven percent to six percent
What are the factors of production questions answers?
Answers
The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services.
What is goods and services?An economic system's output is goods and services. Services are tasks carried out for the benefit of the recipients, whereas goods are tangible items sold to customers. Automobiles, home goods, and clothing are a few examples of goods. Legal counsel, housekeeping, and consulting services are a few examples of services. A business's output can fall somewhere in the middle of these two ideas. A landscaping business might, for instance, sell a homeowner a tree (a good) and also mow the lawn (a service).Not just consumers, but also businesses, receive goods and services.Items that are typically tangible are referred to as goods. Examples include pens, real books, salt, apples, and hats. Services are tasks performed by others, such as contractors, suppliers, and architects.To learn more about consulting services refer to:
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What is an efficient portfolio? Explain in terms of risk and return characteristics.
Give main steps in constructing the factor mimicking portfolio for the B/P (book-to-price)
characteristic-based value factor.
We have a bond with following features; 8% coupon, 10-year bond, P ¿ $900, and YTM ¿
10.20%. What is the expected current yield and expected capital gains yield?
Answers
The expected capital gains yield can be calculated as the difference between the bond's yield to maturity and its current yield: 10.20% - 8.89% = 1.31%.
An efficient portfolio is a portfolio that offers the highest possible return for a given level of risk or the lowest possible risk for a given level of return. In other words, it is a portfolio that maximizes the risk-return tradeoff. An efficient portfolio is typically achieved by diversifying investments across different asset classes or securities that have a low correlation with each other.
Constructing a factor mimicking portfolio for the B/P (book-to-price) characteristic-based value factor involves the following main steps:
Identify the stocks or assets that represent the value factor based on the B/P ratio (book-to-price ratio).
Collect historical data on the B/P ratios and returns of the selected stocks or assets.
Calculate the factor returns by forming portfolios that are long on stocks/assets with high B/P ratios and short on stocks/assets with low B/P ratios.
Estimate the factor loadings or sensitivities of the selected stocks/assets to the B/P factor.
Use regression analysis or other statistical techniques to construct a factor-mimicking portfolio that replicates the returns of the B/P value factor by combining the selected stocks/assets in the appropriate proportions based on their factor loadings.
For the bond with a coupon of 8%, a 10-year maturity, a price of $900, and a yield to maturity (YTM) of 10.20%, the expected current yield can be calculated as the annual coupon payment divided by the bond price: (8% * $1000) / $900 = 8.89%.
The expected capital gains yield can be calculated as the difference between the bond's yield to maturity and its current yield: 10.20% - 8.89% = 1.31%.
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Which career pathway in the Architecture and Construction career cluster tend to require more physical strength? Maintenance/Operations and Construction Design and Pre-Construction Pre-Construction and Construction Maintenance and Design
Answers
Answer:
Pre-Construction and Construction
Explanation:
I think it's right.
Answer:
C
Explanation:
What academic information do you have about sub-overseer?
Answers
Explanation:
Pre-Diploma in Civil Engineering (Civil Sub-Overseer) program is designed to prepare competent general civil sub-overseers equipped with knowledge, skills and attitude especially, in the area construction Engineering & Technology of building construction, water supply, irrigation and road and trail bridges sectors.
They can provide services in the growing infrastructure development industries (civil construction companies and consulting firms) government institutions (centre and local level), local as well as international non-governmental organizations or can start their own business in the country as well as abroad.
What does an invasion biologist study?
help me
Answers
Answer:
Invasion biology deals with invasive species. If an “invasive” species is defined as a species that spreads to the detriment of economic interests and public health, however, invasion biology could not be easily distinguished from pest management and public health sciences.
Explanation:
Use the data in WAGE1. RAW for this exercise.
(i) Find the average education level in the sample. What are the lowest and highest years of education?
(ii) Find the average hourly wage in the sample. Does it seem high or low?
(iii) The wage data are reported in 1976 dollars. Using the Economic Report of the President (2011 or later), obtain and report the Consumer Price Index (CPI) for the years 1976 and 2010.
(iv) Use the CPI values from part (iii) to find the average hourly wage in 2010 dollars. Now does the average hourly wage seem reasonable?
(v) How many women are in the sample? How many men?
Answers
1. The lowest and highest years of education include 0 and 18 years. The average is 12.56 years
2. The average of hourly wage is about $5.90, which seems very low.
3. The CPI IS 56.9 and 184.0 in 1976 and 2010 respectively.
4. The hourly wage is reasonable.
5. There are 274 men and 252 women.
How to explain the informationThe average will be:
= 6606.56 / 526
= 12.56
The average of variable education is about 12.6 years.
There are two people reporting zero years of education, and 19 people reporting 18 years of education.
The lowest year of education is zero.
The highest year of education is 18 years
CPI (Consumer Price Index) is the ratio of value of standard basket of goods and services calculated at the current year prices to the value of the same basket of goods and services calculated at base year prices.
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a customer can stop payment on a check that has been certified or accepted by a bank. true or false
Answers
False. A customer cannot stop payment on a check that has been certified or accepted by a bank. When a check is certified, the bank verifies the account holder's signature and confirms that sufficient funds are available to cover the amount specified on the check. This process effectively guarantees the funds to the payee, making it a more secure form of payment.
Once a check is certified or accepted by a bank, it becomes an obligation of the bank itself to honor the payment, regardless of any stop payment requests by the customer. In this situation, the customer's ability to stop payment is no longer applicable, as the bank has already assumed responsibility for the check. This is done to provide assurance to the payee and facilitate smoother financial transactions.
However, customers can still stop payment on regular, uncertified checks before they have been cashed or deposited, provided they meet their bank's requirements for doing so.
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Multiple choice.
1) what is it called when someone buys and sells stocks constantly, checking by the minute instead of longer term?
A- blue-chip trading
B- night trading
C- conservative trading
D- day trading
2) what does owning stock in a company actually mean?
A- a share of ownership in the company
B- lending money to the company
C- both a and b
D- none of the above
3) what category of investments is considered to be the highest risk?
A- financial security
B- growth
C- speculation
D- safety and income
4) what does “liquidity” mean as far as a persons money in an account?
A- how much it is worth
B- how long you’ve had it in the account
C- how easily and quickly it can be withdrawn
D- none of the above
6) what is a possible negative thing about having a large amount of money in a regular savings account
A- the interest earned may be less than the inflation rate
B- it takes a while to take money out
C- the interest earned may be more than the inflation rate
D- none of the above
7) what is the total amount of money that you earn called?
A- net pay
B- take home pay
C- gross pay
D- none of the above
8) which of the following is NOT a service of checking accounts?
A- stop payment orders
B- debit cards
C- online checking
D- money market interest
9) what could possibly get you in trouble with a checking account?
A- not reconciling your balance periodically
B- ordering too many check blanks
C- overdraft protection
D- none of the above
10) what does the fdic insure?
A- bonds
B- stock market holdings
C- savings account
D- none of the above
Please help me
Answers
Answer:
1 d
2 c
3 a
4 b
5 c
6 a
7 b
8 d
9 a
10 a
3.08 Free trade and Barriers
Pls help I just have until today
Answers
While free trade has its advantages, it is important to consider the potential negative effects and to find ways to address them without resorting to trade barriers. Governments must find a balance between promoting free trade and protecting their citizens from harm.
Free trade refers to the international exchange of goods and services without any restrictions or barriers. The aim of free trade is to promote economic growth, create more jobs, and increase competition among businesses. It allows countries to specialize in producing goods and services that they have a comparative advantage in, thereby leading to greater efficiency and productivity. Free trade is also seen as a way to reduce poverty and increase living standards by providing access to cheaper goods.
However, there are also arguments against free trade, particularly from those who believe it can lead to the exploitation of workers, environmental degradation, and a loss of sovereignty. Some people argue that free trade can lead to a "race to the bottom" where countries compete to offer the lowest wages and poorest working conditions in order to attract investment.
To address these concerns, governments may introduce trade barriers such as tariffs, quotas, and subsidies. These barriers restrict the flow of goods and services between countries and protect domestic industries from foreign competition. While trade barriers may provide short-term benefits to certain industries, they can also lead to higher prices for consumers, reduced competition, and a lack of innovation.
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Think of a futuristic business. Then identify the level and type of production that it would undertake. W/ all relevant information.
Give a description of the business.
Answers
The futuristic business would be a robot selling business, the business would produce robots that will help the individuals in their household work.
What is Business?A business is an idea of trade, the individual starts a business to earn profits by investing capital. The business have major four heads, capital, assets, liabilities and income.
The futuristic business idea would be the production of robots which will be produced by robots itself that is machines in a factory, however the robots will be customized as per the customer requirements and the actions required will be embedded in the robot system.
The robots will help the individuals in their household work, it will cook, clean the house, take out trash and more. The robots will be made at a large scale and the customization will be required on the system only.
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Design, construction, tests, and use of eye and face protection must be in accordance with
ANSI
Answers
Hope this helps have an excellent day!
do females like when being proposed? or which way? to make it official.
Answers
Answer:
yes few like few not .
sometimes it's even worst
tony hsieh’s most important contribution at zappos was to
a. immediately change its product mix
b. develop its segmentation strategy
c. focus on value-orientes customers
d. focus on unknown brands
e. shift to a more transactional focus
Answers
Tony Hsieh's most important contribution to Zappos was to focus on value-oriented customers, shifting the focus away from a more transactional approach.
He recognized that customers were not just looking for a good deal; they were looking for great customer service and a personalized experience. Hsieh implemented the "WOW" philosophy at Zappos, aiming to deliver the highest level of customer service possible. He also championed a culture of continuous learning and self-improvement, emphasizing the importance of communication and teamwork. Ultimately, Hsieh was able to create a culture of customer-centricity, which resulted in a positive experience for customers and a dramatic increase in sales for the company.
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Think of something you recently purchased on impulse. What made you decide to make the purchase? would you buy it again, or do you wish you hadn’t bought it in the first place?.
Answers
A purchase is made based on the need or desire of a person.
Making a purchase on impulse means buying something at the instant spot without thinking about it before.
You can make a purchase for items such as a dress on the spot. You took the decision to buy it because it was a beautiful one and although you did not have the budget but you thought that you will cut loose on other items.
Whether we will buy it again or not depends on the budget of the person. If he manages to squeeze the dress into the budget, then he will buy it again. If not, then he will think that he might not have brought it in the first place.
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how does a hotel support tourism industry ? explain
Answers
Answer:
Hospitality generates revenue for local economies directly when tourists spend money in hotels, restaurants and entertainment venues. It also helps economies indirectly because tourists purchase retail goods, pharmacy items and locally made souvenirs and crafts.
What does a pharmacist do in medical sector?
Answers
Answer:
Pharmacists are healthcare professionals who specialize in the right way to use, store, preserve, and provide medicine.