Social Studies College

suppose the income of consumer increased from 8000 to10000 birr. because of the change in income, quantity purchased from10 units to 12 ,how much is the income elasticity of demand,what types of goods the consumer buys and consume, explain result

Answers

Answer 1

The income elasticity of demand is positive and less than 1 (0.8).

To calculate the income elasticity of demand, we can use the formula:

Income Elasticity of Demand = ((Q2 - Q1) / Q1) / ((Y2 - Y1) / Y1),

where Q1 and Q2 are the quantities purchased before and after the

change in income, and Y1 and Y2 are the incomes before and after the change, respectively.

Using the given information, we have:

Q1 = 10 units

Q2 = 12 units

Y1 = 8000 birr

Y2 = 10000 birr

Plugging these values into the formula, we get:

Income Elasticity of Demand = ((12 - 10) / 10) / ((10000 - 8000) / 8000).

Simplifying this equation gives:

Income Elasticity of Demand = (2 / 10) / (2000 / 8000),

= 0.2 / 0.25,

= 0.8.

The income elasticity of demand is positive and less than 1 (0.8), we can infer that the consumer is purchasing normal goods with an income elasticity less than 1.

This means that the quantity purchased increased less proportionally compared to the increase in income. Normal goods are those for which demand increases as income rises, but the increase is not as significant.

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Related Questions

Can democracy be sustained when so few people are involved in the political system? Voter turnout in a local election can run less than 10 percent, yet local governments are the ones that affect people more closely daily. Why do more people not vote in America? Explain.

Answers

Answer:

Yes, democracy can survive even with a small number of participants in the political process

Explanation:

Yes, democracy can survive even with a small number of participants in the political process, but this would lead to voting bias toward a particular political party, even if the majority of those who don't vote don't like it. In the long run, this would lead to a dictatorship rather than a democracy.

There are a variety of reasons why Americans vote less, but the main one is because they don't like the political parties or their platforms. The other argument could be that because America is a developed nation and more than 50% of the population is living a good life independent of government programs, fewer people are interested in getting to know the parties. As a result, they don't cast ballots. Aside from these, people only cast ballots for a particular party when they believe doing so would help their neighborhood.

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which phrase best describes the term precision agriculture

Answers

The phrase that best describes the term "precision agriculture" is C: Advances in information technology that improve farming.

Precision agriculture, also known as precision farming or smart farming, is an agricultural approach that utilizes advanced technologies and data-driven techniques to optimize various aspects of farming operations. It involves the application of information technology, such as sensors, drones, satellite imagery, GPS systems, and data analytics, to gather precise data about soil conditions, crop health, weather patterns, and other factors influencing agricultural production.

By harnessing these technologies, farmers can make informed decisions and implement precise actions to maximize crop yield, minimize resource usage, reduce environmental impact, and enhance overall efficiency. Precision agriculture enables farmers to tailor their practices to the specific needs of individual plants or sections of fields, rather than treating the entire area uniformly.

The integration of information technology in precision agriculture facilitates tasks like soil sampling, crop monitoring, irrigation management, pest and disease control, and yield mapping. These technologies provide farmers with real-time data and analysis, allowing them to adjust inputs, such as fertilizers, water, and pesticides, precisely where and when they are needed. This targeted approach helps optimize resource allocation, reduces waste, and improves overall productivity.

In summary, precision agriculture involves leveraging advancements in information technology to improve farming practices by enabling data-driven decision-making, precise resource management, and enhanced productivity in order to meet the demands of modern agriculture sustainably.

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The question is Incomplete. Find the full content below:

Which phrase best describes the term precision agriculture

A. Growing Large amounts of food

B. maintaining enough food for the Population

C. Advances in information technology that improve farming

D. in information technology that improves foods

shmeti388

16 hours ago
Computers and Technology
College

Procedurally a customer in any bank is required to get registered to a bank system whenever new application from the customer side is made. Such a registration would allow the customer to get service whenever the need arises. Abebe is customer of Bank X and it has been more than 6 months since Abebe has been registered, when he went to the one of the branches of Bank X after 6 months, the teller told Abebe that he needs to get registered to the system so that he could get the required service. However, further investigation of the problem revealed that Abebe is a registered customer of the bank but when data was captured, data about Abebe personal information was entered in a wrong manner. That’s why the Teller failed to provide the service. Based on the narration which specific information characteristics did suffer?

Answers

Based on the narration, the specific information characteristic that suffered is data accuracy.

Data accuracy refers to the correctness and precision of the data entered into a system or database. In this case, Abebe's personal information was entered incorrectly, leading to the mismatch between his registration status and the ability to receive services from Bank X. The incorrect data entry caused confusion and hindered the teller from providing the necessary service to Abebe.

Accurate data is crucial for the effective functioning of any system or organization, especially in the banking sector where customer information plays a significant role. When data is inaccurate, it can lead to various issues, such as miscommunication, delays in service delivery, and customer dissatisfaction. In this scenario, the teller's inability to access Abebe's information accurately highlights the importance of data accuracy in ensuring seamless customer service and efficient operations within a bank.

To address the problem, it would be necessary to correct Abebe's personal information in the bank's system to ensure accurate data and enable him to receive the required services without further inconvenience.

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A customer comes into the institution with a request to complete a wire transfer to a party on the targeted list. The OFAC sanction calls for the transaction to be blocked. With the knowledge of this sanction, which of the following should happen next?

​

Answers

The institution should verify, block the transaction, report the incident, and communicate with the customer.

When a customer comes into an institution with a request to complete a wire transfer to a party on the targeted list under the OFAC (Office of Foreign Assets Control) sanction, certain actions should be taken to comply with the sanction and prevent the prohibited transaction from occurring.The next steps that should happen include:Verification: The institution should verify if the party involved in the wire transfer request is indeed on the targeted list. This can be done by cross-referencing the customer's information with the OFAC list or using specialized software for compliance screening.Block the transaction: If it is confirmed that the party is on the targeted list, the institution should block the transaction immediately. This involves preventing the wire transfer from being processed and ensuring that the funds are not transferred to the sanctioned party.Report the incident: The institution should document the attempted transaction and report it to the appropriate authorities or regulatory bodies as required by the OFAC regulations. This helps in maintaining compliance and providing necessary information for investigations.Communicate with the customer: The institution should inform the customer about the denial of the wire transfer request and explain the reason behind it, citing the OFAC sanction. They may also provide guidance on alternative options or advise the customer to seek further clarification from the appropriate authorities.In summary, when a wire transfer request involving a party on the targeted list is identified, the institution should verify, block the transaction, report the incident, and communicate with the customer accordingly.

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Can the average American trust the media, given the amount of "fake news" that is placed on social media, I often wonder if we have a fair chance to understand the candidates and the political process.

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The question of trust in the media is a valid concern, especially considering the prevalence of "fake news" on social media platforms. It is natural to wonder if the average American has a fair chance to understand the candidates and the political process amidst this environment.

The media landscape today is complex and diverse, consisting of a wide range of sources with varying degrees of credibility and journalistic standards. While social media platforms can be breeding grounds for misinformation, it is important to remember that they are not the sole representation of the media. There are reputable news organizations that uphold ethical journalism practices and strive to provide accurate and balanced reporting.

To navigate this landscape effectively, it is essential for individuals to exercise critical thinking and media literacy skills. This involves fact-checking information, verifying sources, and seeking out multiple perspectives. By cross-referencing information and relying on trusted news outlets, individuals can make more informed assessments about candidates and the political process.

Furthermore, it is crucial to diversify sources of information and be mindful of potential biases. Engaging with a variety of news outlets, including those with different political leanings, can provide a more comprehensive understanding of the issues at hand.

While challenges exist, it is still possible to obtain reliable information and gain a fair chance to understand candidates and the political process. By actively seeking credible sources, applying critical thinking skills, and remaining engaged in the pursuit of accurate information, individuals can better navigate the media landscape and make informed decisions.

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A 10-year-old is most likely to describe himself by saying,
A) "I am ten, and I have a bicycle."
B) "I am ten, and I have red hair and brown eyes."
C) "I am nice and I have a close friend named Tom."
D) "I live in a big, red brick house.“

Answers

The answer is B. “I am ten, and I have red hair and brown eyes.”
The correct answer would be answer B which is “I am ten, and I have red hair and brown eyes”.
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