Susan and Keith are good friends. Keith owns a pharmacy. One day, Susan tells him that she has lost her job. Keith says, "If you buy a car, I will give you a job as a courier for my pharmacy". A week later, Susan has had no success in getting a job. so she decides to go out and buy a car in order to get the courier job. She lives near the city, so she has no need for a car otherwise. When she tells Keith that she has bought a car and wants the courier job, he says that he has hired someone else, and cannot give her the job. Provide the following advices: (a) is there a binding contract for Keith to employ Susan as a courier? You should consider all elements of contract in your answer, but make sure that you include an answer to this question: If Susan did argue that there was a contract, how does the consideration here resemble the consideration in the Carbolle Smokeball case? (15 Marks) (b) How could Susan argue that there is an estoppel preventing Keith from refusing to employ her as a courier? (5 Marks) (c) Could it be argued that Keith has engagod in misleading and deceptive conduct under the Australian Consumer Law? Give reasons for your answer.

Answers

Answer 1

It may not be reasonable to argue that keith engaged in misleading and deceptive conduct under the australian consumer law in this particular scenario.

(a) regarding the existence of a binding contract for keith to employ susan as a courier, several elements of a contract need to be considered.

1. offer: keith's statement, "if you buy a car, i will give you a job as a courier," can be seen as an offer since it expresses a willingness to enter into a contractual relationship.

2. acceptance: susan's act of purchasing a car in reliance on keith's offer can be viewed as acceptance. however, the crucial question is whether her acceptance was communicated explicitly to keith.

3. consideration: consideration refers to the exchange of something of value between the parties. in this case, keith's promise of a job is contingent upon susan buying a car. the consideration in this scenario resembles the carbolle smokeball case, where the purchase of a product was deemed valid consideration.

in the carbolle smokeball case, the purchase of the smokeball was considered sufficient consideration because the advertisement offered a reward for performing a specified action (using the smokeball as directed). similarly, in this scenario, susan's consideration can be argued as valid since it involved buying a car, which keith had specified as a condition for the job offer.

however, without explicit communication of acceptance to keith, it becomes uncertain if a binding contract exists. if susan can prove she communicated her acceptance, a contract could be established.

(b) susan could argue estoppel to prevent keith from refusing to employ her as a courier. estoppel is a legal principle that prevents a person from going back on their word or denying their prior statements if the other party relied on those statements to their detriment.

in this case, susan relied on keith's promise and purchased a car specifically for the courier job. she could argue that she suffered a detriment by incurring expenses based on keith's promise. if susan can demonstrate that she reasonably relied on keith's assurance to her detriment, she may have grounds to assert estoppel, preventing keith from reneging on his promise.

(c) arguing misleading and deceptive conduct under the australian consumer law could be challenging in this scenario. generally, the australian consumer law prohibits misleading or deceptive conduct in trade or commerce.

however, keith's statement to susan about the job offer as a courier does not involve a commercial transaction or trade. it is a personal arrangement between friends. additionally, susan's reliance on keith's promise does not typically fall within the scope of the australian consumer law. the law is primarily focused on consumer protection in the context of commercial activities.

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Related Questions

a work system has five stages with processing times of of 6, 21, 17, 2, and 9 mins/unit. a product must go through these stages in a sequantial order. what is the bottleneck capacity in units/hour?

Answers

The bottleneck capacity in units/hour is 2.86 units per hour. The bottleneck stage is the stage with the longest processing time per unit.

To find the bottleneck capacity in units/hour, we need to first identify the bottleneck stage. The longest processing time per unit is 21 minutes in Stage 2. Therefore, Stage 2 is bottleneck stage.

To calculate the bottleneck capacity in units/hour, we need to use the following formula:

Bottleneck Capacity = 60 minutes / (Bottleneck Processing Time per unit)

Bottleneck Processing Time per unit = 21 minutes

Bottleneck Capacity = 60 minutes / 21 minutes per unit = 2.86 units per hour

Therefore, the bottleneck capacity in units/hour is 2.86 units per hour.

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When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must

Answers

When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.

This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.

To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.

Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.

Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.

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How do you calculate the real interest rate?
O A. Subtract the nominal interest rate from the effective rate.
OB. Subtract the nominal interest rate from the rate of inflation.
OC. Subtract the nominal interest rate from the annual percentage
yield (APY).
OD. Subtract the rate of inflation from the nominal interest rate.
SUBMIT

Answers

Answer:

  D.  Subtract the rate of inflation from the nominal interest rate.

Explanation:

You want to know how to calculate the real interest rate.

Real rate

The real interest rate is the rate of increase in value.

When inflation is non-zero, a positive inflation rate decreases value. That is a unit of currency purchases less than it did prior to the inflation. Since inflation robs value, the real interest rate is the difference between the nominal rate and the inflation rate.

To calculate the real interest rate, subtract the rate of inflation from the nominal interest rate.

__

Additional comment

This is only an approximation. If "i" is the inflation rate, and "r" is the interest rate, the real interest rate is ...

  (r -i)/(1 +i)

Need help ASAP please answer this

Need help ASAP please answer this

Answers

The sum of the bank's total amount of liabilities and net worth is $5002 million.

How to calculate the values?

The sum of the bank's total amount of liabilities and net worth will be:

= Total reserves + Loans + Securities + Other assets.

= 268 + 3653 + 949 + 132

= $5002 million

The additional amount of loans that the bank can make to household and firm is $8 million. This is simply the value of the excess reserve.

The current quantity of transaction deposits at the bank will be:

(Total reserve - Excess reserve) = Transactions deposit × Reserved ratio

(268 - 8) = Transaction deposit × 10%

260 = Transaction deposit × 10%

Transactions deposit = 260/10%

Transaction deposit = $2600 million = $2.6 billion

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To examine
the weekly payroll of all employees, one would look at the:

Answers

To examine the weekly payroll of all employees, one would look at the: d. payroll register.

What is the payroll register?

The payroll register is a book or record that is used to fill in the details of all the employees and their payment logs. A record of this register is often kept in good condition in case of any future discrepancies that will have to be resolved.

A person who wants to examine the weekly payroll of all employees in an organization must be able to look at the payroll register to know what is obtainable. There, he would find the names of the employees, their job roles and payment record.

Options:

a. W-4

b. employee earnings record

c. W-2

d. payroll register.

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What role do career pathways play?
A. Career pathways lay out the academic courses, skills, and knowledge required for a position.
B. Career pathways help students determine whether a position will have information technology as a primary or secondary focus.
C. Career pathways lay out the advantages and disadvantages of potential careers.
D. Career pathways organize jobs into 16 major groups to help students plan their careers.​

Answers

Answer:

I think it's A. but don't depend on me i'm probley wrong

Explanation:

What part do career paths play is The educational requirements, necessary skills, and expertise for a position are outlined in career pathways. As a result, choice (A) is right.

What is meant by Career pathways ?

A career path is a list of steps you should take to advance into new or more senior responsibilities at work during your professional life. Employees are guided toward their ultimate professional ambitions as well as their long-term goals through a series of positions and experiences.

By highlighting their existing professional situation and providing advice on how to improve it, career pathing can increase their levels of engagement and job satisfaction.

An essay about your career objectives is a piece of writing in which you describe the career route you hope to take and the goals you have for yourself. You will discuss your career aims, pertinent accomplishments that help you be more successful in achieving your goals, and how your aspirations can help you advance even farther in the essay.

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Identifying the problem, explaining why the issue is important, setting goals, pinpointing targets and tactics, and identifying allies are among the fill in blank strategy of HRW

Answers

Strategies in the human resources sector are responsible for managing the company's human capital, identifying problems and allies, setting goals, pointing out targets and tactics that will make the company's culture stronger.

Some HR functions are:

Manage internal relationships.

Carry out recruitment and selection processes.

Manage changes.

Develop training and development programs.

Human capital is the most precious resource of organizations, since the business environment is increasingly competitive, and therefore the set of knowledge and learning in a company will be the factor to develop creativity and innovation.

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Answer:

Advocacy

Explanation:

Advocacy

what of the questions is asked in a sensitivity analysis before making a strategic decision about site location?

Answers

What is the impact of changes in important assumptions or variables on the result of the decision is one of the questions posed in a sensitivity analysis before a strategic site placement decision is made.

While performing a sensitivity analysis, one or more assumptions or variables are changed to see how they would affect the decision's conclusion. This might relate to shifting variables in the context of site location, including things like labor costs, transportation expenses, land prices, and taxes, among others. Decision-makers may make better decisions based on the possible effects of many scenarios by doing a sensitivity analysis to determine which elements are most important to the decision.

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Explain the ‘traffic light’ system employed in the IBA
Guidelines

Answers

The 'traffic light' system in the IBA Guidelines categorizes evidence into green, yellow, and red based on its reliability and probative value. It helps arbitrators assess evidence's admissibility and weight in international arbitration proceedings.

The 'traffic light' system employed in the IBA (International Bar Association) Guidelines is a method used to categorize and evaluate evidence in international arbitration proceedings. It is designed to assist tribunals and parties in assessing the probative value of evidence and determining its admissibility.

Under this system, evidence is classified into three categories, represented by different colors: green, yellow, and red.

Green: This category includes evidence that is highly reliable and probative. It consists of documents or other evidence that are generally admissible and credible. Green evidence is given significant weight in the decision-making process.

Yellow: Yellow category evidence is less reliable or less probative compared to green evidence. It may include hearsay evidence, expert opinions with certain limitations, or documents with potential authenticity issues. Yellow evidence is considered less persuasive but may still be admitted and evaluated.

Red: Red category evidence is the least reliable or probative. It may include evidence that is inadmissible, lacks credibility, or is clearly biased or fraudulent. Red evidence is generally excluded or given little weight in the decision-making process.

The traffic light system helps arbitrators and parties in assessing the quality and relevance of evidence, enabling them to make informed decisions based on the strength of the evidence presented. It promotes transparency and consistency in evaluating evidence in international arbitration proceedings.

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25. Which economic system best defines: Lowest amount of economic freedom:
A. Capitalism
B. Socialism
C. Communism

I only have these three answer choices.

Answers

C communism most everything is controlled by the government
communism would best define the lowest economic freedom being that everything is determined by government.

What are the two parts of the platform used to run application software? GUI and HCI hardware and operating system kernel and software configuration application base and operating system

Answers

Answer:

The answer is B

Explanation:

Answer:the answer is B hardware and operating system

Explanation:

What are the total expenses for Forks Gym for the month of March?


$500

$3500

$2000

$1000

What are the total expenses for Forks Gym for the month of March?$500$3500$2000$1000

Answers

Answer:

7,000 is the answer

Explanation:

What are the two types of partnership?

Answers

Answer:

What are the two types of partnerships?

Explanation:

general partnership and limited partnership

True/False: evidence shows that written recommendations and referrals are very valuable in the employee selection process

Answers

True. Evidence shows that written recommendations and referrals are very valuable in the employee selection process is correct.

Employee referrals are a technique for hiring and recruitment that entails asking internal staff members to find or suggest others in their network to apply for positions at a company. With this approach, the recruitment process is aided by the professional network of current employees. Many businesses have employee referral programmes that reward people who recommend qualified candidates to the business with bonuses or other rewards.

Employing employee referrals in the hiring and recruitment processes can have a number of advantages for a company.  Here are a few benefits of employee recommendations:  locating competent applicants, saving money on hiring expenses, increasing employee morale, speeding up the hiring process, and filling specialised roles.

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each year, team marketing report (tmr) publishes its fan cost index (fci). the fci measures ______.

Answers

Team Marketing Report (TMR) releases its Fan Cost Index once a year (FCI). The FCI calculates the price of four-person family game-day outings.

The Fan Cost Index attempts to calculate the cost of taking a family toward an NFL game while factoring in the price of tickets, parking, as well as refreshments. According to the rating, a family of four would have to pay close to $740 USD to attend an ordinary Las Vegas Raiders game.

NHL ticket prices vary depending on the significance of the game, the phase of something like the season, whether it was a weekday or weekend, the seat position, and the participating clubs. An individual would pay, on average, between $84 as well as $352 for a typical game during 2021-2021.

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What is the best animal?

Answers

Answer: The answer is Dogs

Explanation: Dogs are the best animal because They're not just popular- historically, the symbiotic relationship between dogs and people helped both species survive.

Which of the following characteristics is NOT a significant risk factor for food insecurity and malnutrition in the United States?
Living in a rural community

Answers

Living in a rural community is not a significant risk factor for food insecurity and malnutrition in the United States. Food insecurity and malnutrition in the United States can be influenced by various factors, including income levels, employment status, education, access to affordable and nutritious food, and social support systems.

While living in a rural community can present challenges related to food access and availability, it is not necessarily a significant risk factor compared to other factors.

Food insecurity and malnutrition can affect individuals and families across different geographic areas, including rural and urban communities. Both rural and urban areas can face unique challenges in terms of food access and availability. Factors such as poverty rates, income inequality, lack of transportation, limited grocery store options, and inadequate social support systems can contribute to food insecurity and malnutrition in both rural and urban settings.

It's important to note that food insecurity and malnutrition are complex issues influenced by a combination of socioeconomic, environmental, and individual factors. While living in a rural community may pose specific challenges related to food access, it does not necessarily imply that it is the most significant risk factor. A comprehensive understanding of the multiple factors and their interactions is crucial for addressing food insecurity and malnutrition effectively.

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answer quickly pls: it is an accounting question:

answer quickly pls: it is an accounting question:

Answers

Answer:

$3,500

Explanation:

Profit is calculated by subtracting expenses for revenue.

In the case,

Revenues are

fees from client   $20,000

Rent received   $ 8,000

total revenue   $28,000

expenses

insurance       $8,000

advertising       $3,000

loan interest   $ 12,000

motor expense      $1,500

    $24,500

profit = $28,000 -  $24,500

profits =$3,500

Which of the following is not a reason that the subject line should never be
left blank?
• A. The receiver may be
confused and decide to delay opening it.

B. The receiver may think the message iS spam.
C. The email will not be transmitted without that information.
D. The receiver may not consider the message important.

Answers

Answer: C. The email will not be transmitted without that information is not a reason that the subject line should never be left blank. The email can be transmitted without a subject line, it just may be less likely to be opened or considered important by the receiver.

Explanation:

Answer:

C. The email will not be transmitted without that information.

A subject line is important in an email because it gives the receiver an idea of what the email is about and whether or not it is important or relevant to them. Leaving the subject line blank can cause confusion, delay the receiver opening the email or even mark it as spam, and make the receiver not consider the message important. But an email will be transmitted without a subject line, it's just that the receiver may not understand the content of the email.

definition of trade-offs?

Answers

Answer:

Economics is all about tradeoffs. A tradeoff is loosely defined as any situation where making one choice means losing something else, usually forgoing a benefit or opportunity. We experience tradeoffs in zero-sum situations, when a plus in one area must be a negative in anothe

Explanation:

hope its helpful for if yes mark me as brilliant

The term careeris usually applied to a:• A. position that allows for professional growth and advancem
• B. workweek that consists of 15 to 25 hours.
• C. series of jobs with little relevance to one another.
O D. job that pays hourly wages.

Answers

The term career is usually applied to a position that allows for professional growth and advancement. Option A

This implies that a career is not just a job, but rather a long-term commitment to a certain field or industry. A career is characterized by continuous learning, development of skills and expertise, and the pursuit of opportunities for promotion and increased responsibility.

A career is different from a job that pays hourly wages, which is often seen as a means to an end rather than a long-term commitment. A job that pays hourly wages is typically associated with low-skilled work and little opportunity for advancement. On the other hand, a career is often associated with higher-skilled work and greater potential for advancement.

In summary, a career is a long-term commitment to a certain field or industry, characterized by continuous learning, development of skills and expertise, and the pursuit of opportunities for growth and advancement. It is different from a job that pays hourly wages, which is often seen as a means to an end rather than a long-term commitment.

Ultimately, the goal of a career is to achieve personal and professional fulfillment by doing work that is meaningful, challenging, and rewarding. Option A is correct.

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Your brother has decided to ask you for advice about saving up for his teenager's college fund.
He plans on withdrawing $8,000 at the end of year 4, $12,000 at the end of year 5, and $16,000 each at the end of year 6 and year 7.
How much does your brother need to deposit today into an account with an annual interest rate of 3%?

Answers

Your brother needs to deposit $42,183.08 today into an account with an annual interest rate of 3% to cover his teenager's college fund.

To calculate the amount your brother needs to deposit today, we can use the concept of present value, which is the current value of a future cash flow. We can calculate the present value of each cash flow using the formula:

PV = FV / (1 + r)^n

where PV is the present value, FV is the future value, r is the annual interest rate, and n is the number of years.

For the cash flow of $8,000 at the end of year 4, the present value is:

PV1 = $8,000 / (1 + 0.03)^4 = $6,910.20

For the cash flow of $12,000 at the end of year 5, the present value is:

PV2 = $12,000 / (1 + 0.03)^5 = $10,033.81

For the cash flow of $16,000 at the end of year 6, the present value is:

PV3 = $16,000 / (1 + 0.03)^6 = $12,828.17

For the cash flow of $16,000 at the end of year 7, the present value is:

PV4 = $16,000 / (1 + 0.03)^7 = $12,410.90

The total present value of these cash flows is the sum of the individual present values:

Total PV = PV1 + PV2 + PV3 + PV4

Total PV = $6,910.20 + $10,033.81 + $12,828.17 + $12,410.90

Total PV = $42,183.08

Therefore, your brother needs to deposit $42,183.08 today into an account with an annual interest rate of 3% to cover his teenager's college fund..

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To find the present value of the future college fund withdrawals, we need to discount each cash flow back to its present value using the time value of money formula:

PV = FV / (1 + r)^n

Where:

PV = Present value

FV = Future value

r = Annual interest rate

n = Number of years

We can calculate the present value of each cash flow and then add them up to find the total present value.

PV of $8,000 at the end of year 4:

PV = 8,000 / (1 + 0.03)^4

PV = 8,000 / 1.125

PV = 7,111.11

PV of $12,000 at the end of year 5:

PV = 12,000 / (1 + 0.03)^5

PV = 12,000 / 1.1593

PV = 10,353.52

PV of $16,000 at the end of year 6:

PV = 16,000 / (1 + 0.03)^6

PV = 16,000 / 1.191

PV = 13,443.25

PV of $16,000 at the end of year 7:

PV = 16,000 / (1 + 0.03)^7

PV = 16,000 / 1.225

PV = 13,063.58

Total present value = 7,111.11 + 10,353.52 + 13,443.25 + 13,063.58

Total present value = 43,971.46

Therefore, your brother needs to deposit $43,971.46 today into an account with an annual interest rate of 3% to have enough money to cover his teenager's college fund withdrawals.

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what is the name of the model where firms operating in an oligopolistic market match only price decreases of other firms in the industry?

Answers

The model where firms operating in an oligopolistic market match only price decreases of other firms in the industry is "Bertrand Competition Model".

The Bertrand Competition Model refers to the  firms operating in an oligopolistic market set prices for their products or services and compete with each other to attract customers.

The business uses this model to assume the match any price decreases made by their competitors, while keeping their own prices unchanged if their competitors don't change prices.

Therefore, the Bertrand Competition Model firms operating in an oligopolistic market match only price decreases of other firms in the industry.

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in the form of a zero-interest-bearing note (face amount $150,000). the note is to be repaid on december 31, 2022. the prevailing rate of interest for a loan of this type is 10%, and the present value of $150,000 at 10% for three years is $112,695. what amount of interest income should ms. ladd recognize in 2020?

Answers

The interest income received by Ms. Ladd on zero-interest bearing note in year 2020 will be $15,000.

The interest income will be calculated as follows:

Present value = $150,000

Rate of interest (r) = 10%

Interest income of 2020 =150,000*10%

                                     = $15,000

Zero interest bearing notes are debt instruments with no dividend yield attached that have been issued by an organization. When such instruments are issued, the issuing corporation is not required to give investors any ongoing interest payments. These are also known as bonds with zero coupons.

Zero interest bearing notes are issued by the company at a massive discount to their face value because they are not subject to any periodic interest. A predetermined maturity period is also a feature of these securities. The firm is mandated to return the full-face value of the notes to the investors whenever they mature.

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21. suppose a firm has a single investment project, 1 and it is considering an additional project, 2. The projects have the following net present values, standard deviations, and correlation coefficients: Project Expected NPV ($) Standard Deviation ($) Correlation coefficient 12,000 14,000 1.00 12 8,000 6,000 1.00 1 and 2 0.40 What is the NPV of the portfolio? What is the standard deviation of the portfolio?

Answers

The standard deviation of the portfolio is approximately $16,303.48.

To calculate the NPV of the portfolio, we need to consider the correlation between the two projects. The formula for the NPV of a portfolio is as follows:

NPV Portfolio = NPV Project 1 + NPV Project 2 + 2 * (Standard Deviation Project 1) * (Standard Deviation Project 2) * (Correlation Coefficient)

Given the data provided, we can substitute the values into the formula:

NPV Project 1 = $12,000

NPV Project 2 = $8,000

Standard Deviation Project 1 = $14,000

Standard Deviation Project 2 = $6,000

Correlation Coefficient = 0.40

NPV Portfolio = $12,000 + $8,000 + 2 * ($14,000) * ($6,000) * (0.40)

Now, let's calculate the NPV of the portfolio:

NPV Portfolio = $12,000 + $8,000 + 2 * ($14,000) * ($6,000) * (0.40)

= $12,000 + $8,000 + 2 * $84,000 * 0.40

= $12,000 + $8,000 + $67,200

= $87,200

Therefore, the NPV of the portfolio is $87,200.

To calculate the standard deviation of the portfolio, we'll use the following formula:

Standard Deviation Portfolio\(= \sqrt((SDP 1)^2 + (SDP 2)^2 + 2 * (SDP1) * (SDP 2) *\)  (Correlation Coefficient))

Substituting the values:

Standard Deviation Project 1 = $14,000

Standard Deviation Project 2 = $6,000

Correlation Coefficient = 0.40

Standard Deviation Portfolio = \(\sqrt(($14,000)^2 + ($6,000)^2 + 2 * ($14,000) * ($6,000) * (0.40))\)

Now, let's calculate the standard deviation of the portfolio:

Standard Deviation Portfolio = \(\sqrt(($14,000)^2 + ($6,000)^2 + 2 * ($14,000) * ($6,000) * (0.40))\)

= √($196,000,000 + $36,000,000 + $33,600,000)

= √($265,600,000)

= $16,303.48

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Owner must share their profits.
True or false

Answers

Answer:

True

Explanation:

True because they need to pay their workers

during world war i, the cost of living in the united states shot up 62%. using more effective economic measures, the cost of living in the united states during world war ii, from 1940 to 1945, increased by what percent? group of answer choices

Answers

According to the Bureau of Labor Statistics (BLS), the cost of living in the United States during World War II increased by approximately 80%.

What is BLS?

BLS stands for Basic Life Support. It is a set of techniques used to provide emergency medical care when someone suffers from a life-threatening illness or injury. BLS techniques are based on guidelines from the American Heart Association and are designed to help preserve life until medical professionals can arrive and provide more advanced medical care. BLS techniques can include cardiopulmonary resuscitation (CPR), controlling bleeding, using an automated external defibrillator (AED), administering oxygen, and providing rescue breaths. BLS is often used for victims of cardiac arrest, stroke, drowning, and shock.

This was measured using the Consumer Price Index (CPI), which takes into account the cost of goods and services in the economy.

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Writ (T) for True and (F) for False Statements: All desires of human beings are known as ‘Demand’. Demand is inversely related with income of the consumer. Supply is the quantity which actually brought by the seller to sell in the market. The stock of perishable goods are similar to the supply quantity. Demand curve goes upward to the right, to show inverse relationship between price and demand for good. When the price of Giffen good increases, its’ demand also increases. Income demand means relationship between price and demand quantity. Size of population is also a determinant of demand. Individual demand means all quantity demanded by buyers in the market. Means and willingness are necessary factors to be demand. Fill in the Blanks by Suitable word Two major wheels of the economy are …….. and ……. …. … …. is the desire from sellers side. The major determinant of demand is … … The situations when law of demand is not applicable is known as its …. ….. Beggar’s desire is not regarded as demand, because he may not have … …. When price of one good affects to the demand for other good, this situation is known as … …. Demand is the effective desire backed by …. ….. and ……….. When price of a good increases, its demand …. ….. but the supply …… ….. Those goods, which can be consumed alternatively are termed as …. …… goods. ….… are those goods, whose demand rises when income the consumer decreases.

Answers

Answer: (1) F, (2) F, (3) T, (4) F, (5) F, (6) T, (7) F, (8) T, (9) F, (10) T

Please check Explanation below for answers to section 2

Explanation: All desires of human beings are known as demand is False.

(1) Demand is the quantity of goods and services that a consumer is "willing" and "able" to buy at a "given price" and at a "particular point in time." Therefore, that someone desires a beautiful house does not constitute demand, but certain conditions must be present and one of such is his ability (that is money) to buy the house.

(2) Demand is inversely related with the income of the consumer is False.

On the contrary, demand is directly related with the income of the consumer, that is, both variables move in the same direction. Simply put, as the income of the consumer rises, his total demand for a commodity or service will also rise, and likewise if the income of a consumer falls, hos total demand for a commodity will also fall or reduce.

(3) Supply is the quantity which is actually brought by the seller to sell in the market is True.

This is the simplest way to put the definition of supply which is defined as the quantity of a commodity that a seller is willing to sell at a given price and at a given point in time.

(4) The stock of perishable goods are similar to the supply quantity is False.

The supply quantity includes the entire stock of goods that the seller or producer is willing to sell regardless of its status (perishable or not).

(5) Demand curve goes upward to the right, to show inverse relationship between price and demand for good is False.

Demand curve actually slopes downward to the right, and this shows an inverse relationship between quantity demanded and price of a commodity. That means, as the demand increases the price reduces, and as the price increases the demand reduces. This follows the law of demand which states that, "other factors being held equal, the higher the price the lower the quantity demanded and, the lower the price the higher the quantity demanded."

(6) When the price of Giffen goods increases, its demand also increases is True.

Giffen goods also known as inferior goods (or staple foods most often) are such that the consumers of such goods usually do not have better alternatives. Hence as the prices of such goods rise the consumer demands equally rise (contrary to the law of demand).

(7) Income elasticity of demand means relationship between price and demand quantity is False.

Income elasticity of demand is the relationship between the consumer income and the quantity demanded, and it measures the rate of response of the quantity demanded in relation to the rate of change in income.

(8) Size of population is also a determinant of demand is True.

The determinants or factors of demand are those that affect the level of demand, and when the population increases the level of quantity demanded will also increase, and vice versa.

(9) Individual demand means all quantity demanded by buyers in the market is False.

Individual demand is clearly distinct from market demand. Market demand is the totality of all the individual demands for a commodity.

(10) Means and willingness are necessary factors to have demand is True.

 Just as explained in number (1) above, demand can only be effective if there is the means (money/resources) and the willingness to make a purchase. If these two conditions are not met, then desire for a commodity alone cannot be termed as demand.

Fill in the blanks by suitable words;

Two major wheels of the economy are Demand and Supply, Supply is the desire from sellers side. The major determinant of demand is Price. The situation when law of demand is not applicable is known as Abnormal demand. Beggar's desire is not regarded as demand, because he may not have ability. When price of one good affects the demand for another good, this situation is known as Substitute goods. Demand is the effective desire backed by Ability and willingness. When price of a good increases, its demand decreases but the supply increases. Those goods which can be consumed alternatively are termed as substitute goods. Inferior or Giffen goods are those good whose demand rises when the income of the consumer decreases.

11. Which of these does NOT represent a type of credit?
*
1 point
A certificate of deposit (CD)
A credit card
A mortgage

Answers

A certificate of deposit (CD) does not represent a type of credit.

A certificate of deposit (CD) does not represent a type of credit. A certificate of deposit is a financial instrument offered by banks and credit unions that allows individuals to deposit a certain amount of money for a fixed period of time, typically ranging from a few months to several years. In return, the financial institution pays the depositor a fixed interest rate.

Unlike credit cards and mortgages, which involve borrowing money, a CD involves depositing money with the financial institution. The individual essentially lends money to the institution, and in return, earns interest on the deposited amount. The interest rate offered on a CD is predetermined and agreed upon at the time of purchase.

CDs are considered to be a low-risk investment option because they are typically insured by the government up to a certain amount. They provide a stable and predictable return on investment, making them attractive to individuals who prioritize safety and want to preserve their principal.

In summary, while credit cards and mortgages involve borrowing money, a certificate of deposit is not a type of credit. Instead, it is a financial instrument that allows individuals to deposit money with a financial institution and earn a fixed interest rate over a specified period of time.

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Which strategy are you following if you are concentrating on serving a particular segment of customers better?
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strategy if you are concentrating on serving a particular segment of customers better.

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Targeting Strategy

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