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Mnenie
3 months ago
10

Athlete Kalen wishes to retire at age forty-five and receive annual birthday payments of $40,000 beginning on his forty-fifth bi

rthday. After his death, the payments on the anniversary of his birth should go to his heirs. In order for Kalen to be able to carry out his plan, he makes contributions to a savings account with a guaranteed annual effective interest rate of 4%. How much money will Kalen need to have accumulated at age forty-five, just prior to his first $40,000 birthday payment
Business
1 answer:
harina [3.8K]3 months ago
0 0
1,040,000
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A customer, who needs to drive to work in a Wisconsin winter, has a critical need to use the product Ice Melt. For him as a cons
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Answer:

The urgency or possibility of postponement results in an inelastic demand for ice melt by customers.

Explanation:

Demand elasticity indicates how much the demand for a product changes in response to a price shift. The formula is % change in demand / % change in price

Factors that influence the price elasticity of demand include the type of product, income level, availability of substitutes, time frame, urgency or potential for delay, and proportion of total spending.

Inelastic demand occurs when changes in demand are less proportional relative to price changes. % change in demand < % change in price

Case 'Customer urgently requires ice melt to commute to work': This situation reflects inelastic demand, meaning demand does not significantly change with price alterations (he will purchase it even at a higher cost). This is due to the pressing nature of the demand and limited possibilities for postponing it.

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2 months ago
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