FedEx employees use the motto "Absolutely, Positively" to express their commitment to their customers. What should be the attitude of someone who studies economics toward this sort of company ritual?
What will be an ideal response?
Such symbols of corporate culture can provide valuable information to employees in that they potentially signal what is expected in the company. However, they will not be valuable in motivating employees unless they are reinforced by the formal architecture of the firm.
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Explain Mathusian trap
What will be an ideal response?
Last year, Jim bought 8 tickets to sporting events when his income was $30,000 . This year, his income is $33,000 . and he purchased 10 tickets to sporting events. Holding other factors constant and using the midpoint method, it follows that Jim's income elasticity of demand is about
a. 0.43, and Jim regards tickets to sporting events as inferior goods. b. 0.43, and Jim regards tickets to sporting events as normal goods. c. 2.33, and Jim regards tickets to sporting events as inferior goods. d. 2.33, and Jim regards tickets to sporting events as normal goods.