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Gqendkekek,, Y, Y

In: Business and Management

Submitted By stevexalbert
Words 2229
Pages 9
Bus 109 qn 1
5pts Draw a demand and supply curve . Label properly with axis. Explain the curve and how it works .
How to shift both curves. How to shift demand curve.

10 pts increase demand by doing what ?: Make people want it more. Marketing or advertising .
Red line goes up. Not enough supply. New equilibrium point (higher on the price axis) *shift to the right. * price increase and quantity increase.

10 pts draw and explain increase in technology and how it effects the graph: Supply increases so it is cheaper to produce. The supply curve shifts to the right because more quantity produced. Price also decreases.

Qn2 Personal Insurance.
Liability automobile insurance bodily injury liability : held legally liable for damage caused by car or driving eg disability,death, breadwinner is handicapped and can no longer earn for the family.

Property damage liability insurance damage to the other persons car or other property eg house that you drove into. COGS in a truck that's hit.

Uninsured motorist.
The person has no auto insurance. Bodily damages , breadwinner, medical bills. (first party insurance covers your own family and own party)

Medical payments only medical bills. Group insurance also included. Possibly not first party liability but if it was your fault.

Personal injury protection (no fault states only. Only two no fault states) take care of major injuries. Time off work(breadwinner situation) , medical bills.

Physical damage protection collision damage coverage.eg If your car overturns by a certain number of times. This insurance is v expensive if you are a maleand under 25 yrs old.

Comprehensive damage eg windshield broken , hit a deer, paint damage maybe due to the government spraying something

GAP coverage when you lease a car and a car is on loan, this covers the damage that occurs in the car. → when a car is on...

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