Table 5-8 -Refer to Table 5-8. Using the Midpoint Method, the Income

question 140

Multiple Choice

Table 5-8
-Refer to Table 5-8. Using the midpoint method, the income elasticity of demand for good Y is

• A)2.33, and good Y is a normal good.
• B)-2.33, and good Y is an inferior good.
• C)-0.43, and good Y is a normal good.
• D)-0.43, and good Y is an inferior good.

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Definitions:

Human Resources Planning

The process of forecasting an organization's future human resources needs and developing strategies to fulfill those needs.

Strategic Planning

The process of defining an organization's direction and making decisions on allocating its resources to pursue this strategy.

HRP Model

Human Resource Planning Model; a strategic process used by organizations to align their human resource needs with their business goals.

Internal Fit

Refers to the alignment between an organization's human resources strategies, policies, and practices with its overall business strategy to create cohesiveness and enhance performance.