Q: Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and…
A: The current output/month= 1800 The current labor input/month= 8×640$=5120$ The current capital…
Q: 10 20 30 40 50 60 Quantity (units per day)
A: The given figure represents the case of a perfect competition market. This is a market structure…
Q: An exclusive Yoghurt manufacturer sells 4,000 gallons per month at a price of GHS 40 each. When the…
A: revenue = price* quantity sell
Q: A small ice cream company estimates its revenue to be R = 6z dollars, where z = the number of quarts…
A: Note: There are four sub-parts in the given question. Hence, we shall solve only the first three sub…
Q: Suppose there is a decrease in the demand for high-definition televisions. What effect might this…
A: The demand curve shifts when there is a change in other factors other than price of commodity. If…
Q: a. Does price equal or exceed average variable cost for the first 50 units? |(Click to select) ♥…
A: a. Variable cost for 50 units = VC × Quantity = 17.50 × 50 = 875 Average variable cost = VC / Qty =…
Q: Misleading product cost numbers are most likely the result of misallocating 1 direct material cost 2…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Someday, if you want to be an economist or to study more about economic analysis, what platform you…
A: While studying economics, economists have the capability to reduce costs while using different…
Q: Many restaurantsdon’t take reservations. You simply arrive and wait your turn. If you arrive at 7:30…
A:
Q: For a certain product, the linear demand curve is described by the equation, Quantity = 10,528 - 474…
A: Marginal revenue can be defined as the additional revenue generated from the sale of an additional…
Q: Your local pet café has the following costs: $3,000 per month in rent, $5,000 per month in wages,…
A: Firms operating in a market incur fixed costs and variable costs. Fixed costs are the costs that do…
Q: Many restaurants don't take reservations. You simply arrive and wait your turn. If you arrive at…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: You saw a product sells for $140 on the price tag and costs $100, the Mark-up (%) for this product…
A: Selling price is the face value or tag value of the product. whereas the actual monetary value…
Q: A strawberry farmer owns a farm named BLB. To keep costs manageable so she can provide affordable…
A: Since it has not been specified which questions are to be answered, the first question and its first…
Q: Which scheduling method would be inappropriate for the product named? spring-blooming bulbs -…
A: A particular technique that one use for constructing the schedule like an employee, contract,…
Q: Engineering increases the miles per gallon of gas rating (Mg) by 10 miles per gallon. The manager of…
A: Since, As the coefficient of Mg(Miles per gallon) is 10 which means with 1Mg per gallon of gas…
Q: When the price is less than AVC (P<AVC), the company
A: Microeconomics deals with the minute considerations of an economy or the individual firm’s behaviour…
Q: You run a school in Florida. Fixed monthly cost is $5,524.00 for rent and utilities, $5,671.00 is…
A: In economics, a firm maximizes its profit by producing at an output level where the marginal revenue…
Q: Seastrand Oil Company produces two grades of gasoline: regular and high octane. Both gasolines are…
A: Let x1 = gallons of crude 1 used to produce regular y2 = gallons of crude 1 used to produce…
Q: Calculate price per unit if output is 4
A: The information being given is:- Total revenue = $3200 Output = 4 units We have to calculate total…
Q: he variable cost to make a certain product is $71 per unit. Research indicates that the lowest price…
A: Given, VC = $71 per unit Lowest price = $156
Q: Product A cost $8 and demand for product B is 12 units then product A is reduced in price to $5 and…
A: Meaning of Price Elasticity of Demand: The price elasticity of demand refers to the situation…
Q: The variable cost to make a certain product is $73 per unit. Research indicates that the lowest…
A:
Q: You will draw a Supply and Demand diagram, and then do some additional things. Please follow the…
A:
Q: Overheard at the water cooler: "The demand and cost estimates that were provided at the meeting are…
A: Given, Q = 90 - 6.5P TC = 150 + 3.5Q
Q: Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per…
A: Opportunity cost is the cost that a person faces due to his decision of giving up one good for…
Q: Describe the various cost components that affect the retailgasoline price?
A: Gasoline is one of the many petroleum products which is made by refining crude oil. The price of…
Q: The wholesale cost of a birdcage is $55. The original markup was 46% based on selling price. Find…
A: Wholesale cost of birdcage (C) = $55 Let's assume P is selling price. --- The original markup was…
Q: .. mated cost to construct a 30,000 square foot warehouse is $ (Round to the nearest dollar.)
A: Warehouse, Size x1 => 23000 ft2 Warehouse, Size x2 => 30000 ft2 Cost of x1 => 600,000 Cost…
Q: Are Alarm clocks and automobiles substitute, compliments, or unrelated
A: Two goods are substitutes of each other if both can be used in place of another. Similar and…
Q: Why do businesses offer “Buy one, get one for half price” sales when they could just sell each unit…
A: Businesses or firms give offers such as buy one get one free or 50 % off just to attract new…
Q: Michael must pay $700 for a statistical package, plus $140 for each additional analysis add-on. Find…
A: The cost for a statistical package is fixed is fixed because it must pay. The cost of analysis is…
Q: will a supplier be able to reduce its cost structure through additional volume?
A: Yes, a supplier or producer will able to reduce its cost structure through additional volume. But it…
Q: A big disadvantage with purchasing software off-the-shelf is ______________.
A: Off the shelf software is any kind of software solution that has been developed for the mass market.…
Q: Rent of the factory is a variable cost True/False
A: The cost of goods or services refers to the amount of money spent by a corporation on their creation…
Q: If a firm wanted to reduce the annual EOQ cost as a percentage of the annual purchasecost by 50…
A: Economic Order Quantity is the number of goods that a company should purchase to manage or minimize…
Q: When there are economies of scope between products, selling off an unorofitable subsidiary could…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Is Fuel a variable, fixed or overhead cost?
A: At the marketplace, when a firm produces a good and operates its business, there are different types…
Q: A profit-maximizing firm in a competitive market is currently producing 90 units of output. It has…
A: The following information is given: Output = 90 units, Average revenue = 46, Fixed cost = $270,…
Q: Gasoline prices above $3 per gallon have affected what Enterprise Rental Car Co. can charge for…
A: Equilibrium price refers to the price at which the quantity demanded is equal to the quantity…
Q: Process mapping is a tool that reduces processes to their component parts or activities and helps…
A: Process mapping is the graphical representation with illustrative descriptions of how things get…
Q: Average variable cost does NOT equal: Select one: a. total cost minus fixed cost divided by output.…
A: In the field of economics, the expression "average variable cost" portrays the variable expense for…
Q: Expenditures for office supplies, electricity, and internet connection are part of Fixed Costs
A: Cost refers to the total expenses that incur in a process of production of goods and services.
Q: A company is planning to manufacture wheelchairs that are light, fast, and beautiful. Fixed monthly…
A: In economics, a CF {"cost function"} is described as a function of an output quantity and prices of…
Step by step
Solved in 2 steps
- Can you think of an industry (or product) with near infinite elasticity of supply in the short term? That is, what is an industry that could increase Qs almost without limit in response to an increase in the price?Suppose both of these events took place at the same time. Combine your analyses of the impacts of the iPod and the tariff Induction to determine the likely impact on the equilibrium price and quantity of Sony Walkman-type products. Shaw your answer graphically.Would you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume? Explain. Hint: Think about how the price elasticity of demand will differ between necessities and luxuries.
- According to the previous discussion, what factors influence the price elasticity of demand for cigarettes? What other factors not mentioned in the article might influence the price elasticity of demand for cigarettes?What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?
- How did the market for milk get impacted as COVID induced lockdown started in the U.S. in mid-March 2020? Be sure to state how the demand and supply curves and elasticities changed or shifted if at all?Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned, however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(1) the concept of elasticity of demand, (2) why raisingprices without understanding the elasticity would bea bad move, (3) your recommendations for measurement, and (4) the potential impact on profits for elasticand inelastic demandCreative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned. however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(I) the concept of elasticity of demand, (2) why raisingprices without undetstanding the elasticity would bea bad move. (3) your recommendations for measurement. and (4) the potential impact on profits for elasticand inelastic demand
- Refer to the figure below: A P 16 11 8. 100 150 225 300 350 Quantity If the price is $16, the resulting O shortage will lead to a fall in price. O surplus will lead to a fall in price. O shortage will lead to a rise in price. O surplus wil Icad to a risc in pricc. を %24en hired as an economic consultant by Google and given the lollwrg derrand wedfor wh st Price of Good X (Millions) Quantity Demanded for XQuantity Demanded ta (Millions) 260 240 5. Y Mllions) 200 220 240 10 15 220 20 200 260 Your advice is needed on the following questions: A) Draw the demand and supply curves for the above market. (4 marks) B) Calculate the price elasticity of demand for software X if the price of soltware X increases tom5 millen to 10 mil p t S whether it is elastic or inelastic.(4 marks) C) Calculate the cross elasticity of demand of software Y when the price of X falls from 20 milion lo 10 Mlion hdie between X and Y. (4 marks) D) Draw diagrams for the demand of X. If other things are not constant what will be the impact on the dend D E) Calculate the equilibrium price and quantity demanded and supply of the above market Label the equilm prt be quantity, and the equilibrium price. (4 marks) O Type here to searchThe Lulu Hypermarket sells 0,209 boxes of chicken per month at RO 4 per box. The own price elasticity for chicken is estimated to be O.45 If Lulu Hypernarket decreases the pripc of a box of chicken byS00 Baiza -8 Per (a) How many boxes of chicken will Lulu Hypermarket sell? (b) Lulu Hypermarket's revenue will change by how much? (c) Will the consume: be better off or worse off?