Answer:
The answer is: C) The minimum price sellers are willing to accept to sell an extra unit of a good.
Explanation:
A normal supply curve should move upward from left to right. The expresses the Law of Supply: (given that all other factors remain without change) As the price of a product increases, the quantity supplied should also increase.
For example:
An ounce of gold costs right now $1,500 and 100 ounces of gold are being traded right now at that price. If a new buyer comes in and wants to buy the 101th ounce of gold, then following a normal supply curve, the new buyer would need to pay more for that extra ounce of gold, maybe $1,510.
What the supply curve shows us is that given a certain price Y, a company will be willing to sell X amount of goods. The more demand a product has (X + 1) > X, then the price Y will increase until a new balance is found.
Answer and Explanation:
A. Profit maximizing output level
P = MC
$90 = q^2 + 9
q = 9 units
B. At 9 units the profit maximizing price should be $90
C. Profit = TR - TC
= P x Q - TC
= $90 x 9 -( 1/3q^3 +9q + 1250)
= 810 - (1574)
Loss = 764
D. If the firm's price is greater than its average variable cost then the firm should continue in the short run because of positive contribution margin. However, if the P < AVC then it should stop its operations as it would have negative contribution margin.
Answer: GDP price index is 62.5, percentage price level rise is 60%.
Explanation: The GDP price index will be calculated by dividing the 1984 price by the 2000 price and multiplying by 100 thus:
10/16 X 100 = 62.5.
Therefore the GDP price index is 62.5.
To calculated percentage change using the price index, we have:
((100-62.5)/62.5) X 100
= (37.5/62.5) X 100
= 0.6 X 100
= 60%.
We can as well use another method:
((16-10)/10) X 100
= (6/10) X 100
= 0.6 X 100
= 60%
If an industry is perfectly competitive or monopolistically competitive, then the government has relatively little reason for concern about <span>the extent of competition. In a monopolistically </span>competitive market, products are differentiated by brand and quality but are not perfect substitutes due to this. Perfect competition is basically a theoretical market because the criteria to qualify has a perfect competitive market is hard to meet. The firms all set the price of their product and the market does not have any influence over it.
The Internal auditor is the person who reviews the operating and accounting control procedures adopted by management to make sure the controls are adequate.
Internal audit within the company is not only done to review operating and accounting control procedures but to recommend ways that will further operation and accounting control within the company.