The purpose of Microeconomics is to match supply and demand among the producers and consumers of society as a whole.
<h3>What is microeconomics?</h3>
Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which they trade goods and services.
Examples of microeconomics include:
- Supply
- Demand
- Competition
- Prices of goods
Hence, Microeconomics aims at matching supply and demand among the producers and consumers of society as a whole.
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Answer:
D. The system of exchange between people where the giver usually expects something in return.
Explanation:
Balanced reciprocity refers to a system of exchange between people where the giver usually expects something in return. It is also known as Symmetrical reciprocity.
Answer:
The answer is: The selling price is $76.05
Explanation:
To calculate the markup we can use the following formula:
Markup Percentage = Gross Profit / Unit Cost
where:
- unit cost = $45
- markup percentage = 69%
- gross profit = selling price - unit cost
69% = gross profit / $45
69% x $45 = gross profit
$31.05 = gross profit
$31.05 = selling price - $45
selling price = $76.05
Answer:
Yes $30 agsinst $19.50
The variable cost for the first 50 untis is $17.50
Yes $30 against $27.25
average variable cost for the first 100 units $26.25
Marginal cost for the first 50 units: 17.50 which is lower than marginal revenue
from 51 units and subsequent untis: 35 which is higher than marginal revenue
It will produce 50 units achieving $525 of profit
Explanation:
$100 fixed cost /50 units + 17.50 = 19.50 average cost
selling price: $30
100 fixed cost + 17.50 x 50 + 35 x 50 = 2725
total cost 2,725 / 100 units = 27.25 unit average cost
selling price $30
($17.50 x 50 + $35 x 50)/100 = 26.25
After the 50untis our profit will decrease as the marginal revenue is lower than marginal cost thus, we stuop production at the 50 units:
50 x 30 - 100 fixed cost - 17.50 x 50 variable cost = 525 profit
