Answer: D) inelastic.
Explanation:
To find out the elasticity of the supply of corn, use the Price Elasticity of Supply (PES) formula. The price elasticity of supply shows how much quaintly supplied would change by if there was a change in price.
Price elasticity of supply = Change in quantity supplied / Change in price
= 20% / 30%
= 0.66
When the Price elasticity of supply is less than one, the supply is said to be inelastic. The PES here is less than 1 so corn is inelastic.
Answer:
a.country a has a lower opportunity cost for producing televisions.
Explanation:
Central to the theory of comparative advantage is opportunity cost, opportunity cost is the gain an individual, firm, or government will have to forgo when they choose an option instead of another.
In economics, comparative advantage is achieved when a country can produce goods or services at a lower opportunity cost than others.
The theory of comparative advantage was propounded by David Ricardo in his book 'The Principles of Political Economy and Taxation' (1817).
Therefore country a has comparative advantage in the production of television over country b, if country a has a lower opportunity cost for producing televisions compared to b.
Answer:
The service level would be of 0.75
Explanation:
According to the given data we have the following:
Mean demand, μ = 100
Standard deviation, σ = 20
Purchase price = $10
Selling price = $40
Salvage value = $0
Hence, Cost of under-ordering, Cu = $40 - $10 =$30
Cost of over-ordering, Co = $10 - $0 =$10
Therefore, the calculation of The optimal service level is calculated as follows:
Service level = Cu / (Cu + Co)
Service level = $30 / ($30 + $10)
Service level = $30 / $40
Service level = 0.75
The service level would be of 0.75
Answer:
Determine the local radio listening audience by:
1. Compare online streaming listeners
2. Conduct Survey
3. Check radio station's ratings
Explanation:
1. Since most radio stations stream their programs live online, the owners of the small bar and Grill could determine the number of listening audience.
2. A survey conducted or could be conducted that shows what timing would be best to broadcast the awareness ad is another option.
3. Ratings of the local radio stations is an indicator of which stations have a wider signal range.
Answer:
As the competition progress, certain corporations or firms can have competitive advantages that allows them to excel in the process of production and lower the costs while introducing new innovative technologies with the help of economies of scales.
This can lead to monopolies that eventually exploit the customers and harm the environment and communities around them. It is because of this, that the free trade and free market have to be promoted and protected by the government.
Explanation: