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2 years ago

6

Select the correct point on the graph. Which point on the graph indicates the lowest quantity supplied of goods? 9.00 8.00 Price

per Pound 7.00 6.00 5.00 4.00 3.00 2.00 supply Curve 1,000 2,000 3,000 4,000 5,000 6,000 7.000 Quantity in Pounds

1 answer:

disa [49]2 years ago

3 0

Answer:

It would be A

Explanation:

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ZanzabumX [31]

Answer: self-serve food ordering

Explanation:

<u>Self-service kiosks or self-ordering kiosks</u> are customer-facing devices that allow customers to place orders and make payments <u>without the assistance of a cashier.</u>

6 0

2 years ago

A new shop wants to sell Muffins, the sell price is 2.5 dollars per unit. The cost for production is 1 dollar per unit. At the f

FromTheMoon [43]

Answer:

The price went from 2.50 dollar per unit to 1.25

And quantity sold of first hand muffin increase from 500 to 1,600

Explanation:

First day:

We build the equation and solve considering:

a= first hand muffin sold at 2.5 dollar

b = left-over sold at 0.5 dollar

considering the shop made 2,000 muffin and the cost is 1 dollar per muffin:

quantities equation: a + b = 2,000

price equation: 2.5a + 0.5b = 2,000

2.5(2,000 - b) + 0.5b = 2,000

5,000 - 2.5b + 0.5b = 2,000

3,000/2 = b = 1,500

a = 2,000 - b = 2,000 - 1,500 = 500

It sale 500 dollar of muffin at 2.5 and 1,500 at 0.5 getting a total of 2,000 revenue to cover the cost.

Second day:

There is a decrease in price to 1.25 per muffin

This generates a profit of 400 dollar thus:

(sales price less cost) x quantity = profit

(1.25 - 1) x a = 400

a = 400/0.25 = 1,600

6 0

3 years ago

There are some 200 economic integration agreements around the world today, far more than a few years ago.NAFTA, EU, Asean etc. V

kicyunya [14]

Answer:

Economic integration agreement is when countries within a particular geographical area decide to remove or relax tariff or non-tariff barriers to trade between themselves and also to coordinate and harmonize their fiscal and economic policies. Free trade area is the simplest form of an economic integration; it is when governments of member countries agree to remove trade restriction between each other and when member countries are given the freedom to determine their own external trade policies towards non-members.

Supporters of free trade area argue that it is beneficial to the country based on the trade creation argument. Trade creation is where high-cost domestic production is replaced by more efficiently produced imports from within the group; that is, more expensive domestic products are replaced by lower priced imports from countries within the group. The trade creation argument is hinged on the fact that a free trade area ensures that trade is generated over and above what would otherwise have happened if there was no integration. Further, the removal of tariffs allows members to specialize in those products for which they have a comparative advantage leading to a variety of cheap imports for domestic consumers, thereby increasing living standards or welfare gains. Trade creation also creates an incentive for high cost domestic producers to cut cost so as to remain competitive thereby enhancing efficiency.

On the other hand, a free trade area is criticized on the basis of trade diversion. This is where trade with a low-cost country outside the group is influenced by higher–cost products supplied from within the group; this results in a less efficient allocation of resources as trade from outside the group is replaced by trade from within the group. Trade diversion could mean that local consumers would have to buy products at less competitive prices. Another argument would be that a free trade area would lead to a removal of tariff between member countries thereby resulting in a cessation of government revenue from tariffs. As opposed to a free trade area, free trade would increase world output and employment, raise quality and lower prices of goods as firms have access to factor inputs; it will also increase world living standards or enhances welfare gains. A free trade agreement only restricts these potential advantages to a particular geographical space.

Explanation:

8 0

3 years ago

7 pounds of raw material are required to make 1 finished unit. The company desires an ending raw materials inventory for each mo

timurjin [86]

Answer:

Instructions are below.

Explanation:

We weren't provided with enough information to answer the request. <u>But, I will give an example and formulas to guide an answer.</u>

<u>For example:</u>

Production in units:

May=20,000

June= 22,000

Beginning inventory of direct materials= 8,000

<u>To calculate the purchase for May, we need to use the following formula:</u>

Purchases= production + desired ending inventory - beginning inventory

Purchases= 20,000*7 + (22,000*7)*0.29 - 8,000

Purchases= 176,660 pounds

7 0

3 years ago

When the price of good A is $50, the quantity demanded of good A is 500 units. When the price of good A rises to $70, the quanti

katen-ka-za [31]

Answer:

total revenue for 500 is $2500

total revenue for 400 is $2800

Explanation:

given data

price of good A = $50

quantity demanded of good A = 500 units

price of good A rises = $70

quantity demanded of good A falls = 400 units

solution

we get here Elasticity of demand that is express as

Elasticity of demand = (change in quantity ÷ average quantity) ÷ (change in price ÷ average price) .......................1

here

Change in quantity is = 400 - 500 = -100

and average quantity is = $\frac{400+500}{2}$ = 450

and change in price is = 70 - 50 = 20

average price is = $\frac{70+50}{2}$ = 60

so now we put all value in equation 1

Elasticity of demand = $\frac{\frac{-100}{450} }{\frac{20}{60} }$

Elasticity of demand = -0.67

as here the elasticity of demand is inelastic because elasticity is above -1

so about total revenue when price will increases as elasticity is inelastic

so increase in price will cause increase in revenue because revenue is maximum when elasticity = -1

and increase in price will cause increases elasticity in the absolute term and revenue will increase

total revenue = price × quantity

so

total revenue for 500 = 500 × 5 = $2500

total revenue for 400 = 400 × 7 = $2800

5 0

3 years ago