Answer: Total consumer surplus is $27
We calculate Consumer Surplus as follows:
We calculate Consumer Surplus for each person
Person Price Willing Actual Price Consumer Surplus
John 30 20 
Susie 28 20 
Joseph 25 20 
Jessica 23 20 
<u>Jeremy 21 20 
</u>
<u>Total Consumer Surplus 27 </u>
Answer:
Strategist
Explanation:
According to Rooke and Tolbert, a strategist is a leader that avoids misconceptions and disputes between team members. The leader focuses on the development of the organization and also developing and polishing individual's skills.
The soft skills and always being a helping hand makes this leader more valued by the employees and also a teacher for the team members.
Answer:
Explanation:
Fixed costs - will remain similar no matter of output amount
Variable costs - vary with the change in output
Average cost=(Fixed cost(FC) + Variable cost(VC))/number of units produced
VC = VC per cup of coffee served *cup of coffee served in a week
Total Cost(TC)= FC+VC
Average cost=TC/Cup of coffee served in a week
1. Let's calculate for 2000 cups of coffee:
FC remain the same! = $1200
VC=0.22*2000= $440
TC=FC+VC= 1200+440= $1640
Average cost of 1 cup of coffee= TC/#of cups=1640/2000=$0.82
2. Calculation for 2100 cups:
FC=1200
VC=0.22*2100=462
TC=1200+462=1662
Av cost=1662/2100=0.79
3. Calculation for 2200 cups:
FC=1200
VC=0.22*2200=484
TC=1200+484=1684
Av cost=1684/2200=0.77
As the number of cups increased from 2000 to 2100, the average cost per cup devreased 0.82 to 0.79. Then when number of cups increased to 2200, average cost decreased to 0.77. The reduction is due to the variable cost
Effects:
increased anti-labour and anti-immigrant sentiment and suspicion of the international anarchist movement
Causes:
Haymarket Square turned into a riot after someone threw a bomb at police.
Answer:
The government policy should have reduced beer consumption by 0.6 or 60%
Explanation:
Mid point formula calculates the ratio of mid point of change in demand and change in price to their average value. Then these changes are used in the calculations of elasticity of demand.
According to given data:
Elasticity of demand = 0.9
Midpoint of price = (20-10) / [(20+10)/2] = 10 / 15 = 0.6667
Elasticity of Demand = Midpoint of demand / Midpoint of price
0.9 = Midpoint of demand / 0.6667
Midpoint of price = 0.9 x 0.6667 = 0.6
Change in demand is should reduce the consumption by 0.6 or 60%.
