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professor190 [17]
2 years ago
13

According to the principles of supply and demand, why is it that as the price of a product increases, the amount supplied will a

lso increase?
Business
1 answer:
Nezavi [6.7K]2 years ago
6 0

According to the principles of supply and demand,  the price of a product increases, the amount supplied will also increase because there is positive relationship between price and quantity supplied.

<h3>Why when price increases supply also increases?</h3>

Economists States that there is a positive relationship between price and quantity supplied—that means a higher price leads to a higher quantity supplied and a lower price leads to a lower quantity supplied.

Principle of supply states that at a higher price, a producer is willing to produce more of a good.

Principle of demand states that at a higher price, a consumer is less willing to purchase a good.

Learn more about the principles of supply and demand here:-

brainly.com/question/1967319

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A catalog company that receives the majority of its orders by telephone conducted a study to determine how long customers were w
Oksi-84 [34.3K]

The waiting time at which 10 percent of the people would continue to hold is given as 2.3

<h3>How to solve for the waiting time</h3>

We have to solve for X ~ Exponential(λ).

then E(X) = 1/λ = 3,

= 0.3333

Remember that the cumulative distribution function of X is F(x) = 1 - e^(-λx). ;  x is equal to the  time in over case

For 10 percent of the people we would have a probability of

10/100 = 0.1

we are to find

P(X ≤ t)

= 1 - e^(0.3333)(t) = 0.1

Our concern is the value of t

Then we take the like terms

1-0.1 = e^(0.3333)(t)

1/0.9 = e^(0.3333)(t)

t = 3 * ln(1/0.9)

= 0.3157

5 0
2 years ago
Mrs. Cox, a head of household, earned a $313,000 salary and recognized a $29,300 net long-term capital gain this year. Use Indiv
SCORPION-xisa [38]

Explanation:

. $4,395 ($29,300 long-term capital gain × 15%)

6 0
3 years ago
Discuss 4 contributing factors that lead to poor service delivery. and corruption​
alex41 [277]

The factors like democracy, poor leadership, lack of communal participation and inefficient strategic management lead to poor service delivery and corruption.

<h3>What is service delivery?</h3>

The process of providing service to the customer or subscriber, by whatever name called, who is being supplied with such services by the provider, is known as a service delivery.

Hence, the significance of service delivery is as aforementioned.

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7 0
1 year ago
Briefly explain economics​
Valentin [98]

Answer:

The branch of knowledge concerned with the production, consumption, and transfer of wealth.

Explanation:

Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. The building blocks of economics are the studies of labor and trade.

7 0
3 years ago
yusef has just finished compiling a list of potential customers and evaluating their ability, willingness, and authority to buy.
grin007 [14]

Yusef has just finished gathering a list of prospective clients and assessing their capacity, eagerness, and authorization to purchase. The pre approach is his next move in the personal selling process, he is aware of this.

<h3>What is a marketing strategy?</h3>

A marketing strategy is a company's overarching plan for connecting with prospective consumers and persuading them to purchase its services or products. A marketing plan typically includes the value proposition of the company, key brand messages, data on target customer demographics, and other significant elements.

The 4 Ps of marketing—product, pricing, place, and promotion—are covered in-depth in a marketing strategy.

A well-defined marketing strategy should center on the firm's value proposition, which tells customers what the company stands for, how it operates, and why it deserves their business.

This creates a structure for marketing teams to adopt when they create strategies for all of the company's products and services.

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7 0
1 year ago
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