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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

#SPJ1

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Andrew paid $30 to buy a potato cannon, a cylinder that shoots potatoes hundreds of feet. He was willing to pay $45. When Andrew
irinina [24]

Answer:

The total surplus from Andrew's sale to Nick is $35.

Explanation:

The total surplus is the sum of producer surplus and consumer surplus.

The consumer surplus is the difference between the maximum price a consumer is willing to pay for a product and the price he/she actually has to pay.

While producer surplus is the difference between the minimum price a producer is willing to accept for a product and the price he/she actually gets.

Consumer surplus for Nick

= $80 - $60

= $20

Producer surplus for Andrew

= $60 - $45

= $15

Total surplus from generated from Andrew's sale to Nick

= $20 + $15

= $35

3 0
3 years ago
Alvin Hughes has selected a selling technique in which he has more control over the amount of the conversation between buyer and
trasher [3.6K]

Answer:

The sales presentation technique which Hughes is using is Memorized.

Explanation:

Here, it is given that Hughes has selected  a technique in which he has a control over the conversation between the buyer and seller.

So, this type of sales presentation is known as memorized sales presentation.

Sales presentation are of different types:

  • Webinars
  • Seminars
  • Full sales presentation
  • Business presentation
  • The elevator pitch  nd some more.

Sales conversation: This term is commonly used inside sales.

      It is also referred as call conversation between two or more people in an organisation.

Memorized sales presentation: In this type of sales presentation we can approach to our customers by memorizing all of the terms we have to speak about our product to the customers.

It is also known as problem-solution selling.

6 0
3 years ago
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transa
KengaRu [80]

Answer:

Kindly see attached organized table for clarity.

                                                                 Item cash      Net income

a  Purchase of Supplies of cash                 -$133                   -

b  Adjusting entry for use of supplies            -                     -$31

c  Made sales on account                               -                   $1,297

d Received cash from customer on acct   $865                  -

e  Purchased equipment for cash             -$2,528                -

f   Depreciation of building to be recorded     -                  -$610

4 0
3 years ago
The distribution of hourly sales for a local family owned store is normally distributed with a mean of $225 per hour and a stand
adell [148]

Answer:  

The standard deviation of 75 dollars

Explanation:

Standard deviation, S.D.= 75 dollars; Mean, M= 225 dollars; Mean deviation, D= ?

S.D. = √ D² - M

∴ 75 = √ D² - 225

D² = 75² - 225 = 5625 + 225 = 5950

∴ D = √5950 = 24.4 dollars

From the above, it shows that, the standard deviation of 75 dollars contains the middle 95 percent of hourly sales.

6 0
3 years ago
If mistakes or fraudulent reporting behavior are discovered, auditors require the company to correct all significant information
stepladder [879]

Answer:

The correct answer is True.

Explanation:

In the context of the audit of financial statements, fraud consists of recording intentional errors in the financial statements. The two main fraud categories are: fraudulent financial reports and asset misappropriation.

Fraudulent financial reports are characterized by containing errors or intentional omissions in the amounts with the intention of deceiving users. Most cases of fraudulent financial reports overestimate assets and income or omit financial liabilities and expenses to show higher income.

6 0
3 years ago
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