Answer:
Here answer to the first fill in the blank is money paid and answer for the second fill in the blank is overall sacrifice.
Explanation:
Here Eddie has perceived price as money paid for the purchase of his favorite beverage, he is ready to drive 30 miles for this beverage , just because he is saving a dollar on it, so from the Eddie's point view , driving 30 miles to get the beverage is worth it . But as per the most of the customers , Eddie is making an overall sacrifice by driving 30 miles to get the beverage , just because he is saving dollar on it, so from the most customers point of view , driving 30 miles is not worth it and a lot of sacrifice is being made.
An economist would BEST describe the scenario as : Barter system
<h3>What is a Barter system?</h3>
Barter system is when commodities are exchanged against commodities. It is an act of trading goods or services between two or more parties without the use of money.
This type of trading system is an old method of exchange practised for centuries and long before money was introduced.
Examples of barter system are :
- Mangoes are exchanged for bananas.
- Salt is exchanged for onion.
- Shoes are exchanged for clothes.
Therefore, an economist would BEST describe the above scenario as barter system because both Evie and her sister exchanged their items of value between themselves.
Learn more about barter system here : https://brainly.in/question/1821688
Answer:
is more profitable since a firm can charge the new segments higher prices without changing the product.
Explanation:
When a single price has multiple segments and when product, it is an example of price discrimination
Price discrimination is when the same product is sold at different prices to customers in different markets
types of price discrimination
1. first degree price discrimination : here sellers charge each consumer at their willingness to pay in order to eliminate consumer surplus.
2. second degree price discrimination : here firms offer different prices depending on the quantity purchased. e.g. giving discounts for bulk purchases.
3, third degree price discrimination : firms charge different prices to different groups of customers. e.g. having a certain price for senior citizens, students
Price discrimination benefits firms because firms can earn more profit since they charge different prices for the same single product compared with multiple products
Answer:
2. Limited supply would increase the price
Explanation:
In the given case the vendor sells in advance four thousand units for $300. While the installed capacity of the factory being to produce 1000 smartphones every month.
Expected sales being 500 units per month.
During the first few months, since the seller has already successfully sold 4000 smartphone units, high demand for the smartphones is evident.
Since the supply is limited to 1000 units only in a month and the quantity demanded being more as is evident by 4000 units being pre sold, during the initial phase, this would create a high demand.
And since the supply is limited, the seller will have to increase the price as the demand is lot more.
Answer:
Quantity supplied
Explanation:
In completion of the statement question, 'the is five million' only indicates uncompleted statement.
Quantity supplied is the quantity of a commodity that producers are willing to sell at a particular price at a particular point in time.
