Producing a bill of materials is a business process in the functional area known as A. Manufacturing and production.
<h3>What is production?</h3>
It should be noted that production simply means the creation of a particular good that can be used by the consumers.
In this case, producing a bill of materials is a business process in the functional area known as manufacturing and production.
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Answer:
Cross-price elasticity = 2
Explanation:
<em>The cross-price elasticity of demand measures the degree of responsive of quantity demand of a product with respect to change in the price of a related product. The related product could be a substitute or a complement</em>.
The elasticity is determined as follows:
= % change in the quantity of syrup/% change in the price of milk
= 9%/4.5%= 2
Cross-price elasticity = 2
The term consumer sovereignty means that what is produced is ultimately determined by what consumers buy.
- The following are some restrictions on consumer sovereignty: Productive powers: In a capitalist society, the consumer's degree of autonomy is constrained by the collectively held productive abilities.
- Technical knowledge level: With the current level of technology, any things created must satisfy the consumer.
- When businesses invite consumers to test products or hear pitches for new ideas, this is an example of consumer sovereignty in action.
- It grants consumers control over the decision-making process before goods are produced.
What does consumer sovereignty mean?
- consumer autonomy. the ability of customers to control production. variable market.
- a transaction in which businesses buy home inputs for production.
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1. Clarity inside the framework; making items straightforward, ensuring revelations are clear
2. Control around the money related commercial center around choices individuals make about things like home loan, and so forth.
3. Building budgetary capacity of Americans; enable the youthful to be taught about their money related choices without bounds.
Answer:
a) see attached graph. There is nothing unusual with the supply curve, it is simply fixed. This happens to most services, e.g. there is a fixed number of hotel rooms available for rent, in the short run you cannot add more rooms per night if the demand increases. In order to increase the quantity supplied, you would need to build a larger hotel, or in this case, a larger stadium.
b) the equilibrium price is $8 and the equilibrium quantity is 8,000 tickets
c) if the college plans to increase enrollment, the demand might increase, leading to a higher equilibrium price, but the supply will remain the same until the stadium is expanded.
Explanation:
Price Quantity Demanded (Qd) Quantity Supplied (Qs)
$4 10,000 8,000
$8 8,000 8,000
$12 6,000 8,000
$16 4,000 8,000
$20 2,000 8,000