expect what?
Please make sure you finish your question, thank you ❤️
Answer:
Substitution
Explanation:
Principle of subsitution states that no consumer should buy a product for a high price of he can get an alternative (duplicate) that is of a cheaper price.
Substitutes are alternatives that provide similar satisfaction to the customer.
When the price of one product goes up the customer has a choice of going for an alternative.
For example honey and sugar are substitutes. When the price of one goes down people will go for the cheaper alternative. This acts as a price control mechanism.
Answer:
A) greater ; fall
Explanation:
Economies of scale exist when inputs are increased by some percentage and output increase by a greater percentage causing units cost of production to fall.
Economies of scale refers to the cost advantage of an organization when it increases production output and reduces cost of production. By increasing production, more inputs are increased at a lower cost per inputs which will actually reduce the cost of production per units.
Business Organizations tend to make more profits by practicing economies of scale because of the decrease in cost of production.
The more the increase in production, the more profits firms make.
Answer: The answer is price is 15 equilibrium quantity is 75 Consumer surplus is 60 Producer surplus is 90
Explanation:
D=120-3P
S= 3P - 30
At equilibrium Qd=QS
120-3P=3P-30
Collect like terms
120-30=3P+3P
Divide both sides by 6
90/6=6P/6
15=P
P=15
Substitute the value of P into equation 1
120-3 (15)
120-45
=75
To calculate the consumer surplus
Equilibrium quantity-Price
75-15
=60
To calculate producer surplus
Equilibrium quantity +Price
75+15
=90
B or A bcus economic is based on policy’s and ideas