The answer is under $25,000
Answer: True
Explanation:
Beef surplus in the market simply means that there's excess of beef in the market. In this case, the quantity supplied for beef is more than the quantity that the consumers demand, which means that the price at which beef is sold is more than the equilibrium price.
Due to thus reason, the government must mandate lower prices as this will help in increasing the quantity demanded of beef, reduce quantity supplied and hence, the surplus will be curtailed.
If the price elasticity of demand for a product is -2.5, then a price cut from $2.00 to $1.80 will <u>increase </u>the quantity demanded by about <u>2.5%</u>.
Price elasticity of call for is a measurement of the trade in the intake of a product on the subject of exchange in its price. Expressed mathematically, it's miles: charge Elasticity of demand = percent trade-in quantity Demanded / percentage trade-in rate.
we are saying a great is price elastic whilst growth in prices causes a bigger % fall in demand. e.g. if fee rises 20% and demand falls 50%, the PED = -2.five. Examples consist of Heinz soup.
Learn more about Price elasticity here: brainly.com/question/24384825
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Answer:
B. the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
Explanation:
a consumer surplus is the amount that exceeds the amount that a consumer actually pays for a product and the amount they are willing to pay
