Answer:please refer to the explanation section
Explanation:
The question is incomplete, The amount that each firm must produce is not given or the Quantity/demand equation that each firm faces is not given. We use a firm's quantity/demand equation to calculate how much each firm should produce and then work out the number of firms that should exist in the industry.
let us assume quantity produced by each firm is given by this equation;
Q = 1900 + 15000Price
We need to plug the Price of $2.54 per unit Vitamin Bottle to the quantity equation. Q = 1900 + 15000(2.54) = 40 000
each firm must produce 40 000 units
Number of firms that should exist = Total Market Quantity/Firms Quantity Number of firms that should exist = 1055 560 000/40 000
Number of firms that should exist = 26389
When the price is $2.54, with each firm Producing 40000 units, 26389 firms should exist in the market to cover the total Market Quantity of 1055 560 000.
The question may provide you with the Quantity that each firm must produce, in that case you simple divide total market quantity by the firm's quantity to find number of firm that should exist.
When you are given quantity equations you use the price to work out quantity produced by each firm and then Divide the Market Quantity by Firm's quantity to find number of firms that should exist
<span>The workers had believed that they deserved shorter work days and better pay. The management had believed that the workers did not have a right to strike. Cheap labor was available.
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The available demand and goods
Answer:
The correct answer is a. more elastic demands.
Explanation:
There are some goods whose demand is very price sensitive, small variations in their price cause large variations in the quantity demanded. It is said of them that they have elastic demand. The goods that, on the contrary, are not sensitive to price are those of inelastic or rigid demand. In these large variations in prices can occur without consumers varying the quantities they demand. The intermediate case is called unit elasticity.
The elasticity of demand is measured by calculating the percentage by which the quantity demanded of a good varies when its price varies by one percent. If the result of the operation is greater than one, the demand for that good is elastic; If the result is between zero and one, its demand is inelastic.
The factors that influence the demand for a good to be more or less elastic are:
1) Type of needs that satisfies the good. If the good is of first necessity the demand is inelastic, it is acquired whatever the price; On the other hand, if the good is luxurious, the demand will be elastic since if the price increases a little, many consumers will be able to do without it.
2) Existence of substitute goods. If there are good substitutes, the demand for good will be very elastic. For example, a small increase in the price of olive oil can cause a large number of housewives to decide to use sunflower.
