Answer:
GDP per capita
Explanation:
GDP per capita of a nation represents the standard of living of an individual of that nation. Most of the bigger economies have largely focused on the GDP per capita rather than overall GDP of a nation.
GDP per capital is calculated as total GDP of a nation divided by the total population of that country.
If there is an increase in the GDP per capita of a country, this indicates that standard of living of each resident of that nation is improving which is a good indication for a country as a whole.
Answer:
A) 3% decrease in quantity demanded.
Explanation:
As we know that
The price elasticity of demand is
= Percentage Change in quantity demanded ÷ Percentage change in price
Since the elasticity of demand is -0.75
And, there is a price of 4%
Since, the price elasticity of demand is in negative that means the quantity demanded is decreased by 3% that comes from
= 4% × - 0.75
= -3%
Hence, the first option is correct
The answer is $7 because Marginal revenue is the change in total revenue from 10 customers ($400) to 11 customers ($407) How a monopolist maximizes profits
How does a monopolist determine its profit-maximizing level of output How does it determine the price that it charges?
The monopolist will select the profit-maximizing level of output where
MR = MC
and then charge the price for that quantity of output as determined by the market demand curve. If that price is above average cost, the monopolist earns positive profits.
How a monopolist maximizes profits
Because Chuck, a sole commercial airplane operator in small isolated town, has no competition, he has complete control of market price of air travel in his small tone
Reduced price → increase in ticket sales
Monopoly maximizes profit by choosing an amount of profit in which marginal revenue equals marginal cost (MR= MC) Since Chuck must reduce his price to sell more units, he has an incentive to sell a smaller quantity than a perfective competitive company
Learn more about Marginal revenue :
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Answer:
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