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2 years ago

Suppose that the price of sushi take-out, a substitute, decreases in price. what will happen to the demand for chinese take-out?

1 answer:

8 0

<span>Suppose that the price of sushi take-out, a substitute, decreases in price. What will happen to the demand for Chinese take-out? The demand for Chinese take-out will likely decrease as a substitute is cheaper. Those we are okay with substituting one item with another are often after the price the items sell out versus exactly what the want from the item. Since they are substitutes, more people will likely get the cheaper option, Sushi take-out. </span>

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Conclusions and recommendations are the most widely read sections of any report. Conclusions summarize a nd explain your finding

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Answer:

a. When drawing conclusions, make sure you summarize and explain your findings.

b. Tips for writing recommendations:

A. Your recommendations should always be the result of prior logical analysis.

B. Your recommendations should never be in the form of a command.

Explanation:

A good conclusion touches the theme or main topic, summarizes the main points, and connects with the introduction, but with a sense of closure. Conclusions should be sound and logical. Irrelevant conclusions are annoying to the senses. Without a conclusion, the report will sound like one illogical move without clear direction and purpose.

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Which type of restaurant hires trained chefs to prepare food to order? _________ restaurants hire trained chefs to create ______

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2 years ago

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Suppose the production function in medieval Europe is Y 5 K 0.5L0.5, where K is the amount of land and L is the amount of labor.

Sonbull [250]

Answer:

a) Y = 500

b) Wages: 2.5

Rental price: 2.5

c) labor Share of output: 0.370511713 = 37.05%

Explanation:

$Y = 4K^{0.5} \times L^{0.5}$

if K = 100 and L = 100

$Y = 5(100)^{0.5} \times (100)^{0.5}$

$Y = 50 \times 10$

Y = 500

wages: marginal product of labor = value of an extra unit of labor

dY/dL (slope of the income function considering K constant while L variable)

$ax^b = bax^{b-1}$

$Y = 5K^{0.5} \times L^{0.5}$

$Y' = 5K^{0.5} \times 0.5 L^{-0.5}$

$Y' = 2.5K^{0.5} \times L^{-0.5}$

$Y' = 2.5(\frac{K}{L})^{0.5}$

With K = 100 and L = 100

$Y' = 2.5(\frac{(100)}{(100)})^{0.5}$

Y' = 2.5

rental: marginal product of land = value of an extra unit of land

dY/dK (slope of the income function considering K variable while L constant)

$Y = 5K^{0.5} \times L^{0.5}$

$Y' = 2.5K^{-0.5} \times L^{0.5}$

$Y' = 2.5(\frac{L}{K})^{0.5}$

L = 100 K = 100

$Y' = 2.5(\frac{100}{100})^{0.5}$

Y' = 2.5

c) we use logarithmic properties:

$Y = 50 \times 10$

$log500 = log(50 \times 10)$

$log500 = log50 + log10$

50 was the land while 10 the labor

2.698970004 = 1.698970004 + 1

share of output to labor: 1/2.698970004 = 0.370511713

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1 year ago

What is the difference between an "increase in demand" and an "increase in quantity demanded"?

alekssr [168]

A shift to the right of the demand curve signifies a "increase in demand," whereas movement along a particular demand curve signifies a "increase in quantity demanded." The correct response is option (B).

<h3>What is increase in demand?</h3>

A rise in demand will cause a rise in the equilibrium price and an increase in supply, all other things being equal. Reduced demand will result in a decrease in the equilibrium price and an increase in supply.

An rise in the quantity needed results from a decrease in the cost of the good (and vice versa). A demand curve depicts the amount desired and any market price. A change in quantity demanded is represented as a shift along a demand curve.

To know more about increase in demand, visit:

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