<span>This is an example of social commerce. This facet allows users of products a way to give feed back to large groups of people at one time and also allows businesses to see trends, good or bad, that might be taking place for or against a product or service line.</span>
Answer:
<h2>The answer,in this case would be option A) given in the answer choices or total fixed costs will remain the same and total variable costs will change.</h2>
Explanation:
- In Microeconomics or Production Economics,the total fixed cost basically refers to the cost or expense of the firm or company which does not change with any corresponding change in production or output level in the short run.Examples of fixed costs commonly include rent expenses,monthly utility bills,regular maintenance expenses,monthly water and energy expenses and so forth.
- On the other hand,total variables costs are the costs of expenses incurred by the company or firm that are directly related with the level of production or output and changes accordingly.Examples of total variable cost includes labor costs or expenses which vary according to the changes in the production or output level as the labor is the only variable input or factor of production in the short run.
- Therefore,any change in the total production cost in the short run would reflect the proportionate change in the total variable cost of production(labor expenses or labor wage) as the total fixed cost is already fixed or constant and does not depend on the volume or level or production or output.
Answer:
$200,000
Explanation:
Suppose when the price of coffee beans goes from $1 to $1.20 per pound, production increases from 90 million pounds of coffee beans to 110 million pounds per year. Using the mid-point method, the percentage change in quantity supplied is $200,000.
The midpoint method is an advancement on the average method by one step.
Rather than calculate change by the difference in two numbers divided by the number before the change, you rather divide by the average of the two numbers i.e. x2 - x1 / [(x2+x1) / 2]
Change in Quantity = 110 - 90 / [(110+90)/2] = 0.2 million which is 200,000