In a perfectly competitive market, if one seller chooses to charge a price for its good that is slightly higher than the market price, then it will <u>lose all or almost all of its customers</u>
<h3>
What is a perfectly competitive market?</h3>
A hypothetical market system is referred to as perfect competition. There are no monopolies under a scenario of perfect competition. A few essential traits of this type of structure include:
- All businesses sell the same thing (the product is a commodity or homogeneous).
- Every company is a price taker (they cannot influence the market price of their products).
- Price changes are unaffected by market share.
- Buyers have complete or perfect knowledge of the product being offered and the prices each company is asking (in the past, present, and future).
- Labor and capital resources are completely mobile.
- Companies are not charged to enter or leave the market.
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Answer:
$350,000
Explanation:
Computation for the required sales in dollars to break even.
First step is to calculate the Contribution margin
Revenues $380,000
less Variable costs $224,200
Contribution margin $155,800
Contribution margin ratio = 155,800 / 380,000= 41%
Break even sales in dollars = Total fixed costs / CM Ratio = $143,500/ 41% = $350,000
Therefore the required sales in dollars to break
even is $350,000
The supply curve in the question is Qa = 3P2– 12 while the demand curve is Qx = 24 – P2.
<h3>a. How to ascertain the supply curve</h3>
To know the supply curve we have to be able to make a distinction of the direction of the signs used in the functions.
Supply curves are known to be positive because they are an increasing function that is due to prices. For demand function they are negative because they are a decreasing function.
In 3P2 – 12. the coefficient is positive when we take the first derivative. This gives us 6p= +6
For the demand curve, when we do this we would have -2p. that is -2 hence this is the demand curve.
2. Equilibrium.
At equilibrium we have Qa = Qd
hence 3P² – 12p= 24 – P²
From here we are to take like terms
3P² – 12p= 24 – P²
3P² + P² - 12p - 24 = 0
4p² - 12p - 24 = 0
The solution to the quadratic equation using the quadratic equation calculator is x=4.37228 and x=−1.37228
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Use ergonomically designed equipment for work
Answer:C
I think this is the answer
It will not only bring down your electricity bills, but it will also reduce the amount of pollution caused by electricity plants in our environment and in even in human health. It is a good source of energy that we can use and help conserve natural resource.
