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DochEvi [55]
3 years ago
15

Draw a supply curve of smartphones. Label it. Use any prices and quantities you wish but make your supply curve obey the law of

supply. Then draw an arrow to indicate what happens to the quantity of smartphones supplied when the price of a smartphone rises. A rise in the price of a smartphone​ ______ the quantity supplied and​ ______ supply.
Business
2 answers:
stepladder [879]3 years ago
7 0

Answer:

A rise in the price of a smartphone​ <u>increases</u> the quantity supplied and​ <u>cause a rise in</u> supply

Explanation:

The law of supply is a fundamental principle of economic theory which states that, keeping other factors constant, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes.

Law of supply depicts the producer behavior at the time of changes in the prices of goods and services. When the price of a good rises, the supplier increases the supply in order to earn a profit because of higher prices.

The suppliers of smartphones will have more supplies readily available in order to maximize profit.

svet-max [94.6K]3 years ago
4 0

Answer:

<u>Increases; changes</u>

Explanation:

The law of supply states that when prices of a commodity (smartphone) rises, the supply (from producers/manufacturers) increases the quantity supplied of that product <em>since it provides opportunity for them to make profit.</em>

And this quantity supply increase will <em>definitely lead</em> to increase supply of that product.

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Firlakuza [10]
Thank you! Have a wonderful Christmas:3
5 0
3 years ago
Lakeside Inc. produces a product that currently sells for $57.60 per unit. Current production costs per unit include direct mate
Sidana [21]

Answer:

It is convenient to make the changes.

Explanation:

Giving the following information:

Selling price= $57.60 per unit.

Direct materials= $22

Direct labor= $24

Variable overhead= $11.00

Fixed overhead= $11.00.

New costs:

Direct material cost= 22*1.2= $26.4

Direct labor cost= 24*1.2= $28.8

<u>I suppose that the selling price will increase by $40.</u>

To determine whether the changes increase profit or not, we need to calculate the unitary contribution margin per unit for both options:

Contribution margin= selling price - unitary variable cost

Actual Contribution margin:

Contribution margin= 57.6 - (22 - 24 - 11)= 0.6

New contribution margin:

Contribution margin= 97.60 - (26.4 - 28.8 - 11)= $31.4

5 0
3 years ago
Assume that a state government currently provides no child-care subsidies to working single parents, but it now wants to adopt a
sergiy2304 [10]

Answer:

The line on the graph will be parallel to the pre-subsidy line and the new constraint will then be equal to the points connecting the two lines.

Explanation:

The subsidy by government to single parents is $3 per hour for up to 8 hours. The total of subsidy will be $16 for each day. The labor force who were not receiving the subsidy before had steep indifference curve but now few workers will find utility maximization with flatter indifference curve so the workers will join the subsidy program.

6 0
3 years ago
Laubitz Company begins operations on Apr.1. Information from job cost sheets shows the following:
Inessa [10]

Answer:

1. 2. April 30 $11600

31-May $20100

2. April 30 $3,200

31-May $11,90

3. Profit April 0

May$800

June $2975

Explanation:

1) Calculation for Work in Process Inventory at

April 30 and 31-May

Work in Process Inventory at

April 30=7500+4100

Work in Process Inventory at

April 30=$11600

Work in Process Inventory at31-May =4100+6900+4700+4400

Work in Process Inventory at31-May= $20100

2) Calculation for Finished Goods Inventory at

April 30 and 31-May

Finished Goods Inventory at

April 30: $3,200

Finished Goods Inventory at 31-May =7500+4400

Finished Goods Inventory at 31-May= $11,900

3) Calculation for Gross Profit

Gross Profit April : 0

Gross Profit May =3200*25%

Gross Profit May=800

Gross ProfitJune :- Job 10 =(7500+4400)*25% Gross Profit June 2975

6 0
2 years ago
Which of the following falls outside of the classification of business expenditures that fall into the category of variable cost
yuradex [85]

The option that falls outside of the classification of business expenditures that fall into the category of variable costs is option C. costs of research and development. Read below about costs of research and development.

<h3>What is a costs of research and development?</h3>

These are costs taken to develop new products or processes that may or may not result in commercially viable items. The general rule is that research and development costs are to be expensed immediately when the costs are incurred.

Therefore, the correct answer is as given above.

learn more about costs of research and development: brainly.com/question/18685415

#SPJ1

4 0
1 year ago
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