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icang [17]
3 years ago
13

If the market elasticity of demand for potatoes is -0.3 in a perfectly competitive market, then the individual farmer's elastici

ty of demand A. will also be -0.3. B. will range between -0.3 and -1.0. C. will be infinite. D. depends on how large a crop the farmer produces.
Business
1 answer:
Ymorist [56]3 years ago
5 0

Answer:

The correct answer is option C.

Explanation:

A perfectly competitive firm faces a perfectly elastic demand curve. In a perfectly competitive market, there is a large number of buyers and sellers, such that no single firm is able to affects the price or output level. The demand curve faced by a single firm is a horizontal line.  

The market demand curve, on the other hand, is downward sloping. So whatever be the market elasticity of demand, the elasticity of individual firm will be infinite.

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Seidner Company has the following information available:
vova2212 [387]
It’s the answer C) 55,000
5 0
2 years ago
3. During Michael Jordan's NBA career (
mojhsa [17]

Answer:

7324

Explanation:

We need to find the number of completed free throws out of total free throws

Since he completed 83.5% of them, you find 83.5% of 8772

83.5% can be rewritten as 0.835

8772 \times 0.835 = 7324.62

We don't round up because it isn't 1 complete free throw. 0.62 is not 1 complete free throw so round down

3 0
2 years ago
Reynold's Company has a product with fixed costs of $309,000, a unit selling price of $24, and unit variable costs of $21. The b
Serhud [2]

Answer:

The answer is 51,500 units

Explanation:

Break-even sales is a point in which a business or a firm neither make profit nor loss. Total Revenue equals total cost. Break-even sales help to know the point at which business starts to make profit.

Break-even sales is:

Fixed cost/contribution margin.

Where contribution margin is sales price per unit minus variable cost per unit.

In the question, variable cost are decreased by $3.

So the new variable cost is $21 - $3

=$18.

Contribution margin is $24 -$18

$6

Therefore, The break-even sales (units) if the variable costs are decreased by $3 is:

$309,000/$6

=51,500 units

3 0
3 years ago
Hich correlation coefficient is one most likely to find between hours spent studying each week and cumulative gpa among college
8090 [49]

<u>".30"</u> is one most likely to find between hours spent studying each week and cumulative gpa among college students.


The correlation coefficient is a statistical measure that figures the quality of the connection between the relative developments of the two factors. The scope of qualities for the relationship coefficient limited by 1.0 on a flat out esteem premise or between - 1.0 to 1.0. In the event that the relationship coefficient is more prominent than 1.0 or not exactly - 1.0, the connection estimation is inaccurate. A connection of - 1.0 demonstrates an immaculate negative correlation, while a connection of 1.0 demonstrates a flawless positive correlation. A connection of 0.0 shows zero or no connection between the development of the two factors.

3 0
3 years ago
How supply and demand work together to reach the equilibrium price in the marketplace? Please give at least a paragraph. Thank y
grandymaker [24]

Answer

Before I answer this question, you must note that the equilibrium price is created by both the amount supplied of a certain product as well as how much "customers" there are (or the amount that is bought in all).  This however, is usually not taking account any potential competitors.

For example, let say that the price in creating the product (or buying) is $15. This means that right now, the company loses $15 for one of the products. To make a profit, the selling price must be >$15. However, (unless they are a monopoly, such as, for example, electrical companies) there are competitors that they must fight with to get customers. Of course, there are other things that can affect the price, depending on the demographic and area.

So how does supply and demand affect the equilibrium price? The limits of the supply & the amount of demand would help determine the price by the amount of people buying and the supply of the product.

~

6 0
3 years ago
Read 2 more answers
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