The idea that "the invisible hand" of competition sets prices and determines quantities produced in a market economy was the principal idea of B.) ADAM SMITH.
Invisible hand is said to be the metaphor Adam Smith used in referring to unintended social benefits that resulted from individual's actions.
Answer:
Her sales would fall by 30%
Explanation:
when the shop down the street increased the price of stand-up paddleboard tours by 10%, her sales increased by 15%. This means for every decrease or increase in the price of stand-up paddleboard tours by 10%, there might be a 15% decrease or increase in sales. Therefore if the paddleboard tour price were lowered by 20%, it will lower her sales by 30%.
Answer: $3 per unit per year
Explanation:
Inventory holding cost per unit for this item is:
= Total Annual inventory carrying cost / Average inventory
Total Annual inventory carrying cost = Total annual inventory / 2
= 1,050 / 2
= $525
Average inventory = EOQ / 2
= 350 / 2
= 175 units
Inventory holding cost per unit = 525 / 175
= $3 per unit
