Supply refers to the amount of the good or service able to be supplied. Demand refers to the public’s want of the said good or service. Supply and demand are interconnected because if the supply is low, the demand will be high and the price will rise. If the supply is high, so there are many of the said item or service, then the demand won’t be as high since there is a surplus in supply which leads to lower prices to entice consumers to buy still.
Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
The component of growth recorded by the country of Azard is technology.
<h3>How is technology a component of growth?</h3>
Technology is one of the key drivers of growth in an economy. Technology increases the efficiency of the production of goods and services. The use of smart phones to speed up tasks is an example of technology contributing to growth.
To learn more about growth, please check: brainly.com/question/11679822
Answer:
B
Explanation:
because they make sure you are responsible and careful with money
Answer: $6,600
Explanation: According to the question, The price elasticity of demand for cars is unitary meaning that any percentage increase or decrease in price of a product will give an equal increase or decrease in the demand for the product.
If cars are sold at $20,000 and current sales is 30 units. To increase the quantity sold to 50 units, there must be a price reduction.
what percentage of increase in quantity to be sold do we have? 50 - 30 = 20
20/30 = 66.67 appx 67%
Meaning that a 67% decrease in price of the car will give an equal 67% increase in sales quantity.
The new price of the car will be $20,000 * 67% = $13,400
new price = $20,000 - $13,400 = $6,600
