Answer:
The correct option is increase; decrease; increase
Explanation:
First, we will define the following terms:
- Consumer surplus
- Producer surplus
- Total surplus
<u>Consumer surplus</u> refers to the difference between the price that consumers pay and the price that they are willing to pay. Consumer surplus always increases as the price of a good falls and decreases as the price of a good rises. Therefore, in this scenario, as the country exports wheat, more wheat will be available in the market, leading to a fall in price, thereby leading to an increase in consumer surplus.
<u>Producer surplus</u> refers to the difference between how much a producer would be willing to accept for given quantity of a good against how much they can receive by selling the good at the market price. The difference or surplus amount is the benefit the producer receives for selling the good in the market. When prices rise, producer surplus increases, and when price falls, producer surplus decreases. There a decrease in price spurred by more wheat in the market will lead to a decrease in producer surplus.
<u>Total surplus</u> in a market refers to the measure of the total well-being of all participants in a market. Therefore, with more wheat in the market, there will be a drop in price, and consumers will be able to buy more, leading to more supply. This will lead to an increase in total surplus.
Answer:
Instructions are below.
Explanation:
Giving the following information:
Each unit of output requires 0.07 direct labor-hours. The direct labor rate is $8.70 per direct labor-hour. The production budget calls for producing 6,000 units in February and 6,500 units in March.
We need to determine the total direct labor hours needed for each month.
February:
Total direct labor hours= 6,000*0.07= 420 hours
Total direct labor costs= 420*8.7= $3,654
March:
Total direct labor hours= 6,500*0.07= 455 hours
Total direct labor costs= 455*8.7= $3,958.5
The real interest rate would be 5%.
You are getting 8% interest and losing 3% due to inflation= 5%
Answer:
reasons that in an emergency or crisis 10% of us are leaders; we have a plan, take action, and do the right thing. We seek direction and wait for someone to take the lead and tell us what to do. Finally, there are the “Doomed”; 10% of us that behave in counter-productive ways.
Explanation:
<u>Solution and Explanation:</u>
arrival time = 24 per minute, processing time = 12 minutes, number of servers = 1 ( work for 8 hours a days)
a. arrival rate = 60 divide 24 = 2.5 customer per hour, service rate = 60 divide 12 = 5 customers per hour
therefore, the probability that the operator will be busy = 2.5 divide 5 = 0.5
thus, the percentage of idle time = 1 minus 2.5 divide 5 = 0.50
Thus, the percenatge idle time is 50%
b. the average spent by a student waiting in a line = 
= 0.20 hours.
Thus, on an average a student spent 0.20 hours waiting in line.
c. the average number in waiting line = 0.5 customers
d. the probability for the given condition to happen is 0.25, 25%
