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chubhunter [2.5K]
3 years ago
11

Suppose that the price of peanuts falls from $3 to $2 per bushel and that, as a result, the total revenue received by peanut far

mers changes from $16 to $14 billion. Thus:
A) the demand for peanuts is elastic.
B) the demand for peanuts is inelastic.
C) the demand curve for peanuts has shifted to the right.
D) no inference can be made as to the elasticity of demand for peanuts.
Business
1 answer:
Arturiano [62]3 years ago
4 0

Answer:

A) the demand for peanuts is inelastic          

Explanation:

Since in the question it is given that the price of peanuts is fall fro $3 to $2 per bushel which shows the decreased in price while at the same time the revenue received is also decreased from $16 to $14 that results in demand for peanuts is inelastic          

As we know that

Inelastic = When elasticity is less than one

So in the given case since the price and revenue received is decrease therefore the demand is inelastic

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2 years ago
Semi-fixed Cost will be
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B. more than zero if no products were made and would then increase in direct proportion to output

Explanation:

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3 years ago
There are several economic explanations for why trade is so commonplace. Match each of the examples listed below with the econom
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Answer:

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2. Specialization or Economies of Scale

C. The ability of developing nations to export textiles to wealthier countries.

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1. Comparative Advantage

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2 years ago
Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $120 per unit. Variable expenses are $60.00 pe
umka21 [38]

Answer:

50%

Explanation:

Given: Selling price= $120 per unit.

          Variable cost= $60 per unit.

First computing contribution margin.

Contribution margin= Selling\ price\ per\ unit - variable\ cost\ per\ unit

⇒ Contribution margin= \$120 - \$ 60

∴ Contribution margin=  \$ 60

Now, calculating the contribution margin ratio.

Contribution margin ratio= \frac{Contribution\ margin}{selling\ price\ per\ unit}

⇒ Contribution margin ratio= \frac{\$ 60}{\$ 120} \times 100

∴ Contribution margin ratio= 50\%

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