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sergij07 [2.7K]
4 years ago
8

One reason that economists make assumptions when designing models is to Question 10 options:

Business
1 answer:
boyakko [2]4 years ago
8 0

Answer:

The correct answer is letter "B": make models more like the real world.

Explanation:

Economic models are created to represent real-world phenomena through simplified concepts. These models portrait complex events to identify when they can occur or to have a better understanding of why the take place. Some economic models are merely theoretical while some others are mathematical.

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If the price elasticity of supply is 0.6, and a price increase led to a 3.7 percent increase in quantity supplied, then the pric
omeli [17]

Answer: The price increase is about 6.17 percent.

Explanation:

The price elasticity of supply (PES) is the elasticity of the quantity supplied of a product to its price change. Price elasticity of supply is the ratio of the percentage change in the quantity supplied of a good or service to the percentage change in price.

The Price Elasticity of Supply is positive as a result of the law of supply that states that there's a direct relationship between the quantity supplied and price i.e. a price increase leads to an increase in quantity supplied and vice versa.

To solve the question,

PES = 0.6

% change in quantity supplied = 3.7

% change in price = Unknown

Let percentage change in price be denoted by b.

PES = % change in quantity demanded / % change in price

0.6 = 3.7 / b

Cross multiplying,

b = 3.7 / 0.6

b = 6.17

Recall that b is the percentage change on price.

Therefore, the percentage change in price is 6.17.

7 0
3 years ago
Privately owned businesses are common in which type of economy?
Mariana [72]
Privately owned businesses are commonly found in capitalist economies.
4 0
3 years ago
Read 2 more answers
Suppose a monopoly concrete contractor builds 20 driveways per month for $10,000 each. In order to increase sales to 21 driveway
wariber [46]

Answer: Marginal revenue is -$500.

Explanation: The marginal revenue is calculated as the change in total revenue subtracted by the change in quantity.

Total revenue is calculated by multiplying the price by the quantity:

At a quantity of 20 driveways, the total revenue is = 20 × $10,000 = $200,000

At a quantity of 21 driveways, the total revenue is = 21 × $9,500 = $199,500

Marginal revenue = $199,500 - $200,000

= -$500

4 0
4 years ago
What is a good and easy 1 credit class to take on FLVS?
san4es73 [151]

Answer:

Web Design I & II

Explanation:

Worth a whole credit each, the web design courses on FLVS are fun and and interesting, but there's a lot of focus needed to make sure you're doing everything right. Since you'll be creating your very own website using Dreamweaver and Fireworks, you'll have to follow instructions laid out in the modules closely. If you're good at focusing and following extensive directions, then you should be fine with the course. Depending on how computer savvy and focused you are, completion time can range from a week to months.Either way, it's an easy course and can be a huge grade booster since as long as you follow directions, you can easily earn a 95% or higher in the class with barely any mindful effort.

8 0
3 years ago
Read 2 more answers
Define APV. How does it differ from NPV?Identify and discuss at least two other business valuation models that are popular.
Anna11 [10]

Answer:

Explanation:

Adjusted Present Value (APV) and Net Present Value (NPV) are  tools used in valuation of business operations or business projects. APV differs from NPV as the former uses cost of equity as the discount rate whereas the latter uses the WACC(weighted average cost of capital). Other business valuation methods are Payback period which is used to determine the number of years it takes for a project's future cashflows to fully recover the initial amount invested. Another example is Internal Rate of Return (IRR) which is the rate that determines how attractive a project; that which makes the NPV equal to zero.

4 0
4 years ago
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