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2 years ago

The price elasticity of supply for basmati rice (an aromatic strain of rice) is likely to be which of the following?

1 answer:

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Answer: D. Higher in the long run than the short run, because farmers cannot easily change their decisions about how much basmati rice to plant once the current crop has been planted.

Explanation:

Price Elasticity of Supply refers to how Supply changes in response to a change in price. Essentially, if the price of a good increases, will Supplier supply more or less of that good as a result and by how much will they do so.

In the short run, the farmers would have already planted the crops and so would be unable start changing the quantity that they expect from the harvest. They will therefore supply the amount they harvested regardless of a price change.

In the long run however, they can change the amount of rice planted depending on the price of the rice in the market. Price Elasticity is therefore higher in the long run than in the short run.

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What could be two reasons why the data might not support the hypothesis?

Degger [83]

Below are the <span> two reasons why the data might not support the hypothesis:
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1) The hypothesis was wrong
2) The data is wrong

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2 years ago

Which answer option is not a job function associated with a corporate finance department?

Leto [7]

4. As it is not the finance departments job to keep up with reputation and how they look.

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2 years ago

"Gamboa, Inc. sold 100 selfie sticks for $25 each. If the selfie sticks had an average cost of $1 to produce, how much profit di

IRISSAK [1]

Answer:

$2400

Explanation:

Average cost is the ratio of total cost of production to the total number of units produced, it is the sum of both the average fixed cost and the average variable cost. The average cost is given by the formula:

Average cost = Total cost / number of units.

Given that:

The total number of units produced = 100 selfie sticks, Average cost = $1 and Price of each selfie stick = $25

From Average cost = Total cost / number of units.

Substituting gibes:

$1 = Total cost / 100 selfie stick

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Profit = $2500 - $100 = $2400

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2 years ago

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torisob [31]

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1 year ago

Which investment type typically carries the least risk?

AleksandrR [38]

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