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nordsb [41]
3 years ago
12

The price of cheddar cheese rises from $1 per pound to $2 per pound, and as a result, producers of cheese increase their product

ion from 5 thousand tons per month to 55 thousand tons per month. What is the arc price elasticity of supply
Business
1 answer:
Mazyrski [523]3 years ago
4 0

Answer:

the arc price elasticity of supply is \frac{5}{2}

Explanation:

Given:

P1: $1 and Q1 = 5 thousand tons

P2:$2 and Q2 = 55 thousand tons

We need to find:

%ΔQ = \frac{Q2-Q1}{(Q1+Q2)/2} = \frac{55-5}{(55+5)/2} = \frac{5}{3}

%ΔP = \frac{P2-P1}{(P1+P2)/2} = \frac{2-1}{(1+2)/2} = \frac{2}{3}

As we know that, the arc price elasticity of supply :

E = %ΔQ  / %ΔP

<=> E = \frac{5}{3} /\frac{2}{3} = \frac{5}{2}

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TeaForMe is a tea company that considered branching out into the snack food business. The TeaForMe team offered many new ideas s
musickatia [10]

Answer:

In the new-product development process, the TeaForMe company is in the idea screening stage

Explanation:

The new-product development process has 8 stages that are:

-Idea generation: is when the company looks for new ideas.

-Idea screening: the company evaluates the ideas and filters them to drop the bad ones and pick the good ones.

-Concept development and testing: is when the company develops and evaluates the product concept.

-Marketing strategy: the company creates the marketing strategy to introduce the product to the market.

-Business analysis: the company evaluates if the idea is a good business.

-Product development: is when the concept is developed into a physical product.

-Test marketing: the company evaluates the product and the marketing strategy in the market.

-Commercialisation: this refers to launching the product to the market.

According  to this, the answer is that in the new-product development process, the TeaForMe company is in the idea screening stage because they generated a new idea an then, evaluated that idea and decided to drop it because it was inconsistent with the organization's new-product strategy.

5 0
3 years ago
Suppose an increase in interest rates causes rising unemployment and falling output. to counter this, the federal reserve would
weqwewe [10]
Most likely A) increase money supply, because they are capitalism economy. The federal reserve is in charge of all the country's Capitol, or: resources and money.
(but for a country that is more sympathetic to the people it would be B) because it would increase social security nets like welfare)
8 0
3 years ago
As a disciplinary measure when a violation of the Insurance Code would justify suspension, revocation or denial of license, the
Alexus [3.1K]

Answer:

D) Restricted license

Explanation:

A restricted license is issued as a disciplinary action against a non-restricted licensee. The conditions that define the restricted licences vary from case to case, and the commissioner may decide to suspend or revoke a restricted license without any hearing or additional cause.

This situation is extremely complicated for the licensee since the commissioner has absolute power regarding their status and can change it at will, and the licensee doesn't have any chance or anywhere to file a complaint.

6 0
3 years ago
A project manager has just assigned a team that comes from many countries, including Brazil, Japan, the United States, and Brita
julsineya [31]

Answer: Communication and well-developed people skills

Explanation:

Since the team comprises of workers who come from different countries, the best tool is the communication and well developed people skill.

These skills are vital when interacting and communicating with others. Since they're from different countries, communication skill is required to build a relationship with them, motivate them and achieve organizational goals.

4 0
3 years ago
5. As the price of laptops increases from RM2,000 to RM3,500 per unit, the quantity
zepelin [54]

Answer:

-0.523 and inelastic

Explanation:

The computation of the price elasticity of demand using mid point formula is given below:

= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in price ÷ average of quantity demanded)  

where,  

Change in quantity demanded is

= Q2 - Q1

= 150 units - 200 units

= -50 units

And, average of quantity demanded would be

= (150 units + 200 units ) ÷ 2

= 175 units

Change in price would be

= P2 - P1

= 3,500 - 2,000

= 1,500

And, average of price would be

= (3,500 + 2,000) ÷ 2

= 2750

So, after solving this, the price is -0.523

Since the price elasticity of demand is less than 1 so it would be inelastic

4 0
3 years ago
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