Answer:
Firm X is facing low elasticity of demand at its current level of output.
Explanation:
This is why Firm X is able to set such a high price of $24/unit when its marginal cost is $5/unit. Usually, a monopolist does not want to set prices and outputs in the inelastic range of the demand curve. It is always interested in setting profit-maximizing prices and outputs. Firm X should be wary of setting too high prices because consumers can decide to lower their demand.
The process of formalizing acceptance of the completed project deliverables is also known as Validate Scope.
Hope this helps!
Leasing allows business owners to forecast cash flows more ACCURATELY, because lease payment are FIXED amount paid over a particular time period.
Leasing involves paying a specified amount of money monthly or yearly for use of a particular landed property. Leasing fees are usually fixed in amount and this allows one to accurately calculate how much money one can expect from this source of revenue.
Answer:
Equilibrium quantity: 145
Equilibrium price: $140
Explanation:
In order to find the answer, first we determine the current difference between quantity supplied and quantity demanded.
Quantity supplied - quantity demanded = difference
125 - 165 = -40
So we have a shortage of -40 units.
We have the information that a $1 increase in price increases supply by 2, and decreases demand by 2. Thus, in order to close the shortage, we need a $10 price increase, because this will raise supply by 20 units, and lower demand by 20 units as well, bringing the 40 gap to 0.
For this reason, the equilibrium quantity is 145 units, and the equilibrium price is $140.
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