Answer:
The increase in demand of the product with the higher price or decrease in demand for the other goods is because the substitution effect is outweighed by the income effect of price increase.
Explanation:
The above explanation in economics refers to Giffen Good. The idea behind this concept Giffen is that if you do not have money and there is an increase in the price of a fundamental product such as bread, it is still impossible to afford other alternatives, hence you will go ahead to buy bread or avoid buying any of the product. Hence, the demand for other product will also decrease in this case. This means that the demand for product with higher price or decrease in other substitute product is due to the fact that the income effect outweighs the substitution effect. Hence people do not have the money to even afford the alternative product.
Answer:
<u>Average total cost for 7000 staplers was= $2.43</u>
Explanation:
Total Cost=Fixed Cost +Variable Cost
Fixed Cost =$45000-$28000
Fixed Cost=$27000
Average total Cost= Fixed Cost/ Quantity
=17000/7000
=$2.43
Answer:
The answer is: D) is a more convenient location to hold the trial.
Explanation:
A change of venue happens when a case is transferred from a court in one location to a court in a different location. It can be requested if it is convenient for the parties in a lawsuit.
In this case both Eduardo and Delia live in Georgia, so if a trial is held there, they would need to travel and probably hire local lawyers which can be time consuming and expensive. Eduardo can argue that by holding the case in Georgia benefits both Delia and him.
Answer:
B-Enables workers to learn a variety of skolls
Explanation:
Answer:
The correct answer is the third statement which says to maximize profits, the firm should produce less than 500 units.
Explanation:
The quantity of output produced is 500 units.
The marginal cost of producing 500 units is $1.50.
The minimum average variable cost is $1.
The price of the product is $1.25.
The firm will be at equilibrium when the price is equal to marginal cost. To maximize profits firm should decrease output to the extent that marginal cost comes to $1.25. At that point, the firm will earn profits as average variable cost is lower than the price.
