Answer:
Explanation:
- Let the demand equation be P = X + YQ
- at P = $24, Q = 11000units
- 24 = X + 11000Y.............equation 1
Substitute the value of X in equation 1
- hence demand equation ; P = X + YQ , P =61 - 0.00336Q
Similarly, let the supply equation be P = Z + wQ
- at P = $24, Q = 11000units
- 24 = Z + 11000w....................equation 2
- from equation P = Z + wQ, 3 = Z
Substitute the value of Z in equation 2
- 24 = Z + 11000w, but Z = 3
- hence the supply equation becomes, P = 3 + 0.00191w
My Answer: The entry of new firms cause the demand curve of an existing firm in a monopolistically competitive market to shift to the left because each will have a smaller share of the existing market and become more elastic since <span>consumers will have additional choices.
Hope I helped! :D</span>
Answer:
5%
Explanation:
Deposit= $600 million
Required reserve= $30 million
Required reserve ratio= required Reserve/deposit
= 30 million/600 million
= 0.05×100
= 5%
Hence the required reserve ratio is 5%
Answer:
GDP is higher than normal
Explanation:
This is a situation where GDP is higher than the usual and it shows that the economy is above the employment level and overly active. The extra gross domestic product leads to an increase in demand for goods and services and that leads to high inflation. The initial sighs include, increase in employment rate, more wages, high demand.
<span>The total quantity of output demanded at alternative price levels in a given time period, ceteris paribus, is the definition of: Aggregate demand
Aggregate demand is very useful by the company to determine at which price range and quantity the customers see the most value in the company's products or services.</span>
