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valentinak56 [21]
3 years ago
6

explain how the substitution effect in the income effect interact with changes in price to change the quantity of demand

Business
1 answer:
nadya68 [22]3 years ago
6 0

Answer:

I have no idea what is the solution

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In the long run equilibrium, a monopolistic competitor will produce to the point at which A) actual average total costs are at t
Artemon [7]

Monopolistic competition is the economic market model with many sellers selling similar, but not identical, products. The demand curve of monopolistic competition is elastic because although the firms are selling differentiated products, many are still close substitutes, so if one firm raises its price too high, many of its customers will switch to products made by other firms. This elasticity of demand makes it similar to pure competition where elasticity is perfect. Demand is not perfectly elastic because a monopolistic competitor has fewer rivals then would be the case for perfect competition, and because the products are differentiated to some degree, so they are not perfect substitutes.

Monopolistic competition has a downward sloping demand curve. Thus, just as for a pure monopoly, its marginal revenue will always be less than the market price, because it can only increase demand by lowering prices, but by doing so, it must lower the prices of all units of its product. Hence, monopolistically competitive firms maximize profits or minimize losses by producing that quantity where marginal revenue equals marginal cost, both over the short run and the long run.

3 0
3 years ago
Aiello, Inc. had the following inventory in fiscal 2016. The company uses the LIFO method of accounting for inventory. Beginning
quester [9]

Answer:

The correct answer is B. $1,800.00

Explanation:

LIFO Perpetual table is attached.

The table shows purchases, sales and balance of each period.

As the final inventory is 120 units, we suppose the sales of the year.  Applying LIFO,  our ending inventory cost is 120 units, each one at $15

So,  total cost is $1800 (120* 15)

Download xlsx
8 0
3 years ago
What is the major difference between corporations and other kinds businesses?
BartSMP [9]

Answer:

A corporation is a separate entity apart from that of the owners. A corporation is not responsible for its debts if it fails. A corporation is much larger than other kinds of businesses.

Explanation:

6 0
2 years ago
Read 2 more answers
The one-year forward rate of the British pound is quoted at $1.60, and the spot rate of the British pound is quoted at $1.63. Is
mihalych1998 [28]

Answer:

discount; 1.8%

Explanation:

Calculation for the forward rate using this formula

forward rate=(F/S) - 1

Let plug in the formula

forward rate= ($1.60/$1.63) - 1

forward rate= -1.8 percent.

Therefore The forward DISCOUNT is 1.8 percent.

7 0
3 years ago
A smartphone manufacturing company uses social media to achieve different business objectives. Match each social media activity
bekas [8.4K]

Explanation:

Following is the correct matching of different social media activities with the objectives of the company.

Releases videos of its new, high tech smartphone manufacturing facility

To give consumers a peek into its operations

Hosts an online sweepstakes and gives the winners an extended warranty on a smartphone model

To increase brand loyalty  

Gives bloggers a new smartphone handset before the model is on the market

To create consumer awareness about a new product

Ask customers to determine their next model using hashtag #NEWMODEL

To allow consumers to be part of product development

5 0
3 years ago
Read 2 more answers
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