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avanturin [10]
3 years ago
12

Suppose Becky earns $650 per week working as an analyst for A-plus Accountants. She uses $10 to order a mojito cocktail at Littl

e Havana. Little Havana pays Alex $250 per week to wait tables. Alex uses $250 to purchase tax services from A-Plus Accountants.Identify whether each of the following events in this scenario occurs in the resource market or the product market.1.Alex earns $250 per week working for Little Havana. (Resource Market / Product Market)2. Becky spends $10 to order a mojito cocktail. (Resource Market / Product Market)3. Becky earns $650 per week working for A-Plus Accountants. (Resource Market / Product Market)
Business
1 answer:
DaniilM [7]3 years ago
5 0

Answer:

1. Resource Market

2. Product Market

3. Resource Market

Explanation:

Resource Market

The resource market deals with resources and the means of production of goods.

Product Market

The product market deals with products and physical goods

1. Alex earns $250 per week working for Little Havana

Here Little Havana provides means for product i.e. cocktails and hence is a resource market.

2. Becky spends $10 to order a mojito cocktail.

Here Becky is buying the product, hence Product Market

3. Becky earns $650 per week working for A-Plus Accountants.

Here A-Plus Accountants provides means for product i.e. tax services and hence is a resource market.

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If the quantity supplied by producers is relatively insensitive to price changes, supply is ______. Multiple choice question.
luda_lava [24]

If the quantity supplied by producers is relatively insensitive to price changes, supply is price inelastic.

Inelastic demand is demand for which the change in quantity demanded is small due to changes in price. Demand is elastic if the formula yields an absolute value greater than 1. In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic.

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If the quantity supplied by producers is relatively insensitive to price changes, supply is ______. Multiple choice question.

price inelastic.

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2 years ago
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lara31 [8.8K]

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g An automobile dealer expects to sell 529 cars a year. The cars cost $11,000 plus a fixed charge of $500 per delivery. If it co
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Answer:

Order size = 23 cars

The number of orders = 23

Explanation:

The economic order quantity (EOQ) is the order size that reduces the balance of holding and ordering cost. It is to be noted that at EOQ, the carrying cost is equal to the holding cost.

The EOQ is computed as shown below;

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