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4 years ago

Over time, the average consumer will be better off from reduced trade barriers by ________.

Business

1 answer:

AVprozaik [17]4 years ago

6 0

Answer:

a. greater variety and lower prices

Explanation:

Due to the comparative advantages, countries can produce the product that they have proficiency. For example, if there are 2 countries, A and B. A have a skill of producing tasty wine, they can produce better quality of wine than B with the lower cost. When the trade barriers are reduced, the wine from A will be sold in B, the customer will have more choices of wine in the market and the price will relatively less different comparing to the price when the high barriers exist.

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3 years ago

Maslowich

This will likely deter people from accumulating wealth in future.

Answer: Option 3.

<u>Explanation:</u>

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3 years ago

What is the dominant force for success in negotiation? a distributive vs. integrative strategy the planning that takes place pri

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4 years ago

Becky only eats out at Macaroni Grill, and she eats out three times per month. She receives a raise from $31,900 per year to $33

choli [55]

Answer:

Price elasticity of demand = 10.21

Explanation:

Given:

Old income (P0) = $31,900

New income (P1) = $33,500

Old Quantity (Q0) = 3 times

New Quantity (Q1) = 5 times

Computation of Price elasticity of demand :

Midpoint method:

Price elasticity of demand =

$\frac{\frac{Q1-Q0}{\frac{Q1+Q0}{2} } }{\frac{P1-P0}{\frac{P1+P0}{2} } } \\\frac{\frac{5-3}{\frac{5+3}{2} } }{\frac{33,500-31,900}{\frac{33,500+31,900}{2} } }\\\frac{\frac{2}{\frac{8}{2} } }{\frac{1600}{\frac{65400}{2} } }\\\frac{\frac{2}{4} }{\frac{1600}{32700} } }\\10.21$

Price elasticity of demand = 10.21

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4 years ago

Suppose there is a bill to increase the tax on cigarettes by $1 per pack coupled with an income tax cut of $500. Suppose a perso

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It would probably have an effect on the person's consumption of cigarettes because the tax on them is too high

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3 years ago