Suppose an unexpected freeze in Florida destroys 20% of the Florida orange crop.-This results in the shift of the supply curve to the left resulting in an increase in the prices.
Explanation:
Suppose an unexpected freeze in Florida destroys 20% of the Florida orange crop.
a) What are the likely effects of the crop damage on Florida orange prices and output levels?
As a consequence of the unexpected freeze in Florida , the orange crops will get damaged. This will result in a decline in the supply of oranges in the market. Which will lead to a shift in the supply curve of orange to the left, resulting in an increase in the price of oranges, and a decline in its output level or the quantity sold/supplied in the market
b) How will the freeze affect the equilibrium price of California oranges
Due to the unexpected freeze the supply curve of the California oranges will shift to the left,which will result in an increase in the price of the California oranges(In this case the quantity demanded is more than the quantity supplied/sold)
Answer:
-$0.237
Explanation:
The player making a single shoot is 392/441 = 0.889
That makes a percentage of 88.9%.
The probability of making the next 3 shots as 0.889 × 0.889 × 0.889 = 0.703.
The probability of him not making all of the next 3 shot is 1 - 0.703
So now to find the expected value,
P(makes all the three shots) * (Value when you win) + P(misses the three shots) * (value when you lose)
0.703 * $6 + (1 - 0.703)*(-$15)
$4.218 - $4.455
= -$0.237
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A business is defined as an employer or enterprising entity engaged in business, commercial, or expert activities. businesses may be for-income entities or non-earnings companies.
Business plays an important position in our lives. First, they devise goods and offerings to satisfy our needs and wants. Then, they also recruit families as exertions and provide them with reimbursement, consisting of wages, salaries, and advantages. for this reason, it turns into a supply in their profits, which can be used to preserve their existence.
The maximum common types of business are sole proprietorship, partnership, company, and S corporation.
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Answer:
D. very large because the average total cost of production falls with output.