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galina1969 [7]
3 years ago
15

For each example, determine how the market for the good in the bolded text will respond to the described change.

Business
1 answer:
Slav-nsk [51]3 years ago
7 0

Answer:

a. Due to increases in hay prices, an input for raising cattle, the price of a gallon of 2% milk increases from $2.98 to $3.25.  QUANTITY DEMANDED DECREASES, as the price of a good or service increases, the quantity demanded decreases.

b. Groupon has a Groupon for $6 off the price of laser tag.  QUANTITY DEMANDED INCREASES, as the price of a good or service decreases, the quantity demanded increases.

c. Sharp increase in the price of wood causes increases in prices for dressers and desks.  QUANTITY DEMANDED DECREASES, if the price of a key input increases, the production costs will increase, resulting in a higher selling price ⇒ lower quantity demanded.

d. Week long special at the grocery store, where pork shoulder is on sale at $1.99 a pound, down from $3.99 a pound.  QUANTITY DEMANDED INCREASES, as the price of a good or service decreases, the quantity demanded increases.

e. Buy one get one free special for MP3 albums on Amazon. QUANTITY DEMANDED INCREASES, the buy one get one free promotion lowers the price of a good or service, resulting in higher quantity demanded.

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In the quantity discount model, the optimum quantity will always be found on the lowest total cost curve.
Leno4ka [110]

In the quantity discount model, the optimum quantity is not always be found on the lowest total cost curve. Therefore, it's false.

<h3>What is optimum quantity?</h3>

It should be noted that optimum quantity simply means the economic quantity that is purchased.

In this case, in quantity discount model, the optimum quantity is not always be found on the lowest total cost curve. Therefore, it's false.

Learn more about optimum quantity on:

brainly.com/question/17192219

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A project manager has to manage tasks and identify schedule problems during the
BabaBlast [244]
Duration of the project. from start to end

3 0
3 years ago
Which of the following statements is TRUE with regard to gross margin?
Naddik [55]

ANSWER: (A)

EXPLANATION: Gross margin is the difference between revenue and cost of goods sold divided by revenue. Gross margin is expressed as a percentage. Generally, it is calculated as the selling price of an item, less the cost of goods sold. Gross Margin is often used interchangeably with Gross Profit, but the terms are different.

7 0
3 years ago
Delaney company is considering replacing equipment which originally cost $600,000 and which has $420,000 accumulated depreciatio
Gelneren [198K]
From the given original cost and the total accumulated depreciation of the old equipment, it can be seen that the value of the equipment should still be $180,000.
                            salvage value = $600,000 - $420,000 = $180,000
Given that it can be sold for only $18,000, the sunken cost is $162,000. 
                            sunken cost = $180,000 - $18,000 = $162,000
7 0
3 years ago
A work sheet is an internal aid which is helpful in preparing financial (statements/reports). It reduces risk of _ (errors/effec
Citrus2011 [14]

The work sheet reduces <u>risk of errors</u> when working with many accounts and adjustments.

<h3>What is a work sheet?</h3>

A work sheet means an internal document used by companies to help with adjusting, closing accounts and preparation of financial statements

Some benefit of work sheet in preparation of financial statement includes:

  • its reduces the possibility of errors when working with many accounts and adjustments
  • its links accounts and adjustments to their impact on financial statements
  • its helps in preparing interim financial statement
  • its shows the effects of proposed or "what-if" transactions.

In conclusion, the work sheet reduces <u>risk of errors</u> when working with many accounts and adjustments.

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