<span>If
a competitive firm can sell a ton of steel for $500 a ton and it has an average
variable cost of $400 a ton, and the marginal cost is $600 a ton, the firm
should reduce its output. The reason for the reduction of output is the
marginal cost it will have. The marginal cost exceeds the selling price of the
product which is a bad sign for the company.</span>
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Answer:
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Answer:
Price and quantity of chickens sold will increase.
Explanation:
Due to the prevalence of the mad cow disease, demand for cow meat will go down. Since chicken is a substitute for cow meat and there is a breed that grows twice as much with the same feeds, the demand for chicken will rise.
In economics when other factors apart from price changes it results in demand shift. In this instance demand will shift to the right.
As illustrated in the attached diagram, there will be higher quantity demanded at higher prices than before.
Answer:
The value of price is $15.625
Explanation:
In the question, the formula is given for computing the value of the price.
The calculation is shown below:
Here, the total value would be 62.5 and the integer variable quantity is 4, so we easily compute the value of price
Price = Total ÷ Quantity
= 62.5 ÷ 4
= $15.625
The quantity should be expressed in units or some other measurement value, the price should be a dollar or any other monetary units.
