Original price: 24 times 300 = 7200
Making money: 0.25*(2/3)24*300 = 1200
Loss: 0.3*(1/3)24*300 = 720
Profit overall = 120–720 = $480
A good that is commonly accepted as a medium of economic exchange is money. It serves as the main determinant of wealth and the medium through which prices and values are expressed. It is used as a medium of exchange since it can move anonymously from one person to another and from one country to another.
The primary function of money is to enable a trade to occur without the dreaded double coincidence of barter by enabling the distinction between buying and selling.
Theoretically, credit may fulfil this need, but the supplier would need to know the probability of repayment before extending credit. In contrast to using money, this requires far more information on the customer and involves informational and verification fees.
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Answer:
D. Market supply and market demand determine the price and quantity bought and sold in the market.
Explanation:
In perfectly competitive market, equilibrium price and quantity is determined at the point where the aggregate supply curve and aggregate demand curve intersect.
If either supply or demand changes, the supply/demand curve will shift to intersect the demand/supply curve at a new equilibrium point.
In other words, although both suppliers and buyers are price-takers they both influence price and quantity bought and sold,<em> at the aggregate level</em>.
Answer:
is available to all and cannot be denied to anyone.
Explanation:
Public goods are both nonexcludable and nonrivalrous. This means that everyone is entitled to use them and when someone is using them it doesn't mean others can't use them at the same time. Of course there is always a limit to the capacity of their use, like roads can only be used by certain amount of cars.
For this particular characteristic of public goods is that private firms don't offer them. Private firms' main concern is making the largest possible profit and public goods usually aren't profitable. That is why the government has to provide public goods since no one else will.
