A perfectly competitive firm faces a downward-sloping demand curve.
<h3>What is demand curve?</h3>
It is a visual illustration of the connection between product pricing and demand-side quantity. The graph is built with amount demanded on the horizontal axis and price on the vertical axis.
Demand curve has two types-
- individual demand curve: The quantity that a specific household wants at different prices is represented by a demand curve for that particular household. The graphic representation of the individual demand schedule is another way to describe it. It can be created by analyzing consumer behavior in response to price changes.
- market demand curve: The total of each individual demand curve for a certain good on the market constitutes the market demand curve. It displays the quantity of the commodity that is demanded at various pricing points. The market demand curve has a negative, or downward, slope because quantity requested declines as price rises.
<h3>What is
downward-sloping demand curve?</h3>
A demand curve demonstrating how demand declines as price rises.
The price elasticity of demand is always negative for a downward-sloping demand curve since the price and quantity requested move in the opposite directions.
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The right answer for the question that is being asked and shown above is that: "TRUE." Consumers have the right to be protected against false and misleading information about goods and services. This statement is true as far as the consumer's right is concerned.
Compared to the price elasticity of demand for gasoline, the demand for Texaco gasoline will be <u>more elastic</u>.
Price elasticity of call for is the ratio of the proportion change in the amount demanded of a product to the percentage exchange in rate. Economists hire it to apprehend how supply and demand trade when a product's price changes.
If a fee alternate for a product causes a giant change in both its supply or call for, its miles are considered elastic. Generally, it manner that there are acceptable substitutes for the product. Examples would be cookies, luxury cars, and coffee.
In commercial enterprise and economics, price elasticity refers to the degree to which people, purchasers, or producers alternate their demand or the quantity supplied in response to fee or earnings adjustments. it is predominantly used to evaluate the trade-in consumer call for because of an alternate in an excellent or carrier's price.
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Answer:
$9,760
Explanation:
For computing the depreciation expense first we have to find out the depreciation rate which is shown below:
The computation of the depreciation per miles under the units-of-production method is shown below:
= (Original cost - residual value) ÷ (estimated miles)
= ($138,000 - $16,000) ÷ (1,000,000 miles)
= ($122,000) ÷ (1,000,000 miles)
= $0.122 per miles
Now for the first year, it would be
= Miles driven in first year × depreciation per miles
= 80,000 miles × $0.122 per miles
= $9,760
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