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mash [69]
3 years ago
9

In the corn market, demand often exceeds supply and supply sometimes exceeds demand. The price of corn rises and falls in respon

se to changes in supply and demand." In which of these two statements are the terns "demand" and "supply" being used correctly?
(a) in neither statement
(b) in the second statenent
(c) in the first statement
(d) in both statements
Business
1 answer:
Genrish500 [490]3 years ago
6 0

Answer:

d) in both statements

Explanation:

Demand is individual buyer's ability & willingness to buy a good, at given price, period of time. Supply is individual seller's ability & willingness to sell a good, at a given price, period of time.

Market Demand is all market buyers' ability & willingness to buy a good, at given price, period of time. It is horizontal, i.e quantity summation of individual demand curves, at respective prices.

Market Supply is all market sellers' ability & willingness to sell a good, at a given price, period of time. It is horizontal, i.e quantity summation of individual supply curves, at respective prices.

Market Equilibrium prices are quantities are determined based on, Market Demand & Market Supply equalisation (not individual demand, supply). So, 'in the corn market' , 'price of corn' are  determined by market demand & market supply. Hence, using 'demand' & 'supply' in both statements is inapt.

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When the price of a good is $5, the quantity demanded is 120 units per month; when the price is $7, the quantity demanded is 100
Gre4nikov [31]
Price elasticity can be calculated using the attached formula where:
the first term represents the % change in quantity and the second term represents the % change in price

% change in quantity = (100-120) / (220/2) = -2/11 x 100 = -18.1818%
% change in price = (7-5) / (12/2) = 33.3333%

price elasticity = 18.1818/33.3333 = 0.55

Note that the price elasticity is usually taken as an absolute value.

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3 years ago
All of the following are arguments against an explicit inflation targeting rule for monetary policy except:
White raven [17]

Answer:

C. An explicit target is easier to understand by households and firms which makes monetary policy more transparent.

Explanation:

Explicit inflation targeting is a monetary policy used by central banks to check inflation rate is under control for medium term. However, critics target this policy as they believe that instead central bank should have monetary policy for long term inflation control and economic growth for long term. Product price targeting or nominal income targeting would create more economic stability.

3 0
3 years ago
g Two countries produce bananas and sugar. In Country X each worker in a one-day period can produce either 15.4 pounds of banana
faltersainse [42]

Answer:

country X will export 27 pounds of Bananas  for 4.21 pounds of sugars

Explanation:

<u>For country X </u>

1 labor period = 15.4 pounds of bananas

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next calculate opportunity costs

opportunity cost of 1 pound of Banana = 2.4 / 15.4 = 0.1558

opportunity cost of 1 pound of sugar = 15.4 / 2.4 =  6.4167

<u>For country Y </u>

1 labor period = 8.7 pounds of bananas

1 labor period = 3.1 pounds of sugar

opportunity cost of 1 pound of banana = 3.1 / 8.7 = 0.3563

opportunity cost of 1 pound of sugar = 8.7 / 3.1 = 2.8064

<em>when the opportunity costs are compared </em>

<em>Country X has a lower opportunity cost for the production of banana  while </em>

<em>Country Y has a lower opportunity cost for the production of sugar </em>

Hence country X will export Banana

I pound of Banana will be exported for 0.1558 sugars

i.e. 27 pounds of Bananas will exchanged for ( 27 * 0.1558 ) sugars

27 pounds of Bananas  = 4.21 pounds of sugars

7 0
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Answer:

The correct answer is genetic algorithms

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Genetic Algorithms are adaptive methods that can be used to solve search and optimization problems. They are based on the genetic process of living organisms. Throughout the generations, populations evolve in nature according to the principles of natural selection and the survival of the strongest, postulated by Darwin (1859).

By imitating this process, Genetic Algorithms are able to create solutions for real-world problems. The evolution of these solutions towards optimal values of the problem depends to a large extent on their adequate codification.

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