Answer:
-0.136 and $528
Explanation:
Given that
p = 50 - 0.5Q
where,
Q = 88
So, p equals to
= 50 - 0.5 × 88
= 50 - 44
= $6
As it is mentioned that
p = 50 - 0.5Q
0.5Q = 50 - p
Q = 100 - 2p
And we know that
Price elasticity of demand is
= Percentage Change in quantity demanded ÷ Percentage Change in price
So,
= -2 × (6 ÷ 88)
= -0.136
And, the revenue is
= Price × Quantity
= $6 × 88
= $528
Answer:
The correct answer is Voice.
Explanation:
Taking into account the framework of exit, voice, loyalty and negligence, voice means directly raising comments on a particular situation that influences within the work team, so that superiors are aware of situations and can ask themselves solutions for the benefit of all.
Answer: Option (A) is correct.
Explanation:
In a competitive market, when the demand curve i.e. the marginal benefit curve is exactly equal to the supply curve i.e. marginal cost curve and at this point the sum of consumer and producer surplus is maximized then an equilibrium is set in an economy and economic efficiency is obtained.
Inefficiency occurs at a point where there is a disequilibrium in an economy which means that competitive equilibrium is not achieved by the economy.
Answer:
The price will be higher and output lower in absence of competition.
Explanation:
When the market does not have enough competition, it provides a certain degree of market power to the existing producers. They are able to regulate prices and output.
It is likely that the suppliers will provide a fewer quantities of goods at a higher price, in order to maximize their profits. The socially optimal level of output will not be produced in the market.
The resources will not be efficiently allocated and deadweight loss will exist.
