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seraphim [82]
3 years ago
5

Suppose that corn prices rise significantly. If farmers expect the price of corn to continue rising relative to other crops, the

n we would expect: the supply to increase as farmers plant more corn. The supply of ethanol, a corn-based product, to increase. Consumer demand for wheat to fall. The supply to fall as farmers plant more of other crops.
Business
1 answer:
solmaris [256]3 years ago
8 0

Answer: the supply to increase as farmers plant more corn.

Explanation:

According to the law of supply, quantity supply of a good is positively related to its price. When price of the good rises, producers will take advantage of the higher price by increasing supply. While, when price of the good falls, producers will supply less to the market.

Thus, when corn prices rise significantly and farmers expect the price of corn to continue rising relative to other crops, then we would expect the supply to increase as farmers plant more corn.

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Which of the following is true about the studies reported by Norton, Mochon, and Ariely (2012)? (Answer: Labor leads to more lov
shutvik [7]

Answer:

Labor leads to more love when participants successfully completed the task.

Explanation:

The answer is already provided in the question.

3 0
3 years ago
A relatively flat demand curve indicates that the demand for a product is very sensitive to a change in price.TrueFalse
Free_Kalibri [48]

Answer:

True.

Explanation:

A flat demand curve for a particular product indicates that the product is very sensitive to a change in the price level and on the other hand, a steeper demand curve indicates that any change in the price level doesn't have a effect on quantity demanded or have a little impact.

Elasticity of demand refers to the responsiveness of quantity demanded with any change in the level of price of the product.

The demand for these products is more elastic because a slightly change in the price level of a product will result in a large change in the quantity demanded for that product.

3 0
3 years ago
Goods and services are purchased by businesses as well as by individuals. a. True o O b. False​
Nesterboy [21]

Answer:

true

Explanation:

7 0
3 years ago
Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end
GuDViN [60]

Answer:

Required 1.

a.

Supplies Inventory $1,380 (debit)

Income Statement $1,380 (credit)

b.

Cash $3,900 (debit)

Un-earned Fees $3,900 (credit)

c.

Depreciation $3,000 (debit)

Accumulated Depreciation $3,000 (credit)

d.

Wages Expenses $2,475 (debit)

Wages Accrued $2,475 (credit)

e.

Unearned Fees $14,140 (debit)

Fees Earned $14,140 (credit)

Required 2.

Fees Earned                                305,800

Less Expenses :

Wages Expense                          (157,800)

Rent Expense                               (55,000 )

Utilities Expense                          (42,000 )

Miscellaneous Expense                (7,000)

Net Income / (loss)                        44,000

Required 3.

Fees Earned (305,800 + 14,140)       319,940

Less Expenses :

Wages Expense (157,800  + 2,475) (160,275)

Rent Expense                                    (55,000 )

Utilities Expense                               (42,000 )

Miscellaneous Expense                      (7,000)

Depreciation                                        (3,000)

Net Income / (loss)                              52,665

Required 4.

Effect = Increase by $8,665

Explanation:

Required 3.

Make the following Adjustments :

  1. Increase the Fees Earned
  2. Increase the Wages Expense
  3. Include the Depreciation Expense in Net Income calculation.

Required 4

Adjust the Retained Earnings with items affecting the Income Statement.

Retained Earnings                            $117,800

Less Depreciation Expense             ($3,000)

Less Wages Accrued                       ($2,475)

Add Fees Earned                              $14,140

Adjusted Retained Earnings           $126,465

Conclusion  :

Effect = Increase

Amount = $126,465 - $117,800 = $8,665

5 0
3 years ago
According to​ Duffy-Deno (2003), when the price of broadband access capacity​ (the amount of information one can send over an in
mihalych1998 [28]

Answer:

Price Elasticity of 'Broadband Access Capacity' Demand (for firms) = 0.38

Explanation:

Price Elasticity of demand = % change in demand / % change in price

% change in demand = 3.8% ;  % change in price = 10%  [Given]

Putting in above formula ; P.Ed = 3.8 / 10 = 0.38

5 0
3 years ago
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