1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Gnoma [55]
4 years ago
15

What is the relationship between price and the quantity of gasoline demanded

Business
1 answer:
Shkiper50 [21]4 years ago
7 0

Answer:

In the study, Espey examined 101 different studies and found that in the short-run (defined as 1 year or less), the average price-elasticity of demand for gasoline is -0.26. That is, a 10% hike in the price of gasoline lowers quantity demanded by 2.6%. In the long-run (defined as longer than 1 year), the price elasticity of demand is -0.58.

Explanation:

You might be interested in
The Internet raises the bargaining power of customers by: A. reating new opportunities for building loyal customer bases. B. mak
Stels [109]

Answer:

C. making information available to everyone.

Explanation:

The Internet raises the bargaining power of customers by making information available to everyone. The reason for this is that the bargaining power is the degree of influence customers have to force businesses to provide better products and lower price and the internet allows everyone to have access to  lot of information which helps customers to learn about features, prices, differences in products and substitutes and this helps the customers to be educated and be sensitive about the price of the products increasing the bargaining power they have.

8 0
3 years ago
A purely competitive firm finds that the market price for its product is $30.00. It has a fixed cost of $100.00 and a variable c
Alinara [238K]

Answer:

Yes $30 agsinst $19.50

The variable cost for the first 50 untis is $17.50

Yes $30 against $27.25

average variable cost for the first 100 units $26.25

Marginal cost for the first 50 units: 17.50 which is lower than marginal revenue

from 51 units and subsequent untis: 35 which is higher than marginal revenue

It will produce 50 units achieving $525 of profit

Explanation:

$100 fixed cost /50 units + 17.50 = 19.50 average cost

selling price: $30

100 fixed cost + 17.50 x 50 + 35 x 50 = 2725

total cost 2,725 / 100 units = 27.25 unit average cost

selling price $30

($17.50 x 50 + $35 x 50)/100 = 26.25

After the 50untis our profit will decrease as the marginal revenue is lower than marginal cost thus, we stuop production at the 50 units:

50 x 30 - 100 fixed cost - 17.50 x 50 variable cost = 525 profit

4 0
4 years ago
Ball bearings,inc. faces costs of production as follows:
hichkok12 [17]
<span>Ball bearings can face both fixed and variable costs of production. If we take a look at the fixed costs these would be: the cost of the factory, the cost of the machine, the maintenance of the machine which are needed to create the ball bearings etc. The variable costs are: the wages of the employee, the cost of the raw materials, and utilities required to create the ball bearings.</span>
8 0
3 years ago
Read 2 more answers
Why arent my questions working
Studentka2010 [4]

Answer:Turn off your device and then turn it back on if that is not worth a try again and maybe delete all your tabs.

Explanation: I have tried this before and it work.

6 0
3 years ago
Cheaters in cartels make ________ profit when the other cartel members ________ their promise
Mkey [24]

Cheaters in cartels make more profit when the other cartel members keep their promises. Thus, option D is correct.

<h3>What are Cartels? </h3>

A cartel is a group of separate companies or social groups that combine to fix prices on goods or services. Within the same sector, cartels compete and work to lessen that rivalry by setting prices in accordance with themselves.

A cartel is an entity with no ethics, which means it often includes cheaters who tend to earn more money than the ones who keep promises. Therefore, option A is the correct option.

Learn more about cartels, here:

brainly.com/question/14265043

#SPJ4

The question is incomplete, the options are:

A)more; break

B)less; keep

C)zero; break

D)more; keep

3 0
2 years ago
Other questions:
  • Strict liability is an assignment of responsibility regardless of who was truly at fault.
    7·1 answer
  • Assume a nation’s economy is operating above full employment. if business taxes increase, how will output, employment, and price
    5·1 answer
  • How fast does q 500 Hz wave travel if its wavelength is 0.5m
    13·1 answer
  • If there is an increase in market demand in a perfectly competitive market, then in the short run
    7·1 answer
  • Considering the value that salespeople add to the car buying process, which of the following are advantages that personal sellin
    15·1 answer
  • A closed-end fund starts the year with a net asset value of $22. By year-end, NAV equals $23.10. At the beginning of the year, t
    14·1 answer
  • Randi qualifies for a home deduction. The amount of space devoted to business use is 400 square feet of the total 2,000 square f
    12·1 answer
  • What is a step you can take toward committing to a career path?
    15·1 answer
  • Assist marketing objectives and help a company reach its goals.
    15·1 answer
  • Frank is the fresh produce supplier to Green Valley, an upscale restaurant. He provides the restaurant with imported meat for wh
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!