Zack Shields leases a manufacturing facility that produces computer monitors. Zack tries to keep production high, because his le
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If the<u> demand curve is inelastic</u>, a rise in the supply of grain will result in a decrease in the overall income received by grain producers.
The ability of firms to enter and exit a market over time means that, in the long run, the supply curve is more elastic.
Two basic economic concepts are combined in the law of supply and demand to explain how shifts in the price of a resource, good, or service affect its supply and demand. As the price rises, supply increases while demand decreases. On the other hand, as the price falls, demand increases and supply becomes more limited.
The degree to which changes in price translate into changes in demand and supply is known as the product's price elasticity.
Basic consumer demand is comparatively inelastic, or less responsive to price changes.
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Answer: (a) $197,500
(b) $ 189,500
Explanation:
Given : The marginal cost function :
To find the cost function, we need to integrate the above function with respect to x.
Now, the additional cost incurred in dollars when production is increased from 100 units to 150 units will be:-
Hence, the additional cost incurred in dollars when production is increased from 100 units to 150 units= $197,500
Similarly, the additional cost incurred in dollars when production is increased from 500 units to 550 units :-
Hence, the additional cost incurred in dollars when production is increased from 500 units to 550 units = $ 189,500