Answer:
by calculating the elasticity of demand.
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Explanation:
<span>The expense would be $112,100. After putting 38,000 over 200,000 tons (38000/20000), dividing this would provide you with the percentage of rock removed. Which is 0.19, after which you would multiply this by 590,000 which would you bring you to the expense for removal.</span>
Answer: Quality is never costless because monitoring and prevention have costs
Explanation:
The cost of quality has two parts which are the cost of prevention and the cost of failure. The cost of quality simply refers to the sum of the prevention cost and the cost of failure.
It should be noted that spending more on prevention helps in reducing the cost of failure. According to experts, quality is is never costless because monitoring and prevention have costs.
Answer:
Locations and businesses
Explanation: just took the test
Answer:
1. The marginal revenue product of the 6th unit of labor is $10
2. Hire more workers.
Explanation:
1. MRP of 6th unit = TR of 6th unit - TR of 5th unit
TR = PX Q
TR of 6th unit = 5 X 11 = $ 55
TR of 5th unit = 5 X 9 = $ 45
MRP of 6th unit = 55 - 45 = $ 10
2. hire more workers because firm's additional fixed cost is less than firm's marginal revenue. So, it is profitable for firm to increase its production.