The elasticity of supply of roses is 1.8. In the market for roses, __________

Suppose that in 2007, Ford sold 500,000 Mustangs at an average price of $18,800 per car; in 2008, 600,000 Mustangs were sold at

S_A_V [24]

Answer:

Actually suggests that there was an increase in the demands for Mustangs between 2007 and 2008

Explanation:

Two factors are important to consider in order to make the decision:

The first is the quantity of Mustangs sold

The second is the average price of Mustangs in each year

2007

500,000 Mustangs sold at an average price of $18,800

2008

600,000 Mustangs sold at an average price of $19,500

Implication

The quantity demanded of Mustangs in 2008 was so enormous that supply could not keep up with demand, hence, it created a gap between quantity demanded and quantity supplied. Once, there is a shortage of supply for a product the effect is that price of the product wil go up.

Therefore, the demand went up by 100,000 Mustangs in 2008 and since supply struggled to match this demand, the average price also went up by an aveage of $700

So, the statements show that the demand for Mustangs went up in 2008 and consumers were willing to pay more to get one.

3 0

3 years ago

Use library or internet resources to locate an article or a case involving one of the following topics (please only pick one; do

horrorfan [7]

I would say a hope that helped

5 0

3 years ago

List and describe three causes for shifts in the demand curve.

Dahasolnce [82]

Decrease in price of a substitute. Increase in price of a complement. Decrease in income if good is normal good.

7 0

3 years ago

Think of a scene from a popular movie that shows an involuntary exchange (where a buyer or seller is forced to participate). Ide

saul85 [17]

A scene from a popular movie that shows an involuntary exchange (where a buyer or seller is forced to participate) could be in Star Wars, where it fictionally demonstrates the conquest of different planets and galaxies by force, through theft, destruction and violence.

If the exchange were voluntary, the negotiation would take place in a way that is beneficial to both the buyer and the seller, where each would be involved in a legal and ethical agreement to carry out a transaction.

<h3 /><h3>What is the benefit of voluntary exchange for the economy?</h3>

It assists in the positive development of the market, as voluntary exchange ensures that buyers and sellers benefit from an exchange process, which is an essential principle for the global free trade system.

Therefore, voluntary exchange must be promoted in the world economy, where nations exchange resources in ways that benefit local economic development.

Find out more about voluntary exchange here:

brainly.com/question/26349405

#SPJ1

7 0

2 years ago

What is the IRR of the following set of cash flows? (Do not round intermediate calculations. Enter your answer as a percent roun

MrRissso [65]

Answer: 14.59%

Explanation:

The Internal Rate of Return(IRR) is the discount rate that brings the Net Present Value to zero. It is used to decide the viability of projects. The project is generally considered viable if the Cost of capital is less than the IRR.

You can use Excel to calculate the IRR;

= IRR(-15,800,6,500,7,800,6,300)

From the picture attached you can see that the IRR is 14.59%

3 0

3 years ago

The elasticity of supply of roses is 1.8. In the market for​ roses, ___________.

The elasticity of supply of roses is 1.8. In the market for roses, ___________.