<span>The world’s economic systems fall into one of four main categories: traditional economy, market economy, command economy and mixed economy; however, there are unlimited variations of each type. An economic system must define what to produce, how to produce it and for whom to produced it. Depending on the products produced and the environment, certain economic strategies will be more successful than others. This might help :)</span>
Prices tend to drop when supply increase. More rare or hard to get something is (with high demand) then the pricier it is.
Answer:
Answer explained below
Explanation:
decrease in consumer surplus = 0.5(initial number of bottles - final number)*(final price-initial price) + (final price-initial price)*(final number)
where initial number of bottles = 25
final number of bottles = 15
initial price = $390
final price = $390
substituting these values, we have
- decrease in consumer surplus = 0.5(25-15)(450-390) + (450-390)15 = 1200
Consumer surplus decreases by 1200
- Consumers will buy the good as long as marginal benefit is greater than or equal price.
Thus quantity demanded will be 2 from the table
Consumer surplus = 240- market price = 240 -220= 20
Consumers total benefit = 220*quantity demanded = 220*2= 440
Answer:
Prescriptive analytics.
Explanation:
Prescriptive analytics can be defined as a type of data analysis model which typically comprises of descriptive data and forecasting techniques used for identifying the decisions that are most likely to yield an optimum or best performance.
Hence, prescriptive analytics is a data analysis model that use optimization techniques.
For example, prescribing a car that is capable of finding the best route for a road trip.
