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MAXImum [283]
3 years ago
11

Perfectly competitive industry X has constant costs and its product is an inferior good. The industry is currently in long-run e

quilibrium. The economy now goes into a recession and average incomes decline. The new long-run equilibrium will result in a(n) rev: 06_26_2018 Multiple Choice increase in output and in the equilibrium price of the product. increase in output, but not in the equilibrium price of the product. decrease in output, but not in the equilibrium price of the product. decrease in output and in the equilibrium price of the product.
Business
1 answer:
andriy [413]3 years ago
5 0

The new long-run equilibrium will result in a(n) rev : increase in output and in the equilibrium price of the product.

Explanation:

Higher prices mean that the quantity needed for good increases as income decreases and vice versa. Thus the quantity required good raises in the given question as income falls as a result of the recession. It pushes up the demand curve, leading to an increase in the supply yield and a price increase in value.

Modern supply and demand changes affect both price and quantity. If the supply curve goes up, which lowers supply, but leaves demand stable, the price of exchange is increasing, but volume decreases.

For Example, pump prices are likely to rise, if the supply of petrol falls.

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MariettaO [177]
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2 years ago
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Assume milk is used to produce ice cream. Ceteris paribus, a decrease in the price of milk will cause the equilibrium price of i
MariettaO [177]

Answer:

Fall

Explanation:

Milk is an input in the production of milk.

decrease in the price of milk would increase the production of icecream.

An increase in production would lead to an increase in supply of milk.

When supply exceeds demand, equilibrium price drops.

I hope my answer helps you

5 0
2 years ago
Wanda’s will power is 25% in convincing people to vote for her. She needs 50% of the vote to win. Assuming everyone votes, in or
Wittaler [7]

Answer:

34 % of the people must already planning to vote for Wanda

Explanation:

Let there are 100 people in the town

It is given that Wanda will convince 25 % of people vote for her

Now let there are x people who are planning to vote Wanda

Then 100-x people are not planning to vote Wanda

She have to convince 0.25 ( 100-x) people to get 50% of the vote and to win

So 0.25(100-x)+x=50

25+0.75x=50

x = 34

So 34 % of the people must already planning to vote for Wanda

8 0
3 years ago
The substitution effect is the concept that if the price of x goes ________ , there will be an increase (shift right) to x away
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3 years ago
​(Related to Checkpoint​ 5.2) ​(Future value) ​(Simple and compound​ interest) If you deposit ​$1 comma 000 today into an accoun
Anna35 [415]

Part A

Answer and its explanation:

Interest earned in the third year can be found from following two steps

Step 1 Use compounding formula for first two years, which is as under:

Future value = Present Value * (1+r)^n

Here n is the number of years the amount would be deposited for, which is 2 years duration. And r is the rate of return which is 8% here. So the future value in the year 2 will be:

Future value = $1000 * (1 + 0.08)^2 = $1166.4

Now the interest earned in the third year is:

Interest earned in the third year = $1166.4 * 8% = $93.312

Part B

Answer and its explanation:

The simple interest is the interest arising from the principal investment made in the year zero to date and this can be calculated as under:

Simple interest = Principal investment * rate of interest * number of years

Simple Interest = $1000 * 8% * 3years = $240

And the interest arising from the compounding of interest can be found by the difference of the Future value of the investment for three years and simple interest.

So,

Interest arising through compounding of interest = FV of investment in three years time - (Simple Interest + Principal investment)

Interest arising through compounding of interest = $1000*(1+0.08)^3 -$1240

= $19.712

6 0
3 years ago
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