Answer: When a market price allocates resources, everyone who is able to pay the price gets the resource.
Explanation:
The market allocates prices to goods and services based on the scarcity of the said goods and services. This means that regardless of how scarce a good is, you can get it if you are willing to pay the price that it is being offered at.
For instance, if the price of tomatoes suddenly went up from $4 to $12 per pack, it means that tomatoes are now more scarce and not many people can afford it. If you can afford that $12 however, you will be able to get the tomatoes despite how scarce it is.
Answer:
Explanation:
This incident occurred as a result of natural disaster which was beyond the control of the parties involved. Moreover , this incident would have been covered by so many news media and channels which would serve as evidences to buttress their claim.
Therefore , it is easier to make a defense in the fact that the breach occurred due to the natural disaster that was neither forseen nor could be prevented by their effort.
Answer: question not complete
c. Suppose Beth’s kindly (but still greedy) father offers to eliminate the uncertainty in Beth’s profits by agreeing to trade her the weekly profits based on a stable price of $20 per acre in exchange for the profits Beth actually makes. Should she take the deal?
d. Graph your results and explain them intuitively. Solution to this is in the picture attached
Explanation:
During the period of drought, the rate of mowing is $15 per acre, while, in the period of monsoons, the rate is $25 per acre.
a). Beth's supply function will be
q = 5P - 50
If P =15
q = 5 x 15 - 50
= 75-50
= 25
If P = 25
q = 5 x 25 - 50
= 125 - 50
= 75
b). The periods of both drought and monsoon will last for equal number of weeks in the summer. The average weekly profit will be:
If P = 15
π = P x q - C
= 15 x 25 - 362.5
= 375 - 362.5
= 12.5
If P =25
π = P x q - C
= 25 x 75 - 1362.5
= 1875 - 1362.5
= 512.5
The average weekly profit will be
=12.5 + 512.5 / 2
=525 / 2
= 262.5
c). Father offer a price of $20 irrespective of the season and the quantity will be:
q = 5 x 20 - 50
= 50
The profits in this case will be
π = P x q - C
= 20 x 50 - 800
= 200
This is less than the average profits in the other cases, hence, this offer will make her worse off.
I can help you write your essay.
Unemployment
- define unemployment
- What results because of unemployment
- why does unemployment happen?
- when does unemployment happen?
- Who are the most unemployed people? Why?
- research information about unemployment
retrenchment
- define retrenchment
- what causes retrenchment to happen?
- How does retrenchment affect society
Globalisation
- define globalisation
- What happens during globalisation?
- Is globalisation a good or bad things? What does it impact?
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