Which of the following statements is not correct?

suppose smith wants one iphone no matter what the price is between $0 and $350, jones wants one iphone no matter what the price

Lilit [14]

The answer is Each individual buyer’s demand curve will be Vertical and the market demand curve will be Downward sloping.

The demand curve could be a graphical representation of the connection between the value of an honest or service and therefore the quantity demanded for a given period of your time. in a very typical representation, the value will appear on the left vertical axis, the amount demanded on the horizontal axis.

The demand curve will move downward from the left to the correct, which expresses the law of demand—as the worth of a given commodity increases, the amount demanded decreases, all else being equal.

Note that this formulation implies that price is that the variable, and quantity the variable. In most disciplines, the experimental variable appears on the horizontal or x-axis, but economics is an exception to the current rule.

The degree to which rising price translates into falling demand is named demand elasticity or price elasticity of demand. If a 50% rise in corn prices causes the number of corn demanded to fall by 50%, the demand elasticity of corn is 1. If a 50% rise in corn prices only decreases the amount demanded by 10%, the demand elasticity is 0.2. The demand curve is shallower (closer to horizontal) for products with more elastic demand, and steeper (closer to vertical) for products with less elastic demand.

Other factors can shift the demand curve similarly, like a change in consumers' preferences.

Learn more about Demand Curve here

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6 0

1 year ago

Why is it necessary to define policy elements?Discuss the terms confidentiality, integrity, and availability as they relate to i

aleksklad [387]

Explanation:

First, it is important to know the definition of policy and its relevance to society and organizations.

Politics is the science of organization, direction and administration, linked to government, the state and public administration, with the aim of guiding the administration and promoting the public good. Therefore in every act of managing, whether in the fields of public or private administration, there will be policies for the direction of society and business.

Public policies are composed of 4 main elements: government involvement, perception of a problem, definition of an objective and definition of an action process.

Because of its relevance to social welfare, policy must be protected in different ways, so it is right to relate policy design to the three pillars of information security, confidentiality, integrity and availability.

Confidentiality refers to actions to ensure that data are protected, with a hierarchy of access to information only by authorized, is what happens in policy, the set of guidelines should be protected and only the high hierarchy can change it if necessary.

Integrity corresponds to preserving the reliability, accuracy and consistency of information, in politics we can relate how the protection of information change by unauthorized persons and the design of policies that integrate and benefit the whole society.

Availability corresponds to the access of information by individuals, in politics can be related to the access that every citizen should have of the set of policies to guide their actions and protect society from possible conflicts.

8 0

3 years ago

What is a line extension?

blsea [12.9K]

Answer:

line extension is the use of an established product brand name for a new item in the same product category

Explanation:

8 0

3 years ago

How can we apply accounting and bookkeeping in our daily lives?

Westkost [7]

Draw up a monthly budget. A monthly budget can do wonders for managing your month-to-month living expenses

5 0

3 years ago

Amy's Performance Pizza is a small restaurant in San Francisco that sells gluten-free pizzas. Amy's very tiny kitchen has barely

Mkey [24]

Solution :

Amy can only change the number of workers. As the fixed input cannot be changed in the short run, so in the short run, the workers are the variable inputs and the ovens are the fixed inputs.

a). Marginal Product of labor

No. of workers The Output The Marginal product of labor

0 0 ---

1 60 60

2 100 40

3 130 30

4 150 20

5 160 10

The marginal product of the labor is the change in the quantity i.e pizza as Amy hires an additional worker.

1 worker raise the output to 100, so the marginal product of labor of 1 worker is 100 and so on. The marginal product of the labor = change in the output / change in the number of workers.

b).

No. of workers The Output The Fixed cost The Variable cost Total cost

0 0 20 0 20

1 60 20 30 50

2 100 20 60 80

3 130 20 90 110

4 150 20 120 140

5 160 20 150 170

The fixed cost remains the same but the variable cost increases as one more worker is hired.

The law of the diminishing the marginal product of labor is determined by = total output increases at the decreasing rate as we increase the quantity of the labor.

7 0

3 years ago