If the quantity supplied by producers is relatively insensitive to price changes, supply is price inelastic.
Inelastic demand is demand for which the change in quantity demanded is small due to changes in price. Demand is elastic if the formula yields an absolute value greater than 1. In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic.
For example, consumers are less price relatively insensitive if the product or service is unique or has few alternatives. Consumers are less price sensitive when total costs are low relative to total revenues. The total effort compared to the total cost of the final product also influences price sensitivity.
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If the quantity supplied by producers is relatively insensitive to price changes, supply is ______. Multiple choice question.
price inelastic.
quantity demanded.
relative price increase.
change in price.
Answer:
a. Incremental analysis.
b. Sunk cost.
c. Relevant information.
d. Opportunity cost.
e. Joint products.
f. Out-of-pocket cost.
g. Split-off point.
Explanation:
a. Incremental analysis: examination of differences between costs to be incurred and revenue to be earned under different courses of action.
b. Sunk cost: a cost incurred in the past that cannot be changed as a result of future actions. Sunk cost can be defined as a cost or an amount of money that has been spent on something in the past and as such cannot be recovered.
c. Relevant information: costs and revenue that are expected to vary, depending on the course of action decided on. Hence, relevant cost are relevant for decision-making purposes but not sunk costs.
d. Opportunity cost: the benefit foregone by not pursuing an alternative course of action. Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.
e. Joint products: products made from common raw materials and shared production processes.
f. Out-of-pocket cost: a cost yet to be incurred that will require future payment and may vary among alternative courses of action.
g. Split-off point: the point at which manufacturing costs are split equally between ending inventory and cost of goods sold. Thus, it give rise to joint products that emerge from the same raw materials and a shared manufacturing process.
The equilibrium between possible threats and prospective compensation is known as risk/return trade-off.
Answer:
The correct answer is option C.
Explanation:
The production possibility curve shows the maximum possible bundle of two goods that can be produced using all the available resources and state of technology.
Since the resources are scarce, when we produce more of one good, we need to sacrifice more and more of the other good.
If all the resources in the economy are fully employed then it is not possible to increase the production of one good without decreasing the production of the other.
The economy can thus produce either on the production possibility curve or below it but not above it.
answer:
Independent Variable: Group that completed the stress management training vs. Group that had no training)
Dependent Variable: Number of sick days
Explanation:
The dependent variables also called Predicated variable is a type of variable that depends on the independent variable which happens as a result of the circumstances surrounding the independent during an experimental investigations. it also predicts the outcome resulting from altering the controlled variable. for example in the question, the dependent variable is Number of sick days
The independent variable is the variable the which can be changed or controlled during an experimental investigation which dependent variable relies on directly. for example from the question, the independent variable is the Group- (Group that completed the stress management training vs. Group that had no training)
