Answer:
The correct answer is D. One, what goods and services will be produced? Two, how will the goods and services be produced? Three, who will receive the goods and services produced?
Explanation:
There are two questions in particular that summarize the reason for the economy:
• How do elections determine what, how and for whom goods and services are produced?
• At what point are choices made in pursuit of personal interest promoting social interest?
What, how and for whom?
Goods and services are the objects that people value and produce to meet their needs.
What? It determines the goods and services that are produced as well as the amount that is produced from each good and service.
How? Goods and services are produced using what economists call production factors.
The factors of production are the resources that companies use to produce goods and services. These factors fall into four categories:
• Earth
• Job
• Capital
Answer: B. is more price elastic in the long run than in the short run because in the long run a substitute for crude oil may be found
Explanation:
The Demand for Crude oil is more elastic in the long run than in the short run because in the long run a substitute for crude oil may be found.
Crude oil is more elastic in the long run because consumers have enough time to find substitute products for crude oil. Price elasticity of demand in the short run is low because consumers donot have sufficient time to look for substitutes , they donot have much of a choice but to take whatever price is charged by producers of crude oil
Answer:
$2200
Explanation:
will be Lq25.The total cost function is thus given by the sum of the costs of capital, labor, and rawmaterials:TC(q) = rK +wL +2000q = (10,000)(5) + (5,000)(q25) + 2,000 qTC(q) = 50,000 +2200q.The average cost function is then given by:AC(q) TC ( q ) q 50,000 2200 q q . and the marginal cost function is given by: MC ( q ) TC q 2200.
Answer:
A plant asset will add to assets and subtract from liabilities.
Explanation:
The general ledger holds all of the information needed to prepare financial statements and includes assets, liabilities, equity, revenue and expenses.
I hope I understood the question and that this helps.
Answer:
The price elasticity of demand is -5
Explanation:
Elasticity of demand measure the responsiveness of demand against the change in price of the product. It shows how much demand changes if there is the change in price.
Using mid point method
Change in Demand = $20 - $25
Change in Demand = -$5
Change in price = $5 - $4
Change in price = $1
As we know
Elasticity of Demand = Change in demand / Change in price
Elasticity of Demand = -$5 / $1
Elasticity of Demand = -5
