Answer:
The answer is A.
Explanation:
If a a product is price elastic that means it is sensitive to price. If there is an increase in price, the quantity demanded of that product will drop and if there is a decrease in price, the quantity demanded of that product will rise. Price elasticity has a value greater than one.
Because the price rose from $200 to $250, quantity demanded fell from 8000 units to 6,000 units.
If it were to be inelastic, the quantity demanded will not change or will change with very little percentage.
Answer:
B. $500,000
Explanation:
In this question, we have to apply the GDP formula which is given below:
GDP = Cost of total produced cars - imports
where,
Cost of total produced cars would be
= Number of cars produced × price per car
= 30 cars × $20,000
= $600,000
And, the imports would be $100,000
So, the GDP would be
= $600,000 - $100,000
= $500,000
Answer:
a. What is the MRP? What is the MRC? Should the firm add this delivery vehicle?
marginal revenue product = marginal product of labor x marginal revenue per output unit
MRP = 1,500 packages x $0.10 per package = $150
marginal resource cost (MRC) = $100 (the cost of renting the delivery truck)
The company should add the delivery truck because MRP is higher than MRC.
b. Now suppose that the cost of renting a vehicle doubles to $200 per day. What are the MRP and MRC in this situation?
MRP = $150 (doesn't change from question a)
MRC = $200 (the cost of renting the delivery truck)
The company should not add the delivery truck because MRP is less than MRC.
c. Next suppose that the cost of renting a vehicle falls back down to $100 per day, but, due to extremely congested freeways, an additional vehicle would only be able to deliver 750 packages per day. What are the MRP and MRC in this situation? Would adding a vehicle under these circumstances increase the firm's profits?
MRP = 750 packages x $0.10 per package = $75
MRC = $100
The company should not add the delivery truck because MRP is less than MRC.
Answer:
positive externality
Explanation:
positive externality is defined as benefitting a third party, so education helps the student and then others which would be a 3rd party
If a new product concept gets positive evaluations from its potential customers, the next step would be the actual product development.
The product development stage is that phase where the manufacturers of the product begin to create the actual project.
This is the stage where they actually begin to design and manufacture the product. Before they go into a full scale production, a prototype of the product would first be made.
After it has been successfully tested, them the product would be sent in to the market.
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