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3 years ago

Show the change in the market for gasoline that is consistent with the following statement:

Business

1 answer:

MArishka [77]3 years ago

8 0

Answer:

Supply reduces and supply curve shifts left.
Price increases

Explanation:

The Middle East supplies a significant amount of the world's oil which means that conflict there could disrupt the movement of oil in the world.

In this scenario there is a conflict. This conflict would cause the supply of oil to reduce which means that the Supply curve will be forced to shift left to show that it has dropped.

This new supply curve will then intercept with the demand curve at a higher equilibrium price thereby leading to a price increase.

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Give any two merits and demerits of the partnership firm

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Answer:

Explanation:

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3 years ago

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Inc. reported the following information about the production and sale of its only product during the first month of operations:

Effectus [21]

Answer:

Cost of Goods Sold = $ 400,000

Explanation:

Units Sold = $360,000/ $225= 1600

Sales $360,000

Direct materials $176,000

Direct labor $100,000

Variable factory overhead $44,000

Fixed factory overhead $80,000

Total Manufacturing Costs $ 400,000

Variable selling and administrative expenses $20,000

Fixed selling and administrative expenses $10,000

Cost of Goods Sold = $ 400,000

As ending Inventory Finished Goods is 400 units it is not included in the Cost of Goods Sold.

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4 years ago

The shape of your utility function implies that you are arisk-averse individual, and, therefore, youwould accept the wager becau

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Solution and Explanation:

As the utility function is concave in shape, so person is risk averse. Thus, he will not accept the gamvle.

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MCQ:

Answer is option a&d - risk averse people fear a lot for losing money, thus they overestimate the probability of loss

Since, shape of utility function is concave, hence the double derivative of utility with respect to wealth is negative, so utility falls at an decreasing rate , as wealth increases

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3 years ago

Kubin company’s relevant range of production is 20,000 to 23,000 units. when it produces and sells 21,500 units, its average cos

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4 years ago

Q 1 (Cranberries) International Cranberry Uncooperative (ICU) is a competitor to the National Cranberry Cooperative (NCC). At IC

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Answer: 100 barrels per hour.

Explanation:

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3 years ago