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Oksi-84 [34.3K]
3 years ago
12

Alabama this winter was socked in with snow which closed highways, stores and schools for weeks. Because of the road closures, s

oup was in greater demand but short on supply. The government put a temporary price ceiling on the cost of soup at $1. If the equilibrium for soup was at $5, what do you think happened?
Business
1 answer:
wlad13 [49]3 years ago
8 0

Answer:

people start black market for selling soup and delivering soup

Explanation:

we know here in winter due to snow highway is close so no transportation and if store will close than demand will be increase and supply will reduce

and if government reduce instant price up to 5 time for a short period than

i think people will try to stock it because there was a great demand and supply is very less than people start black market for selling soup and delivering soup

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Suppose the price for an Lyft ride in Austin, TX decreases from $15 to $12 causing the quantity of rides demanded to increase fr
Inessa [10]

Answer:

Midpoint value of price elasticity of demand = -2.07

Explanation:

We know,

Midpoint value of price elasticity = \frac{(Q_{2} - Q_{1})/[(Q_{2} + Q_{1})/2] }{(P_{2} - P_{1})/[(P_{2} + P_{1})/2] }

Given,

Original Price, P_{1} = $15

New Price, P_{2} = $12

Original Quantity demanded, Q_{1} = 1,000 units

New Quantity demanded, Q_{2} = 1,600 units

Putting the value in the above midpoint formula, we can get

Midpoint value of price elasticity = \frac{(1,600 - 1,000)/[(1,600 + 1,000)/2]}{(12-15)/[(12+15)/2]}

Midpoint value of price elasticity = \frac{600/1,300}{-3/13.5}

Midpoint value of price elasticity = \frac{0.46}{-0.22}

Midpoint value of price elasticity of demand = -2.07

8 0
3 years ago
The market system is also known as ________, while the command system is also known as ________.
Afina-wow [57]

The market system is also known as capitalism, while the command system is also known as communism. The market system is owned by private ownership, businessman and companies, hence it has capitalism concept. The command system is owned by a community or public.

Hence it can be said that

The market system is also known as <u>capitalism</u>, while the command system is also known as <u>communism</u>.




3 0
3 years ago
What is probability/impact matrix
yanalaym [24]

Explanation:

probability and impact metrix is a tool for the project team iad in prioritizing risks.

4 0
2 years ago
Read 2 more answers
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 in assets in exchange for i
hoa [83]

Answer:

$3,260

Explanation:

Preparation of December statement of cash flows for Ernst Consulting

ERNST CONSULTING Income Statement

For Month Ended October 31

REVENUES

Consulting fees earned $17,450

Total revenues $17,450

EXPENSES

Rent expense $4,530

Salaries expense $8,090

Telephone expense $880

Miscellaneous expenses $690

Total expenses $14,190

Net income $3,260

($17,450-$14,190)

Therefore December statement of cash flows for Ernst Consulting will be $3,260

5 0
2 years ago
Question Workspace Productivity a. is nearly the same across countries, and so provides no help explaining differences in the st
laiz [17]

Answer:

The correct answer is letter "D": explains most of the differences in the standard of living across countries.

Explanation:

Productivity is an economic term that describes the relationship between output and inputs needed to produce those outputs. It measures effectiveness. The total production of a country given a period is calculated in its Gross Domestic Product (GDP).

When the GDP is divided by the total population of a country it is called GDP per capita which reflects the average expenditure of individuals. This metric allows having an idea of what the lifestyles of those people are. Usually, <em>smaller wealthy countries such as Switzerland have higher GDP per capita showing a better quality of life.</em>

6 0
3 years ago
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