Answer:
A decrease in both the market equilibrium price and the market equilibrium quantity of autos sold.
Explanation:
A fall in the demand for automobiles would shift the demand curve to the left.
As a result of the leftward shift, both equilibrium price and quantity would fall.
I hope my answer helps you
Answer:
$19.95
Explanation:
Breakeven is where when total Cost = Total Revenue,
Let Selling Price = X
Total Revenue = Total cost
X*800 = 10,600+6.70*800
800x = 15960
Hence, selling Price(X) = 15960/800 = $ 19.95
Answer:
Option (b) is correct.
Explanation:
(i) Law of supply states that if there is an increase in the price of the commodity then as a result the quantity supplied for that commodity also increases and if there is a decrease in the price of the commodity then as a result the quantity supplied for that commodity also decreases.
So, there is a relationship between price and quantity supplied not supply.
(ii) If there is an increase in the cost of production of eggs then as a result the producers of egg will reduce the production of eggs. Hence, this will lead to reduce the supply of eggs in the market.
Therefore, the second statement is correct.