Answer:
a. quantity demanded responds to a change in price.
Explanation:
The price elasticity of demand measures the sensitivity of the quantity demanded to changes in the price. Demand is inelastic if it does not respond much to price changes, and elastic if demand changes a lot when the price changes.
Answer:
The demand for labour would decrease because it will be costly for the business keeping the workers.
Explanation:
If the quantity demanded for the product does not change while workers productivity increase this will make the quantity demanded for labour decrease because its costly to keep workers if the consumers demand does not change this means that the business is not making any profit.
Answer:
Hence,
1. $2.5
2. 3 pounds
3. $7.5
Explanation:
1. The computation of standard direct material price per gallon is shown below:
=Price-net purchase price + freight-in + receiving and handling
= $2.20 + $0.20 +$0.10
= $2.5
Thus, the standard direct material price per gallon is $2.5
2. The computation of standard direct material quantity per gallon is shown below:
= Quantity required material + Allowance for waste and spoilage
= 2.6 +0.4
= 3 pounds
3. The computation of total standard material cost per gallon is computed below:
= Standard direct materials price per gallon × Standard direct materials quantity per gallon
= $2.5 × 3
= $7.50
Hence,
1. $2.5
2. 3 pounds
3. $7.5
Answer: How does a supply shock affect equilibrium price and quantity?
A. Raises prices and decreases quantity demanded
Explanation: The prices raise as there is a decrease in quantity demanded to make up for the loss of sales. This typically happens when the product or service is not meeting the consumers needs anymore, so the goods or services are not being sold and consumed.
Answer:
The correct answer is "efficient"
Explanation:
Efficiency is the use of economic, human and physical resources, to maximize or achieves the goal of a company. Keep in mind that "an efficient manager might be doing the right job but not the job right"
In other words the term refers to "doing things right"