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Blizzard [7]
3 years ago
10

All else being equal, does elastic or inelastic demand curve result in higher social surplus? How does elasticity of supply affe

ct social surplus?
Business
1 answer:
disa [49]3 years ago
7 0

Answer:

An elastic demand curve will result in higher social surplus. Social surplus equals consumer surplus plus supplier surplus, or simply total surplus. The highest possible social surplus is reached at the equilibrium point.

If a product's demand is completely inelastic, the supplier can increase the price at will, reducing consumer surplus to minimum levels. If a product's demand is completely elastic, then consumer surplus increases while supplier surplus is directly related to shifts in the demand. Higher demand increases supplier surplus.

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The organic burrito is now on sale and costs 70% of the original price. if the original price was $8.00, what is the sale price?
allsm [11]
The answer is 5.6dollars.

5 0
3 years ago
Read 2 more answers
Automobile firms can use their inputs to make hybrid cars or "regular" (non-hybrid) cars. If the equilibrium price of hybrid car
77julia77 [94]

Answer: a) an increase in the Equilibrium price of "regular" cars.

Explanation:

It is stated that the automobile companies use their inputs to make either the <em>hybrid cars</em> or the <em>regular cars</em>.

If the price of the <em>Hybrid cars</em> rises sharply, Automobile companies will make more <em>Hybrid cars</em> so as to take advantage of the situation and make more profit.

This would reduce the amount of inputs that they have available for <em>regular cars</em> and so they will make less <em>regular cars. </em>

As this supply of <em>regular cars</em> decreases,the supply curve will shift to the left and the price will increase to cater for this reduction in supply.  

7 0
3 years ago
Gourmet Aroma Coffee House has an exclusive contract with Columbia exporters. Two brands of gourmet coffee are imported, Morning
Marina86 [1]

Answer:

$24,160 favorable

Explanation:

The computation of the total contribution margin sales volume variance is given below:

The Budgeted contribution margin per pound of MT is

= $40 - $20

= $20 per pound

Now the budgeted contribution margin per pound of ET is

= $60 - $30

= $24  per pound

MT's contribution margin sales volume variance is

= (Actual sales quantity - Budgeted sales quantity) × Budgeted contribution margin per pound

= (3960 - 4000) × $20

= $800 Unfavorable

ET's contribution margin sales volume variance is

= (Actual sales quantity - Budgeted sales quantity) × Budgeted contribution margin per pound

= (5,040 - 4000) × $24

= $24,960 favorable

Now the total contribution margin sales volume is

= $800 unfavorable + $24,960 favorable

= $24,160 favorable

8 0
2 years ago
A(n) __________ contract is a contract in which one or both parties has the ability to either withdraw from or enforce the contr
Lera25 [3.4K]

Answer:

Voidable Contract

Explanation:

Voidable Contract

This is a type of contract or legal agreement in which any of the parties involved or the both parties may chose to render it unenforceable for a given number of reasons. This type us different from a void contract in that, it is a valid contract which may either be affirmed or rejected by both or either parties.

Some reasons that may lead to the withdrawal of the contract are misinterpretation, coercion and fraud etc.

It is a valid contract that can be declared invalid. It is different from VOID as earlier pointed out as a void contract cannot be enforced by either party. Examples of voidable contract are found in real estate contract, lawyer contract and so on.

8 0
3 years ago
Read 2 more answers
The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fu
ivanzaharov [21]

Answer:

Standard price= $6.1

Explanation:

Giving the following information:

The quantity of direct materials used 3,800 lbs. Actual unit price of direct materials $6 per lb. Units of finished product manufactured 1,820 units Standard direct materials per unit of finished product 2 lbs.

Direct materials quantity variance—unfavorable $976 Direct materials price variance—favorable $380.

Direct material price variance= (standard price - actual price)*actual quantity

380= (SP - 6)3,800

6.1= standard price

Direct material quantity variance= (standard quantity - actual quantity)*standard price

976= (1820*2 - 3,800)*SP

6.1= standard price

5 0
3 years ago
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