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Dafna11 [192]
3 years ago
11

16) When supply is fixed or the product is unique, then price is A) supply determined. B) demand determined. C) government deter

mined. D) indeterminate.
Business
1 answer:
Rudiy273 years ago
3 0

Answer: B) demand determined.

Explanation:

If the supply of a good is fixed or the product is of a unique kind, the price of the good will be determined by the amount of demand for it.

Normally supply can change based on the quantity demanded which will impact prices but if the supply is definite, this means that the supply curve is inelastic and the only curve that can affect price therefore is the demand curve.

If more people demand the good, it will increase in price and if less people demand it, it will fall in price.

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When the local grocery store puts cereal on sale, reducing its price from $4.40 per item to $3.40 per item, the quantity sold in
Butoxors [25]

Answer:

1. Price elasticity of demand

2 & 3. 4.55%

4 & 5. 22.73%

6. 0.2

8. 15.79%

9. 0.56  

Explanation:

Given that,

Initial quantity demanded = 220

New quantity demanded = 230

Initial price = $4.40

New price = $3.40

1. This illustrates the price elasticity of demand.  Price elasticity of demand is defined as the responsiveness of quantity demanded to any change in the price of the commodity.

2 & 3. Percentage change in quantity demanded:

= [(New quantity demanded - Initial quantity demanded) ÷ Initial quantity demanded] × 100

= [(230 - 220) ÷ 220] × 100

= 0.04545 × 100

= 4.55%

4 & 5. Percentage change in price:

= [(New price - Initial price) ÷ Initial price] × 100

= [($3.40 - $4.40) ÷ $4.40] × 100

= 0.2273 × 100

= 22.73%

6. Price elasticity of demand for cereal:

= Percentage change in quantity demanded ÷ Percentage change in price

= 4.55 ÷ 22.73

= 0.2

7. The price elasticity of demand is comes out to be 0.2 which is less than 1, indicates that quantity demanded is less responsive to changes in the price level.

8 & 9. Given that,

Initial quantity demanded = 210

New quantity demanded = 230

Initial price = $4.10

New price = $3.50

Using the mid point method,

Average price:

= (Initial price + New price ) ÷ 2

= ($4.10 + $3.50 ) ÷ 2

= $3.8

Percentage change in price:

= (New price - Initial price) ÷ Average price

= ($3.50 - $4.10) ÷ $3.8

= 0.1579 or 15.79%

Average quantity demanded:

= (Initial quantity demanded + New quantity demanded ) ÷ 2

= (210 + 230) ÷ 2

= 220

Percentage change in quantity demanded:

= (New quantity demanded - Initial quantity demanded) ÷ Average quantity demanded

= (230 - 210) ÷ 220

= 0.0909 or 9.09%

Price elasticity of demand:

= Percentage change in quantity demanded ÷ Percentage change in price

= 9.09 ÷ 15.79

= 0.56

7 0
3 years ago
Which of the following is true of packaging and labeling?a) An advantage of packaging is the low cost required for the process.b
julsineya [31]

Answer: Option B

Explanation: Packaging is the process of protecting the product so that its distribution and sales could be done easily and effectively. Apart from protection, the packaging of a product enhances its value and give it distinct feature over other product.

Labeling refers to the process of describing something using a word, phrase or sometimes even a picture.

Both packaging and labeling gives an identity to the product. It gives the idea to the customer of the company making such product, this further results in brand loyalty from the customers, thus, a stronger customer base.

From the above we can conclude that the correct option is B.

 

4 0
3 years ago
In february, when paula, the manager of a landscaping company, is modifying worker schedules to handle the expected increase in
Darya [45]
I think she is involved with: Managing

Any form of action that is being done to control a group of employees to achieve organizational goals could be considered as Managerial Actions.
When modifying worker's schedule, Paula basically created an effort to make sure the company achieves the required deadline.
4 0
3 years ago
our individuals form a business and create a contract to divide the profits equally among the four. Gary invests $11,000, Neil i
Sedbober [7]

Answer:

$800

Explanation:

The computation is shown below:

First we have to determine the total amount invested that is shown below:

= $11,000 + $4,000 + $5,000 + $8,000

= $28,000

And, the profit is $5,600

So, the percentage is

= $5,600 ÷ $28,000

= 0.2

Now the Gary share is

= $11,000 × 0.2

= $2,200

And, each share in profit

= $5,600 ÷ 4

= $1,400

Now the final amount is

= $2,200 - $1,400

= $800

6 0
3 years ago
Which action is least important to maintaining a healthy credit score?
Musya8 [376]
Paying all your bills on time

If you pay your bills on time consistently, your credit score will rise.

If you do not, your credit score will drop, and sooner or later they will not loan you anymore money


hope this helps
8 0
3 years ago
Read 2 more answers
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