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Mariana [72]
3 years ago
5

The allocatively efficient quantity of product Z for the whole market is 2 million units. At that quantity, the demand for Z is

at $5 and the average total cost for its single supplier is $7. The average total cost does not fall to $5 until 3.5 million units. Based on this data, the market for product Z is
Business
1 answer:
makkiz [27]3 years ago
3 0

Question Completion:

ANSWER CHOICES

A.  operating with decreasing returns to scale

B.  a natural monopoly

C.  a legal monopoly

D.  monopolistically competitive

E.  productively efficient

Answer:

Based on this data, the market for product Z is:

A. operating with decreasing returns to scale.

Explanation:

For the Average Revenue (Price) to equal the Average Total Cost (ATC) and enable the firms operating in the market to break-even, the firms must increase their production units from 2 million to 3.5 million units.  The conclusion that the market for product Z is operating with decreasing returns to scale for a single supplier is because it will take a 75% increase in production for the average total cost to fall from $7 to $5 for the single producer.  In other words, the percentage increase in production does not result in a proportionate decrease in average total cost.

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3 years ago
Assume Ireland and Mali can both produce grain and dates, and that the only limited resource is the farming labor force, meaning
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Answer:

a. Which country has the absolute advantage in producing dates?

Mali

b. Which country has the absolute advantage in producing grain?

None

c. Which country has the competitive advantage in producing dates?

Mali

d. Which country has the comparative advantage in producing grain?

Ireland

Explanation:

Opportunity cost of producing dates:

Ireland = 10 / 5 = 2 tons of grains

Mali = 10 / 25 = 0.4 tons of grains

Opportunity cost of producing grains:

Ireland = 5 / 10 = 0.5 tons of dates

Mali = 25 / 10 = 2.5 tons of dates

7 0
2 years ago
Christy spent $500 over her budget on gifts during the holidays. in addition to her regular job, she took a part-time job at the
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The essential problem that money solves in an economy is: a. a lack of a double coincidence of wants in an economy based on bart
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Explanation:

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A company started the year with $10,000 of inventory. Purchases for resale during the year were $20,000. Inventory on December 3
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The inventory indicates that the cost of goods sold will be $25000.

<h3>How to calculate the cost of goods sold</h3>

It should be noted that the cost of goods sold ic calculated through the formula:

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= $10000 + $20000 - $5000

= $25000

Therefore, the cost of goods sold is $25000.

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