Answer and Explanation:
a. The equilibrium quantity for the given two tables is
As if the equilibrium price is $8 so the six consumers i.e bob, barly,bill,bart, brent, betty) are paying more than the equilibrium price and on the other hand six producers (carlos, courtney, chunk, cindy, craig, chad) are accepted the price as the equilibrium price is more than the accepted price
Hence, the equilibrium quantity is 6
b. Now if all the buyers are free to ride so the quantity supplied by private sellers is 0 as the minimum accepted price is more than the willingness price as producers is not able to produced
c. At imposing $2 per bag tax on sellers, the new equilibrium price is $9 as the price rise to $9
Answer: True
Explanation:
The statement that It is possible to insure a pet, a body part, and jewelry is true. It should be noted that a standard homeowners policy consist of the coverage for precious items which includes watches, jewelry etc.
Also, it is possible to insure ones pet. People usually insure their dogs and cats. Also, celebrities usually insure their body parts. For example, Rihanna once insure he legs and Mikey Cyrus insure her tongue as well.
I think that getting the faster one would be better even though it's $750 but for all they kmow there could be something else wrong with the other computer that will cost you over $750
Answer:
The correct answer here is option a.
Explanation:
The industry supply curve represents the quantity of goods that all the firms in the industry will supply at a different price levels.
The short run supply curve of a firm will be that part of the marginal cost curve or MC curve which lies above the minimum point of the average variable cost curve or the AVC curve.
These supply curves of all the firms in the industry will be summed up horizontally to find the short run industry supply curve.
So, option a will be the correct answer.
If the coefficient of demand for the SUV is 0.75 this means that it has a relatively inelastic demand (<1). This means that there is only a little change in demand when prices change. Elastic demand (>1) on the other hand has greater changes in demand when prices change; they have lots of substitutes.
So when the price of SUV rise by 15%, and it has a coefficient of 0.75, we can expect only 11.25% decrease in its demand. Still very small. This is because SUVs do not have many substitutes for it.
Formula: (x/15%)=0.75
Then simply solve for x -> x = (0.75)(0.15) = 11.25%
