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ivann1987 [24]
3 years ago
10

If a 7% increase in the price of cheese causes a 7% reduction in the total revenue received by cheese farmers, the demand for ch

eese is:A.Inelastic.B.Elastic.C.Unit elastic.D.Infinite
Business
1 answer:
Vanyuwa [196]3 years ago
5 0

Answer:

C.Unit elastic

Explanation:

Unit elastic demand is the term that describes a scenario where a change in price causes a proportionate change in demand. It is one of the types of elastic demand. A good or service is said to have elastic demand if a small change in price causes a considerable change in the quantity demanded.

In the unit elastic demand, if a product price changes by a certain percentage, the demand will change by an equal percentage. In this scenario, a 7 percent price increase results in a 7 percent decrease in demand.

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I think d is the answer

Explanation:

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True or false In a pure market economy, the government controls most actions.
Sonbull [250]
False i hope its right
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At the start of football season, the ticket office gets very busy the day before the first game. Customers arrive at the rate of
ipn [44]

Answer:

(a) 3.2

(b) 10 minutes

(c) 0.8

Explanation:

Mean number of customer in service:

= Arrival rate ÷ service rate

= 24 in 60 min ÷ 30 in 60 min

= 24 ÷ 30

= 0.8

a) Average number of people in line:

= (Mean number of customer in service × arrival rate) ÷ (Service rate - arrival rate)

= 0.8 × (24 ÷ 6 )

= 3.2

b) Average time spend at the ticket office is = 10 minutes

c) Proportion of time server is busy:

= Arrival rate ÷  service rate

= (24 in 60 min ÷  30 in 60 min)

= 24 ÷ 30

= 0.8

7 0
3 years ago
If the natural rate of unemployment is 5%, and the actual rate of unemployment is 4%: a the short-run Phillips curve will shift
fiasKO [112]

Answer: d. inflation will increase.

Explanation:

The Natural rate of unemployment is the long term rate of unemployment which means that it is the rate associated with the Potential GDP.

If the Actual unemployment is less than this natural rate, it means that the Economy is performing better than the potential GDP. When this is happening, it means that the economy is overheating.

One of the symptoms of an overheated economy is increased inflation as more people can afford to buy goods and services. Inflation is therefore more probably rising in this economy.

3 0
2 years ago
As the president of Chip City a chain of home electronic stores, you are struggling with ways to attract customers to your store
alexdok [17]

Answer:

Loss-leader pricing

Explanation:

Loss leader pricing can be defined as a marketing strategy that entails selecting some retail products that is going to be sold below cost. This means that the retailer will not make any profit from the products being sold because the goods are being sold below the actual price.

This is done in order to get customers in the door. It is a method of enticing buyers to purchase your products.

This stategy attracts news customers because goods are being sold at significant discount to market price.

3 0
3 years ago
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