Joe will likely attribute his failure to luck because he has
reasoned out that the reason why he failed the math test was because of
external locus of control in which is considered to be unstable in nature,
making his attribute fall in luck.
Answer:
jhcv njkdqevjkqefvhuiqevhihuerfihuer thank i guess and we have the same name
Explanation:
Answer:
Consumer surplus increases by $2
Explanation:
The consumer surplus can be defined as the benefit that consumers gain when they pay less for a good that they are willing to pay more for.
a). Determine the final demand as follows;
Price elasticity of demand=% change in price/% change in demand
where;
price elasticity of demand=-1
% change in price={(Final price-initial price)/initial price}×100
Final price=$24
initial price=$25
% change in price=(24-25)/25=(1/25)×100=-4%
% change in demand=x
replacing in the original expression;
-1=-4/x
x=4%
% change in quantity={final quantity-initial quantity/initial quantity}×100
let final quantity=y
4%={(y-100)/100}×100
0.04=(y-100)/100
4=y-100
y=4+100=104
final quantity=104 units
Consumer surplus=(1/2)×change in price×change in quantity
where;
change in price=25-24=1
change in quantity=104-100=4
Consumer surplus=(1/2)×1×4=2
Consumer surplus increases by $2
Answer:
There are 52 dollars increase on marginal cost when production rises
There are 58000 dollars increase on total cost when production rises
Explanation:
Please find attached word file with the calculations.
