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seropon [69]
3 years ago
8

7. Problems and Applications Q7 A dozen eggs cost $0.96 in December 2000 and $2.75 in December 2015. The average wage for worker

s in private industries was $14.28 per hour in December 2000 and $21.26 in December 2015. By what percentage did the price of a dozen eggs rise
Business
1 answer:
fredd [130]3 years ago
4 0

Answer: 187%

Explanation:

The percentage increase in the price of dozen egg would be:

= ( 2.75-0.96) × 100/ 0.96

= 1.79 × 100 / 0.96

= 186.45%

The percent increase in the price of dozen egg = 187%

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The ultimate market constraint (limit) on the amount of pricing power that can be exercised by a monopoly firm is the _______
guapka [62]

Answer:

Number of units it can sell and the number of customers it can serve

Explanation:

The ultimate market constraint (limit) on the amount of pricing power that can be exercised by a monopoly firm is the <u>number of units it can sell and the number of customers it can serve.</u>

<u>Generally</u>.

The price-setting ability of a monopolist faces two kinds of constraints:

1. Number of Units: The monopolist's price setting ability is limited by capacity as cannot sell more than a given quantity of its products

2. Number of Customers: The monopolist is additionally unable to serve more than a given number of consumers.

These 2 factors constrains the pricing power of the monopolist

8 0
3 years ago
Assume that the short-run cost and demand data given in the tables below confront a monopolistic competitor selling a given prod
sesenic [268]

Answer:

<u>$35</u>

<u>Explanation</u>:

Note the formula:

Total revenue (TR)= Price (P) x Q and Marginal revenue (MR) = Change in TR / Change in Q

<u>Total Revenue for 2 units of output sold</u>

= 2 x $50 = $100

<u>Total Revenue for 3 units of output sold</u>

= 3 x $45 = $135

<u>The Marginal Revenue=</u>

Change in TR (135-100) / Change in quantity (3-2)

= $35/1

= <u>$35</u>

Therefore, the Marginal Revenue If the firm sells 3 units of output, will be $35.

7 0
3 years ago
A faxed acceptance of a contract becomes effective instantaneously when the transmission lines are open and both sending and rec
mariarad [96]

Answer:

TRUE

Explanation:

acceptance of a contract becomes effective, regardless of the medium of sending and receiving the information.

8 0
3 years ago
Which of the following is true of cellphone communication?​ ​It is free from policies and legal restrictions. ​It is cost-effect
Yuki888 [10]

Answer: Statement B and D

Explanation:

Option A : cellphone communication companies and the respective authorities of the countries in which they operate have their own legal restrictions and policies regarding cellphone communication.

Option C : Mobile tapping and on call recording crimes are common these days so cellphones cannot be considered completely confidential and not prone to misuse .

8 0
3 years ago
Lauren makes $150 a day as a bank clerk. she takes two days off work without pay to fly to another city to attend the concert of
Juli2301 [7.4K]
The two days Lauren doesn't receive pay would be $150 × 2 = $300
Add on the cost of transportation & lodging: $300 + $250 = $550
Finally, add the cost of the concert ticket: $550 + $50 = $600

The opportunity cost of Lauren's decision to attend the concert is $600.
8 0
3 years ago
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