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borishaifa [10]
3 years ago
10

4. Suppose the supply of apples sharply increases because of perfect weather conditions throughout the growing season. Assuming

no change in demand, explain the effect on the equilibrium price and quantity of apples. Explain why the quantity demanded increases even though demand does not change.
Business
1 answer:
koban [17]3 years ago
7 0

Answer:

Apples supply increase imply new equilibrium at lower price, higher quantity. Demand downwards expansion on the curve itself is due to lower price.

Explanation:

Market is at equilibrium where Market Demand = Market Supply, & downward sloping  demand curve intersects upward sloping demand curve.

If supply of apples increase & supply curve shifts rightwards, there is Excess Supply at previous equilibrium. Excess Supply creates competition among sellers, reduces new market price.

At lower price, demand expands & supply contratcs. New Equilibrium quantity is higher where new (rightwards shifted) supply curve intersects demand curve.

Quantity demanded increases (expands - downwards movement on demand curve) due to lower price, despite of no change in demand.

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The idea that the mission of business is to produce goods and services at a profit, thus maximizing its contribution to society
lara31 [8.8K]

Answer:

Milton Friedman.

Explanation:

Milton Friedman is an American economist born on the 31st of July, 1912 in New York, United States of America. Milton is a Nobel laureate for his notable work on monetary history and theory, consumption analysis and the complexity of stabilization policy.

The idea that the mission of business is to produce goods and services at a profit, thus maximizing its contribution to society is associated with Milton Friedman.

This ultimately implies that, most business firms have a mission of producing goods and services that meets the need or requirements of the consumer, as well as generating profit to the business firm.

3 0
3 years ago
Suppose that a country's annual growth rates over a 10-year period are as follows: year growth rate 1 5% 2 3 3 4 4 – 1 5 – 2 6 2
tino4ka555 [31]
A.) The country's trend rate of growth over this period was 4.2% = (2+3+3+4+4% 1+5<span>% </span><span>2+6 +2+7+3+8+4+9+6+10+3/18)
   
b.)6-9 due to positive and increase.</span>
3 0
3 years ago
Workers at a bicycle assembly plant currently earn the mandatory minimum wage. If the federal government increases the minimum w
sveta [45]

Answer:

(C) Supply of bicycles will shift to the left.

Explanation:

A change in supply results to a shift in the supply curve. A decrease in the change in supply, which is caused by an increase in price will shift the supply curve left.

5 0
3 years ago
New correctional treatment specialists might be required to work under a trial period, called a(n)
Jet001 [13]
The trial period is called the probationary period. Typically last 90 days & the employee as well as the employer can end the work relationship without reason or cause. Sometimes the job fit is not right but at least this gives both parties to see how the situation works.
7 0
3 years ago
2 2 user: the cost to mail a package is $7 for the first 2 pounds and 30 cents for each additional ounce. which of the following
NARA [144]

f(x) = 7 + 0.3x

tell me if I am wrong

7 0
3 years ago
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