Answer:
Nakawé, LLC produces and sells greeting cards in a competitive market. The total cost of producing 1000
greeting cards is $4000. The price of a greeting card is $4.
What is this firm's economic profit (or loss)?
Explanation:
or loss
A computer worker i guess
hope that helps
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Strategic partnerships are seen as one of the foundations of supply chain management.
Answer:
$2,000
Explanation:
Calculation to determine the consumer surplus
Consumer surplus=$30,000-$28,000
Consumer surplus=$2,000
Therefore consumer surplus is $2,000
Answer:
-3.28
Explanation:
Given that,
Initial quantity, Q1 = 2
Final quantity, Q2 = 0
Change in quantity = Q2 - Q1
= 0 - 2
= -2
Initial income, M1 = $8
Final income, M2 = $15
Change in Income = M2 - M1
= $15 - $8
= $7
Average quantity:
= (2 + 0) ÷ 2
= 1
Average income:
= (15 + 8) ÷ 2
= 11.5
Therefore,
Percentage change in quantity demanded:
= (Change in quantity demanded ÷ Average quantity) × 100
= (-2 ÷ 1) × 100
= -200%
Percentage change in income:
= (Change in income ÷ Average income) × 100
= (7 ÷ 11.5) × 100
= 60.87%
Income elasticity of demand:
= Percentage change in quantity demanded ÷ Percentage change in income
= -200 ÷ 60.87
= -3.28
