Answer:
Total surplus will be $0.50
Explanation:
We have given consumer maximum payable amount = $1.75
Producers minimum amount to receive = $1.25
Price paid = $1.68
We have to find the total surplus
Total surplus will be equal to
Total surplus = consumer surplus + producer surplus
Consumer surplus = consumer maximum amount willing to pay - amount paid = $1.75-$1.68 = $0.07
Producer surplus = price received - producer minimum willingness to pay = $1.68 - $1.25 = $0.43
So total surplus = $0.07+$0.43 = $0.50
Option E is correct.
<u>Explanation:</u>
Case strategy focuses on to produce only such amount of goods that is ordered by the customers. In the chase strategy of aggregate planning, demand and capacity are matched for every period, one by one. In the given problem, since the firm is using the chase strategy, it would first match demand and capacity for the next period.
Since the demand for the next period is 1100 units, and the firm produced 1000 units in the last period, it would require more workers to cater to the additional requirement of 100 units.
By hiring workers, the firm would be able to match the demand and supply for the next period.
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Answer:
Prices play an important role in the decision making of an individual. It gives us information about the relative scarcity of the good and helps us decide if we want to purchase the good or not. Two examples can be,
a). When you buy a good in a sale. Sales give you an opportunity to buy what you wanted to at a price that is lower than usual.
b). When the price of Coke increases, you start consuming more Pepsi as they both are substitute goods. So, you would want to buy the cheaper one and not purchase the relatively expensive one.
