An extremely large number of vendors, each of whom makes a comparable or same product, make up a competitive market. The total of all these unique outputs, which each provider produces as a small portion of the market as a whole, represents the production of that industry. This includes dry cleaners, corner stores, barbershops, and florists.
A market that has just one supplier is considered a monopolist at the other extreme. Examples include the fact that the National Hockey League is the only provider of top-notch professional hockey matches in North America, Hydro Quebec is the province of Quebec's sole electricity supplier, and Via Rail is the only provider of passenger rail services between Windsor, Ontario, and the city of Quebec.
Equilibrium: What Is It?
When market supply and demand are in balance, prices become steady. This is known as equilibrium. In general, a surplus of goods or services leads to lower prices, which increases demand, whereas a shortfall or under supply raises prices, which decreases demand.
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Answer:1. $7720
2. $7945
3. $7758
Explanation: 1. First in First out method which means the first inventory to be purchased by company will be the first to be sold.
Total cost of Sales = Total number of units Sold * Total Cost of inventory sold
= 100units*$5+ 300units*$5.30+ 200units*$5.35 + 450units*$5.60
=$7720
Total units sold=1450 we started from first inventory which was the balance of inventory of 100 units downwards up to the 1450th unit sold that was purchased on the 26th of April by the company.
2. Last in first out method is where the last bought inventory is sold first.
Total cost of sales= Total number of units sold * Total cost of units sold =200units$*5.80+ 600units*$5.60+ 200units*$5.35+300units*$5.30+150units*$5.1
=$7945
Total units sold still 1450 but we calculated the cost from the last purchased unit from 30th April to the 1450th unit sold which was on the 12th of April.
3. Average Cost = (Sum of all costs/Total number of costs)* total units sold
= (($5+$5.1+$5.3+$5.35+$5.6+$5.8)/6)* 1450
=$7769.58
Answer:
Union power
Explanation:
Union members usually earn a higher salary than non-unionized employees carrying out the same tasks in similar companies due to union power. Basically unions exercise their power of representing workers through their ability to call on a strike. Also, unions negotiate wage increases on a yearly basis, while non-unionized workers must negotiate on their own.
Answer:
The income elasticity of demand for generic potato chips=-4.00
Explanation:
Elasticity of demand can be defined as a measure of how responsive the demand for a certain good is when the price of that good or service changes. The elasticity of demand is usually negative. A negative elasticity of demand implies that the demand of a good or service reduces with an increase in price. The elasticity of demand can be measured using different methods. The mid-point method will be used in this case. The mid-point method of calculating elasticity of demand is as shown;
E=%Q/%P
where;
E=elasticity of demand
%Q=percentage change in quantity demanded
%P=percentage change in the price
And;
%Q=[(Final quantity-Initial quantity)/{(Final quantity+Initial quantity)÷2}]×100
Final quantity=0
Initial quantity=2
replacing;
[(0-2)/{(0+2)÷2}]×100=(-2/1)×100=-200%
%P=[(Final price-Initial price)/{(Final price+initial price)÷2}]×100
%P=[(15-9)/{(15+9)÷2}]×100=(6/12)×100=50%
E=%Q/%P
replace for %Q and %P
E=-200%/50%
E=-4
The income elasticity of demand for generic potato chips=-4.00
Answer:
Speakers who make direct eye contact with the audience tend to appear as more trustworthy. Delivering speeches fluently by practicing beforehand can enhance a speaker's credibility.
Explanation:
