Explanation:
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Christopher Columbus discovered the Jew World, but did not know that it was an unknown world. Because of his voyages, Spain was ablemto settle in present-day Florida and Mexico. Spain also settled down in most of Latin America. Also, Spain settled in half of South America. Although, now al of the places they settled in have revolted and gained independence from Spain, or were sold to other countries and later got their independence.
Answer: Supply of cocoa will fall; Demand rises; Price increases.
Explanation:
A drought is when there is little or no rainfall in a particular area. When countries that are producing cocoa experience a drought, this will lead to a reduction in the supply of cocoa as there will be lesser cocoa available for farmers to supply.
Then, due to the new study which is released demonstrating the health benefits of cocoa, this will lead to an increase in the demand for cocoa. The demand will rise and since there's increase in demand and reduction in supply, the price will rise.
Answer:
(a)
TC(q) [before expansion] = Fixed Cost + Variable Cost
= 750,000 + 1.25q
TC(q) [after expansion] = (750,000 + 350,000) + 0.75q
= 1,100,000 + 0.75q
(b) (i) q = 600,000
TC(q) [before expansion] = 750,000 + (1.25 × 600,000)
= 750,000 + 750,000
= 1,500,000
TC(q) [after expansion] = 1,100,000 + (0.75 × 600,000)
= 1,100,000 + 450,000
= 1,550,000
Since expansion will increase total cost, profit will fall ceteris paribus. So firm should not expand.
(ii) q = 800,000
TC(q) [before expansion] = 750,000 + 1.25 × 800,000
= 750,000 + 1,000,000
= 1,750,000
TC(q) [after expansion] = 1,100,000 + (0.75 × 800,000)
= 1,100,000 + 600,000
= 1,700,000
Since expansion will decrease total cost, profit will rise ceteris paribus. So firm should expand.
