Answer:
The correct answer is letter "D": more inelastic.
Explanation:
When its price changes, the supply, and demand for an inelastic good or service are not dramatically impacted. Whether the price of an inelastic product goes up or down, the buying habits of consumers remain roughly the same. <em>Prescription drugs, food, clothing, </em>and <em>gasoline</em> are common examples of inelastic goods.
Thus, <em>if the price of gasoline doubles tonight, that price would be considered more inelastic tomorrow compared to the current price until today than comparing the doubled price during the course of the upcoming two years</em>.
Answer:
$ 363,880
Explanation:
The seller must cover the mortgage, closing costs, and brokerage fee. Once these expenses are covered, the down payment is added. This adds the minimum amount for the house price.
Mortgage 290,000
Closing costs 1,400
Brokerage fee <u> 17,400</u> (6% * 290,000)
<h3>Total Expenses 308,800</h3>
Down payment <u> 55,000</u>
<h3><u>Minimun price</u> 363,880</h3>
Answer:
A: Refer the detail below
B: Refer the detail below
C: Refer the detail below
Explanation:
A. Definition of Supply
Supply is an economic term that refers to the quantity of a given product or service that suppliers are willing to offer to consumers at a given price level at a given period. Supply is positively related to price given that at higher prices there is an incentive to supply more as higher prices may generate increased revenue and profits
B. Non-price factors that will shift the supply curve
1. Producer input costs
2. producer expectation
3. The number of sellers.
C. Impact of Fountain Pens market
If the cost of production of fountain pens falls, producers can produce more goods by using the same amount of money. Therefore, the supply will increase and the supply curve will shift to the right.
Starting amount is $1,500, 12% interest that compounds monthly and it will grow over a period of 20 years. Using a calculator it comes out to a total of <span>$16,339.07</span>
<span>The extra $2 that she made beyond the $5 she was willing to sell her T-shirts for represents producer surplus. Producer surplus is defined as the difference between the amount of money the producer is willing to supply versus the amount actually supplied. Because she was willing to sell for $5 but sold for $7 and had an increase in money supplied, this example is one of producer surplus. </span>
