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- define the terms of trade?what is principle of comparetive advantageKindly think of ten (10) Real Life situations where the Law of Supply and Demand has been / is being APPLIED. in your own please! do not copy the other solutuions here.Only typed answer and don't use chat gpt Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 5, the price must be A. $3. B. $6. C. $9. D. $12.
- Suppose the price of a football is $20 and the price of a basketball is $10. The ___ of a football is ___. A. Relative price; 2 basketball per football B. Relative price; 1/2 basketball per football C. Opportunity cost 10 D. Opportunity cost 20.Discuss cost-plus pricing model in a market economyOften, firms offer a larger quantity (milk, paint, toilet paper, a cup of Coke, second dress, second pizza…) at a lower price. For example, a 12 oz cup of Coke is $1, and a 32 oz cup is $1.70. What explains this marketing strategy? With the help of graphs (economic models) demonstrate.
- Choose an example of two related products. Change the price of one product and explain in detail what happens to the market for both products (Prices, Quantity, and Equilibrium). The answer should not be more than one paragraph long As usual, no emails please.True or false? Basic economic concepts can be used to understand the pricing of products.whith practical examples distinguish between sacale of preference and opportunity cost
- Explain the concept of market equilibrium with an appropriate diagramThe table below contains information of three techniques for producing $ 15 worth of bar soap. Assume that we said " $ 15 worth of bar soap" because soap costs $ 3 per bar and all three techniques produce 5 bars of soap ( $ 15=$ 3 per bar multiply on 5 bars). So you know each techniques produces 5 bars of soap. a) What technique will you want to use if the price of a bar of soap falls to $ 2. 75? What if the price of bar of soap rises to $ 4? What if the price of bar of soap rises to $ 5? b). How many bars of soap will you want to produce if the price of a bar of soap falls to $ 2. 00 ? ( a) Five: it is profitable to produce bars of soap at this selling price; b) Zero: It is not profitable to produce bars of soap at this selling price ). c) Suppose that the bar of soap is again $ 3 per bar but that the prices of all four resources are now $ 1 per unit. Which is now the least- profitable technique? d). if the resource prices returns to their original levels (the ones shown in…u work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splishy splashies, flopsicles, and mookies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of splishy splashies increases by 4%, the quantity of flopsicles sold increases by 1% and the quantity of mookies sold decreases by 5%. Your job is to use the cross-price elasticity between splishy splashies and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the…