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- How would you expect seasonal fluctuations in demand to affect a rental company’s decisions about pricing rented products such as wedding dresses or convertible cars?An engineering student argues with the professor regarding the average income of a monopoly. The teacher explains that the average income is equal to the price, while the student replies that the average income is equal to the inverse demand function. Who is right? The engineering student The teacher The two (the engineering student and the professor) NeitherAt a price of $26.75, producers will provide 8 items, while at a price of $32.25, they will provide 30 items. Consumers will purchase 85 of these items if the price is $90.5, but will purchase 133 items if the price decreases to $80.25. Find the market equilibrium point. (Enter your answers as a comma-separated list.)
- Please do not give solution in image formate thanku. The local supermarket buys lettuce each day to ensure really fresh produce. Each morning any lettuce that is left from the previous day is sold to a dealer that resells it to farmers who use it to feed their animals. This week the supermarket can buy fresh lettuce for $4.00 a box. The lettuce is sold for $10.00 a box and the dealer that sells old lettuce is willing to pay $1.50 a box. Past history says that tomorrow's demand for lettuce averages 250 boxes with a standard deviation of 24 boxes. How many boxes of lettuce should the supermarket purchase tomorrow? (Use Excel's NORMSINV() function to find the correct critical value for the given α-level. Do not round intermediate calculations. Round your answer to the nearest whole number.)Elastic Goods are sensitive to price change because of its natural element present.A. Sometimes falseB. FalseC. True D. Sometimes trueIf the price elasticity of demand for a good is -0.3, then a 20 percent decrease in price results in a a. 0.015 percent increase in the quantity demanded. b. 0.5 percent increase in the quantity demanded. c. 6 percent increase in the quantity demanded. d. 9 percent increase in the quantity demanded.
- The parameter which implies that purchasing should be future-oriented, is: Select one: Right Source Right Future Right Attitude Right ContractsWhich one of the following scenarios best describes "demand"? a. Khalid has money but does not like the product. b. Yaqdhan likes the design but not the price of a product. c. Muadh sells cheap products. d. Ashraf wants the product and has ability to pay for it.DivDisk continues to manufacture DVDs even though most of the world watches movies on OTT services or the internet. It is a small market that has little growth, and DivDisk has a relatively small market share. DivDisk’s DVDs are an example of a ____
- Functional products differ from innovative products in the following ways (pick all that apply). a) the demand of functional products is more challenging to predict b) Functional products usually have a longer production leadtime c) Functional products have a longer lifecycle. d) Functional products typically have a larger contribution marginWhat is the market equilibrium price and quantity ? Typed and correct answer please.If a good is characterized by easy exclusion, but many people or entities may concurrently use it without reducing the amount available for others, the good is known as an example of which of the following terms?