In trying to make a profit maximizing decisio managers are concerned about both supply ar demand. Which of the following factors affe demand specifically? (select all that apply) Income cost of production Consumers' tastes Price of related goods
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- Question 1During the hot days, the Electricity Company generates more electricity by using more fuel and increasing the working hours of its employees. This production decision by the company is a ………. decision. long-run. intermediate run. market run. short-run. Question 2An indifference diagram has movies on the horizontal axis and sodas on the vertical axis. The marginal rate of substitution MRS measures the quantity of soda that the consumer has to give up to get one extra movie. True False Question 3As the output Q increases, the average fixed cost AFC …….., and the average variable cost AVC …….. falls continuously; has a U shape has a U shape; has a U shape falls continuously; falls continuously has a U shape; falls continuously Question 4The average total cost of production is equal to the total cost divided by the total number of output produced. True False Question 5If the average variable cost AVC is decreasing as output Q increases, then the marginal cost MC is definitely…explain the inportance of demand analysis to businessSuppose the price of A is $20 and the price of B is $10 and that good A is plotted on the horizontal axis. If the price of A doubles and the price of B triples, leaving theconsumer’s income unchanged, the budget line a) will become steeper. b) will become flatter. c) will shift in toward the origin. d) will shift out from the origin.
- You were promoted as the manager of a new Clean-Well Sanitary Store that sell cleaning andsanitation products wholesale. You recently read in an article that there the price of vitamins isexpected to increase by 20 percent. How will this affect your store’s sales of sanitationproducts?Input either "increase" or "decrease" where relevant: A decrease in the price of a complementary good will cause its complement’s equilibrium price to ...... and the equilibrium quantity to .....An increase in the cost of flour used to bake bread is most likely to
- Please no written by hand and no image As producers increase their output, generally the factors of production will become less productive and therefore more costly for each additional unit. This explains the law of diminishing marginal utility income effect substitution effect law of supply law of demandSolve all this question......you will not solve all questions then I will give you down?? upvote....... Convexity and optimization. Indicate which of the following graphs of various budget constraints (BC) have a nonconvex choice set by checking the box below the graph that satisfy this property. check all that applyNew Zealand possums produce the highest quality fur, due to the large pelts per body size. Demand for New Zealand possums’ products has risen dramatically. This is partly a result of the conservation benefits of harvesting New Zealand possums. This has made the product seem more environment friendly than other fur products and boosted sales to concerned consumers. Assume that the possums market satisfies all the attributes of a competitive market. Further assume that high grade possum furs are the most expensive input into the possum fur production function. 1. Use a graph of the market for possum fur to demonstrate the effect of its environmentally friendly status on the market equilibrium. 2. Graph the reaction of an individual incumbent firm to the increase in market demand. In your graph, identify the firm’s revenue and cost structures. 3. What would you predict would happen to long-run industry supply if the price of possum fur increased as possum culling increased their…
- New Zealand possums produce the highest quality fur, due to the large pelts per body size. Demand for New Zealand possums’ products has risen dramatically. This is partly a result of the conservation benefits of harvesting New Zealand possums. This has made the product seem more environment friendly than other fur products and boosted sales to concerned consumers. Assume that the possums market satisfies all the attributes of a competitive market. Further assume that high grade possum furs are the most expensive input into the possum fur production function. 1. Use a graph of the market for possum fur to demonstrate the effect of its environmentally friendly status on the market equilibrium. 2. Graph the reaction of an individual incumbent firm to the increase in market demand. In your graph, identify the firm’s revenue and cost structures. 3. What would you predict would happen to long-run industry supply if the price of possum fur increased as possum culling increased their…Product is A complementary product of product D. if the price of B increases, quantity demanded for product D a. Increases b. Decreases c. Remains constant d. Is negative Which of the following will lead to an increase in the demand of golf balls? a. A decrease in the price of golf balls b. An increase in the price of golf balls c. A decrease in the cost of of producing golf balls d. An increase in average household income when golf balls are a normal goodin 1941 the good citizens of flat rock, arizona purchased 1213 three speed reversible rectocycles at a price of $19.99 each. in 1992 they purchased 2042 at a price of $59.99 each. true or false: these data are inconsistent with the law of downward sloping demand