Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
Answers
Answer:
Determinants of demand are price of product, price of other products, population, income, etc.
Determinants of supply are price of the product, number of producers, cost of resources, technology etc.
A rightward shift in the demand curve causes price and output level to increase. While a leftward shift contributes to a decline in the price and output level.
A rightward shift in the supply curve causes price to fall and output level to increase. A leftward shift on the other hand causes price to increase and output level to fall.
Explanation:
Other things being constant, the demand and supply both are determined by the price of the commodity. The demand for a product is inversely related to its price. While on the contrary, the supply of a product is directly related to price.
Other than price, demand is affected by a change in income, population, price of other goods, consumers tastes and preferences. Supply is affected by the cost of production including the cost of fixed and variable inputs such as wages, price of raw materials, etc. Other determinants of supply are taxes and subsidies, technology, number of producers, etc.
A rightward shift in the demand curve causes price and output level to increase. While a leftward shift contributes to a decline in the price and output level.
A rightward shift in the supply curve causes the price to fall and output level to increase. A leftward shift, on the other hand, causes the price to increase and output level to fall.
Answer:
Price, product, price of other product, population, income, etc.
Explanation:
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b. to cause producers to attempt to put each other out of 4
c. to cause buyers to have to be careful about spending their money
d. to act as a motivating force behind the free market
Answers
Answer:
A.)
To act as a regulating force.
Final answer:
Competition serves as a regulating force in the marketplace, motivating producers to excel, and encouraging buyers to make informed decisions.
Explanation:
The purpose of competition is to act as a regulating force in the marketplace, to motivate producers to excel in the free market, and to encourage buyers to make careful spending decisions.
Competition ensures that businesses strive to offer better products and services at competitive prices, leading to innovation, lower prices, and improved quality for consumers.
It also helps prevent monopolies and encourages efficient allocation of resources.
Learn more about The Purpose of Competition here:
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Answers
Answer:
B. is equal to the total of frictional and structural unemployment.
Explanation:
The natural rate of unemployment is the sum of frictional and structural unemployment at any given time. Economists estimate that for the United States this rate is around 3.5%.
Unemployment has a natural rate because no matter how good the economy is doing, some people either do not want to work, are in between jobs (frictional unemployemt), or lack the skills necessary to get employed and need to undergo training (structural unemployment).
Answers
Answer:
Per unit cost will be $197.5
Explanation:
We have given number of units produced = 800
Direct material cost added in January = $74000
And conversion cost added in January = $84000
So total cost = $74000+$84000 = $158000
We have to find the per unit cost of product produced
So per unit cost is given by total cost divided by total number of units produced
So per unit cost
c. individual retirement account (IRA)
b. individual profit option (IPO)
d. office retirement plan (ORP)
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A Roth IRA is an IRA whose contributions are not tax deductible. However, its accumulated earnings are free of tax.
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Answer:
the depreciation expense at the end of the first year, December 31 is $ 8,250
Explanation:
Straight line Method of Depreciation Charges the same amount of depreciation over the useful life of the asset.
Depreciation Charge = (Cost - Salvage Value) / Useful Life
Depreciation Charge = ($50,000-$6,000) / 4 years
= $11,000
Apportionment of Depreciation Charge
From April 5 to December 13 there are 9 months
Therefore depreciation for the year is apportioned as follows :
Depreciation Charge = 9/12× $11,000
= $ 8,250
(B) False
Answers
Answer:
True
Explanation:
Business-level strategy focuses on how to satisfy customers, offer goods and services that meet up to their standard, and improve operating profits.
Business level strategies are actions carried out to give value to customers and also gain a competitive advantage by taking advantage of core competencies in specific, individual product or service markets.