One of the growers is excited by the price increase caused by the blight because she believes it will increase revenue in this market. as an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in this market.using the midpoint method, the price elasticity of demand for soybeans between the prices of $15 and $21 per bushel is , which means demand is between these two points. therefore, you would tell the grower that her claim is , because total revenue will as a result of the blight.
The effect of a price increase on total revenue depends on the price elasticity of demand for the product. If elasticity is greater than 1, total revenue will decrease. If it's less than 1, revenue will increase. If demand is unitary elastic, total revenue remains unchanged.
Explanation:The price elasticity of demand is a measure of the responsiveness of the quantity demanded to a change in price. Elasticity is calculated as the percentage change in quantity demanded divided by the percentage change in price.
According to the given information, the price elasticity of soybeans is unspecified, thus, it's hard to definitively answer your query. However, I can tell you that if the price elasticity of demand was greater than 1 (elastic), then a price increase would lead to a decrease in total revenue because a higher price would significantly reduce quantity demanded. If the price elasticity of demand was less than 1 (inelastic), a price increase would lead to an increase in total revenue because the quantity demanded would not reduce as much.
In a scenario where price elasticity of demand equals 1 (unitary elastic), total revenue is maximized and would remain the same no matter the increase or decrease in price. This means if demand is unitary elastic at the initial price, the grower wouldn't experience a change in total revenue as a result of the rise in price due to blight.
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Two drivers—tom and jerry—each drive up to a gas station. before looking at the price, each places an order. tom says, "i'd like 10 gallons of gas." jerry says, "i'd like $10 worth of gas." what is each driver's price elasticity of demand?
Answer: Tom’s price elasticity is perfectly inelastic
Jerry’s price elasticity is unitary elastic
Explanation:Tom says he wants 10 gallons regardless the price, whether higher or lower, therefore his price elasticity is perfectly inelastic. Because he won’t respond to any change in price since he wants 10 gallons.
Jerry says he wants $10 worth of petrol regardless the quantity of petrol. He wants just $10. Making it unitary . e=1
in a(n) _____ situation, a purchaser wants some change in the original good or service.
Which type of account typically has low liquidity?
Noknotsense hair salon incorporated this year and is now an llc. according to the economic entity assumption, the owner of the salon is now required to
"assures adequate capacity to meet all demand and preempts competitors" and risks which include "demand is unpredictable and technology is evolving rapidly
The price of one country currency expressed in another country currency definition
An exchange rate is the value of one country's currency in relation to another country's currency. They fluctuate based on economic factors and are significant to international trade and economy.
Explanation:The term you are referring to is called Exchange Rate. An exchange rate is the value of one country's currency in relation to another country's currency. For instance, if the exchange rate of US dollars to British pounds is 0.76, this means you can exchange 1 US dollar for 0.76 British pounds. The rate fluctuates based on several economic factors such as inflation, interest rates, economic stability, and balance of trade. Exchange rates have significant impacts on the international trade and economy of countries.
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Agriculture commodities are usually sold under which environment
Agricultural commodities are usually sold under the environment of market competition. This can include factors such as crop choices, supply and demand, and weather conditions.
Explanation:Agricultural commodities are usually sold under the environment of market competition. Farmers who practice intensive agriculture focus on a small number of crops and use the surplus generated from intensive methods to trade for other goods. Changes in weather and climate can also affect the cost of production for agricultural products.
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Budget constraints impose scarcity , and are based upon the limitation of the budget. how much utility one more unit of a good will provide. the prices of the items purchased. previousnext
In economics, a budget constraint represents a consumer's limitations in allocating their limited income among different goods and services. The slope of the budget constraint is determined by relative prices, and choices beyond the budget constraint are not affordable.
Explanation:The subject of this question is Economics. In economics, the concept of a budget constraint refers to the limitations a consumer faces in making choices about how to allocate their limited income among different goods and services.
The budget constraint, also known as the budget line, represents the various combinations of two goods that a consumer can afford given their limited income.
The slope of the budget constraint is determined by the relative prices of the goods, and choices beyond the budget constraint are not affordable.
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What is pitching a product
A product pitch is similar to a sales pitch, but it is focused on a specific product or service.
Pitching a productA product pitch is similar to a sales pitch, but it is focused on a specific product or service. One will go through your product in detail, emphasizing how it works, how it will alleviate their pain spots, and the precise benefits it will provide.A sales presentation, also known as a sales pitch, is a line of speech used to persuade someone or something, with the goal of initiating and closing a sale of a product or service using a prepared sales presentation strategy.For more information:
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What motivates companies like starbucks to expand into international markets with little perceived interest for their product?
Determine the price elasticity of demand for a microwave that experienced a 20% drop in price and a 50% increase in weekly demand quantity
The price elasticity of demand for the microwave is calculated as -2.5, which indicates that the product is elastic, meaning the quantity demanded is highly responsive to changes in price.
Explanation:The price elasticity of demand for a product can be determined using the formula: Price Elasticity of Demand = Percentage change in quantity demanded / Percentage change in price. In this case, the microwave experienced a 20% drop in price and a 50% increase in weekly demand quantity. Hence, the price elasticity of demand will be:
Price Elasticity of Demand = 50% / -20%
Therefore, the price elasticity of demand for the microwave is -2.5. This indicates the product is elastic and the quantity demanded is very responsive to changes in price.
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Teams of retired executives who help new entrepreneurs with everything from writing business plans to answering questions about everyday operations are known as score. sbic. angel investors. venture capitalists.
Answer:
The correct answer is letter "A": SCORE.
Explanation:
SCORE or Service Corps of Retired Executives is a non-profit organization part of the U.S. Small Business Administrations (SBA) that has for mission giving guidance to new or less experienced entrepreneurs. Volunteer tutors are usually businessmen who left their organizations but not the business world at all. Those volunteers do not only carry out workshops on how to start a business but also how to plan and record videos to improve business marketing.
If your supervisor is hesitant about accepting your ideas, your best strategy would be to a. preview your conclusion before you begin. b. praise your supervisor for her past insights. c. add a paragraph to establish your credibility. d. write a direct and to-the-point opening paragraph.
According to mintzberg's classification of managerial roles, the role of a(n) ________ is to transmit information received from outsiders or from other employees to members of the organization.
Quantum industries is a maker of component parts in heating and cooling ventilation systems. the company is looking for a site on which to build a new production facility. a major consideration they must take into account is that any area selected have adequate rail access, and are at the hub of major highways to quickly move products. quantum’s major consideration appears to be
Fowler credit bank is offering 6.9 percent compounded daily on its savings accounts. you deposit $5,300 today. how much will you have in the account in 4 years?
Suppose you own a bicycle but haven't found the time to ride it much lately. These days, it is only worth $41 to you. One of your close friends, who recently got a job at the college bookstore two miles down the road, wants to take it off your hands. He offers you $70 for the bicycle, and you gladly accept. Your friend is also happy because he thinks the bicycle is worth $91 . How much total value was created from this trade?
The total value created from this trade is $50.
Explanation:The total value created from this trade can be calculated by subtracting the initial value of the bicycle from its final value. In this case, the initial value is $41 for the owner, and the final value is $91 for the friend.
Total value created = Final value - Initial value
Total value created = $91 - $41
Total value created = $50
Therefore, the total value created from this trade is $50.
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Jill and sam, recent graduates, are hired as computer analysts for hrj enterprises inc. in a conversation over lunch, jill discovers that sam's salary is 15 percent higher than hers. assuming that she is being paid less because she is a female, jill contacts the human resources department, demanding that her salary be increased by 15 percent. after a few days, however, she is informed that sam had violated company policy by discussing his salary, and his salary would also be reduced by 15 percent to maintain equality. in this scenario, jill:
A line of credit to a corporation is like _____ to an individual.
Final answer:
A line of credit to a corporation is similar to a personal loan to an individual, where money is borrowed and repaid with interest. If not repaid, the lender can take legal action to recover funds through asset sales. The decision between a loan or issuing bonds depends on the firm's needs and size.
Explanation:
A line of credit to a corporation is like a personal loan or credit card to an individual. Just like an individual may take out a loan to buy a car or a house, a corporation may use a line of credit to borrow money for various reasons such as capital investments or to cover short-term funding needs. In both cases, the borrower agrees to repay the borrowed amount with interest over an agreed period. If repayments are not made as promised, the lender, in this instance a bank, can pursue legal actions to recover the debt, potentially leading to the sale of assets like buildings or equipment in the case of a firm.'
Bank borrowing is often more customized and suitable for smaller firms that benefit from a more personal relationship with the bank, which can monitor the firm's financials closely. Larger firms might opt for issuing bonds to raise capital for larger investments or acquisitions. The choice between bank borrowing and issuing bonds isn't a strict one and often depends on the size, creditworthiness, and specific needs of the business.
describe how advances in communication technology have made international trade easier and multinational corporations more common in the world today.
Identical products, as well as a large number of buyers and sellers, are characteristics of a monopolistic market. in such markets, sellers of goods cannot influence the prevailing market price, giving them the role of price in the market. true or false: the market for lettuce does not exhibit the two primary characteristics that define perfectly competitive markets.
It is false that the market for lettuce does not exhibit the two primary characteristics that define perfectly competitive markets.
Further explanationPerfectly competitive markets is the condition where the large numbers of buyers and sellers who cannot influence market prices and buy and sell identical products. Perfectly competitive markets also the condition in where a large number of firms produce the same product. Perfect competition describes a market structure where competition is at its greatest possible level. In perfect competition a firm is a price taker because other firms can enter the market easily and other firms can produce a product that is indistinguishable from every other firm's product. This makes impossible for any firm to set its own prices.
Although in reality, most markets do not perfectly adhere to the assumptions of the perfectly competitive markets, some markets are very close to perfect competition. For example, the market for lettuce has millions of consumers who buy lettuce, as well as thousands of farmers producing and selling lettuce. These consumers and producers take the market price as given, and make their production and consumption decisions based on these prevailing price.
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Grade: 9
Subject: business
Chapter: perfectly competitive markets
Keywords: perfectly competitive markets
The given statement is not correct. The market for lettuce has the primary two characteristics of the perfectly competitive market.
Further Explanation:
Monopolistic competition:
Monopolistic competition refers to the market which consists of a large number of buyer and seller. The seller offers a similar product but not a perfect substitute. The sellers offer different products from one another and charge the customer accordingly. Therefore, the seller or the manufacturer in the monopolistic competition can influence the price in the market by providing a different product. Following are the characteristics of monopolistic competition:
• A large number of sellers
• Identical product
• Easy entry and exit
• Price taker
Explain whether the given statement is correct or incorrect:
The statement states that the lettuce market does not have the primary two characteristics of the perfectly competitive market. The two primary characteristics of the perfectly competitive market are as follows:
• Identical product
• A large number of buyer and seller
The lettuce market is carried out by the thousands of farmers who engage in the production of the lettuce, and the thousands of buyer buys the product. The product offered is almost the same, which “lettuce.”
Therefore, the given statement is not correct. The market for lettuce has the primary two characteristics of the perfectly competitive market.
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1. Learn more about the perfect competition
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3. Learn more about the demand and supply
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Answer Details:
Grade: Middle school
Chapter: Types of market
Subject: Economics
Keywords: Identical, products, large, number, buyers, and sellers, characteristics, monopolistic market, sellers of goods, influence, prevailing, market price, giving, price in the market, true or false, market, lettuce, exhibit, two, primary, characteristics, perfectly competitive markets.
When overapplied / underapplied overhead is prorated, the basis for proration is:?
Given a normal market demand curve for leather wallets and purses, if people find that backpacks are a better option, then there is an increase in demand for leather wallets and purses. there is a decrease in demand for leather wallets and purses. there is a decrease in the quantity demanded for leather wallets and purses. there is an increase in the quantity demanded for leather wallets and purses. cannot be determined from information given.
When demand shifts, the entire demand curve shifts in the same direction, either to the right or to the left, indicating an increase or decrease in demand respectively.
Explanation:When an increase in demand occurs, quantity demanded would increase at every price level, so the entire demand curve would shift to the right. When demand decreases, the entire demand curve would shift to the left, so there would be fewer quantity demanded at each price level. A shift of the demand curve to the left indicates a decrease in demand, while a shift to the right indicates an increase in demand across all price points.
The ________ attribute determines the increment in which the numbers in a spinner control increase or decrease.
Which of the following is NOT a strong warning sign of potentially violent behavior? A. Constantly complaining about the job B. Frequently returning late from lunch break C. Making an obscene gesture to co-workers D. Screaming at customers E. Showing up to work under the influence of alcohol
Answer:
The correct answer is letter "B": Frequently returning late from lunch break.
Explanation:
Violent behavior usually involves two parties: the aggressor and the offended, where sometimes the offended can turn into an aggressor as well. There are many reasons why such behavior can take place that could be individual issues of the aggressor or scenarios where the aggressor is provoked somehow to react negatively.
In that case, returning from lunch break frequently only involves the person who is making that fault, against the company but without directly affecting others.
Norbert works in a beauty salon. he receives a 50% employee discount for salon services. in 2016, he used his discount to buy $1,000 of services with a fair market value of $2,000. as a result of these bargain purchases, how much should norbert include in 2016 gross income?
a. $0
b. $2,000
c. $1,000
d. $600
Pascal is a customer-service representative who handles phone inquiries. he has a goal of handling 12 calls per hour. when he gets a customer with a complex situation, he tends to become short with that person to keep the call short. this is an example of
What is a mineral, as geologists understand the term? how is the definition different from the everyday usage of the word?
Final answer:
A mineral is a naturally occurring, inorganic solid with a definite chemical composition and crystalline structure. This definition is specific and scientific, differing from everyday usage where the term mineral might be used more loosely. Minerals are key components of rocks and play a vital role in both geology and everyday materials.
Explanation:
Definition of a Mineral
Geologists define a mineral as a naturally occurring, inorganic solid with a definite chemical composition and a characteristic crystalline structure. This scientific definition differs from everyday usage, where the term mineral may be used more loosely to refer to various substances, including synthetically produced compounds.
For a substance to be a mineral, it must fulfill several criteria:
It must be formed by natural processes, not synthetically made by humans.
It should be inorganic, meaning it cannot arise from biological processes and does not contain organic carbon.
It must be solid, so liquids and gases are excluded, though ice can be considered a mineral because it's solid water formed naturally.
The substance must have a stable chemical formula, like NaCl for halite. Certain minerals can have variations due to ionic substitution, such as in olivine, which can vary in its magnesium and iron content.
Lastly, the internal atomic structure of a mineral is orderly and consistent, leading to its unique crystalline form.
Minerals are essential not only for their practical applications in daily life, such as in toothpaste or electronics, but also as fundamental components of rocks. Rocks are comprised of different combinations of minerals and are a significant focus of study in geology.
Changes in technology such as computer automation that reduce production costs will __________ the supply line (shift right).
Obviously, it will increase the supply line because when the cost or the price of the production reduce/decrease the supply line may increase. When the quantity of the product increase the prices of the product decrease this is the analysis of supply increase.