Changes in price influencing supply
Describe how changes in the prices of other products influence the supply of a specific product.
Expert
The supply of good is inversly influenced with the change in price of another product which can illustrate as follows:
1) Rise in price of other product:? Whenever there is rise in the price of other product the production of such product become much profitable due to unchanged cost in comparison with the production of specific product. As an outcome the producer will generate more quantity of other product therefore the supply of given good will reduce.2) Fall or Down in the price of other product:? Whenever there is fall in the price of other product the production of such product become less gainful due to unchanged cost in comparison with the production of specific product. As an outcome producer will generate less quantity of other product, therefore the factors of production shifted for the production of specific good. It cause a rise in the supply of given good.
Can someone help me in finding out the right answer from the given options. Dissimilar to a purely competitive hirer of labor, the firm with monopsony power can: (i) Both set any wage it wishes and hire as many workers as it desire
The procedure of substituting complicated machinery for human labor is termed as: (1) automation. (2) bionic engineering. (3) scientific management. (4) robotics. (5) industrial sabotage. How can I solve my
Choosing a statistical Model: A number of problems arise in determining whether the work is truly rigorous or not. It is important to determine whether the model chosen makes theoretical and intuitive sense. <
A monopolist maximizes total revenue through producing where is: (w) marginal revenue = marginal cost [MR = MC]. (x) marginal revenue = 0. (y) demand is elastic. (z) demand is inelastic. How can I solve my
I have a problem in economics on rational consumer-Relative Prices. Please help me in the following question. The rational consumer purchasing decisions depend mainly on: (1) Current market prices. (2) Absolute prices. (3) Nominal prices. (4) Monetary prices. (5) Rela
The break-even level of income for four member of family under the negative income tax system demonstrated in this figure is: (1) $15,000 per year. (2) $30,000 per year. (3) $45,000 per year. (4) $60,000 per year. (5) $75,000 per year
Analysis of the aggregate economy, or the economy as an entire, is: (w) positive economics. (x) microeconomics. (y) macroeconomics. (z) normative economics. Can someone describe/help me with best solution about problem of economic.
The slope of this illustrated figure of demand curve for DVD games is: (w) constant. (x) greater at high prices than at low prices. (y) lower at low prices than at high prices (z) unitarily elastic. Q : Unlimited amount at any market price A A monopoly firm which does not price discriminate does NOT: (w) have a marginal revenue curve which lies below its demand curve. (x) confront a downward-sloping demand curve. (y) have discretion over the price of its output. (z) sell
A monopoly firm which does not price discriminate does NOT: (w) have a marginal revenue curve which lies below its demand curve. (x) confront a downward-sloping demand curve. (y) have discretion over the price of its output. (z) sell
The Economics students are most probable to recall conceptually the different determinants of amounts of a good which people will purchase when they contemplated an acronym based on how: (i) Much they will spend out of their initial paycheck whenever
18,76,764
1935584 Asked
3,689
Active Tutors
1413716
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!