Define fixed cost
Fixed cost: Fixed costs refer to cost that remains constant as output modifies. For example: rent
The market supply curve is derived via: (i) Evaluating the net costs for each potential level of output. (ii) Inverting (or taking the mirror image of) the market demand curve. (iii) Horizontally summing up individual supply curves. (iv) Averaging the
When raising subscription rates to the News and Observer from $8 to $10 monthly cause newspaper sales to drop by 180,000 to 120,000 copies daily, using the arc elasticity formula, then price elasticity of demand equals to: (1) 0.9. (2
State the Law of supply and explain the factors that affecting supply of commodity
Changes in both demand and supply of a commodity might or might not influence its equilibrium price. Describe.
Choose the right answer . A positive statement is concerned with: A) some goal that is desirable to society. B) what should be. C) what is. D) the formulation of economic policy.
Refer to the budget line illustrated in the diagram given. If the consumer's money income is $20, the: 1) prices of C and D cannot be determined.2) price of C is $2 and the price of D is $4. 3) consumer can obtain a combination of 5 units of both C and D. 4)
When a perfectly competitive industry is monopolized along with no effect on costs in that case the result will be: (w) higher prices and greater output. (x) lower prices and greater output. (y) higher prices and lower output. (z) lower prices and low
When this firm is typical in this purely competitive market, in that case long-run equilibrium for Christmas trees will be reached at a market price is of: (1) P1. (2) P2. (3) P3. (4)
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to supp
Define? Marginal Rate of transformation?? Describe with the help of an illustration.
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